seven ways to waste money

By Chuck Bentley

Tim Challies, a Canadian Pastor, recently wrote an article sharing the areas where he personally found himself wasting his money. I think it’s a great list for all of us.

1. Buying Junk:  Occasionally, it is better to spend a little more money on a quality product rather than buying something that will break almost immediately. In the long run, you will save more money by doing this.

seven ways to waste money

2. The Daily Latte:  Coffee adds up quickly in a year. Try brewing your own coffee at home.

3. Kindle Books You Won’t Read:  Stay away from those Kindle deals if you know you’ll never read them or even REFER to them. $1.99 adds up.

4. Eating Out:  Don’t get me wrong. Eating out once in a while is fun, but try to save it for special occasions. If you are going to eat out, plan where you eat wisely.

5. Extended Warranties:  Don’t be fooled by this one. Extended warranties are almost never worth your money. A few months ago, the hard drive on my son’s laptop crashed. We took it in to get it checked out, and we found that it had crashed just days after the extended warranty would have expired. Thankfully, I hadn’t purchased it.

6. In-Game Purchases:  There’s always the free app where you get to a point in the game and cannot advance unless you pay a little money. Don’t do it. It might not be much, but like I’ve said, a little adds up to a lot.

This one may surprise you…

7. Paying Cash:  Occasionally, it is better for some to maintain a cash-only budget. However, for people with good financial habits, using a credit card can be a bonus. Credit cards offer points back or free cash all for just using them wisely.

Great list, Tim.

Originally posted 2/19/2015.