Category: Wastage

4 Ways People Waste Money Unknowingly

Money is an asset. It is very hard to earn money. We should try to save money so that we can spend a good life even after retirement. But we sometimes waste money unknowingly. Here are some ways people waste money.

Not repairing things at home

Sometimes, the water from our bathroom taps keep dripping and we don’t bother to fix it. Your water bill increases. The window seal gets broken and so heat leaks from the house. As a result, your electricity bill rises every month. This wastage can be stopped by doing the repairs quickly.

Wasting food

When we go to a grocery store, we tend to buy lots of things. Many of the items we buy, especially vegetables and fruits have a limited shelf life. As we are very busy, we often forget what’s in our refrigerator. As a result, the food goes bad and we waste money.

Buying what is not needed

We often buy things that we actually don’t need. For example, if you have only 2 members in your family, then it’s a waste of money to buy an SUV. Instead, you can buy an energy efficient car.

Becoming impatient when shopping

There are local markets where you can get similar things like those in the supermarkets but at a less price. You can also negotiate the price in these local markets. But as we are in hurry we buy from expensive stores without comparing the prices of the items. We can also wait for ‘sale’ season to buy things.

Money is very precious. We shouldn’t waste money. These are the ways we waste money unknowingly and we must give up this habit to lead a financially sound life.