Top 10 Ways People Are Throwing Away Their Money

If you're wondering why your saving and budgeting efforts aren't paying off, you're not the only one. Across the globe, people are finding similar difficulties in controlling their spending and increasing their savings, especially over the past year, where bank accounts everywhere are taking hits. Many of these hits are the fault of the pandemic but did you know there might also be things in your budget that are hemorrhaging your money?

Here are the top 10 ways you might be draining money and here’s what you can do when an emergency strikes and you find yourself in need of fast cash.

10 Common Money Wasters

1. Bank Fees

Arguably one of the most common ways that people end up wasting money is by paying bank fees. Some banks tend to charge customers all kinds of unnecessary fees, such as account fees, ATM fees, and more.

Though these charges may be small, they do add up significantly over time. You can easily avoid these fees by opting for alternative banks, banks that won't charge you unnecessary fees. Make sure you do your research into different banks.

2. Memberships and Subscriptions You Don’t Need

Another way that people often waste their money is by continuing to pay for subscriptions and/or memberships that they don't need. Whether it's a gym membership or it's a subscription to an online video streaming service, if you don't use it regularly, you're not getting your money's worth.

It helps to look back on all your subscriptions and memberships and compare how much you're spending on how much you're getting out of that spending. You can then decide whether some fees are worth continuing to pay for, or not.

3. Credit Card Fees

While credit cards come with tons of benefits, they can also result in additional fees, such as interest or annual fees. Moreover, it's easy to get carried away with spending with a credit card. Once you start, it can be hard to stop.

If you have a credit card, it's important to make sure you're able to pay for your expenses every month. If you're struggling to do so, it might be a good idea to ditch the credit card.

4. Impulsive Shopping

Who doesn't love splurging on great deals, discounts, and limited-edition pieces? We're all guilty of buying things we may not totally need on impulse, just because it's half off. But whether or not an item is being sold at half price or not, it's important to ask yourself if you really need it.

5. Wasting Food

Wasting food is probably the easiest and most common way people throw their money away. People waste food in many ways, such as:

• Throwing away leftover food
• Not using food items before they spoil
• Buying more fresh food items than needed
• Not making meal plans

It's a good idea to make a weekly meal plan. That way, you can gauge how much food you'll need for the week, and you can prevent food from spoiling or going to waste.

6. Not Negotiating

A lot of the time, we end up spending more money than we should. Everything from rent to monthly phone or cable bills is negotiable. All you have to do is try. Chances are, competitive pricing will work in your favor. Which is why it's worth brushing up on your negotiation skills.

7. Phone Bills

Cell phone plans can be both expensive and cheap, which is why when you're looking for a phone plan, it's important to do your research. You don't want to end up paying for a pricey monthly plan when you could be paying less for a better plan.

8. Smoking

For smokers, smoking might be the top reason for their financial problems. While how much money you spend on smoking depends on how much of a smoker you are, as well as how much a pack of cigarettes costs where you are, it's not a secret that buying cigarettes is expensive.

You may not notice how much money you spend over a short period of time, but it adds up to be quite a lot. You could save a hefty amount by quitting smoking.

9. Not Creating a Budget

Perhaps the fastest way to lose your money is by failing to keep track of your expenses. Making a monthly budget is a great way to stay on top of your spending and gauge where your money is being spent on. This way, you can learn from your previous spending behavior and plan for your future spending.

10. Not Using a Title Loan When You Need It

If you own a car or another vehicle, a title loan can be an option to help. Title loans are a short-term loan option type that allows you to leverage the use of a title that you own to secure up to $15,000 in emergency cash. Some benefits to title loans include:

• Instant cash: The online application can be finished in minutes, and you can receive your cash in as little as half an hour.
• You get to keep your car: You keep and operate your car as you normally would.
• Your credit score doesn’t matter: Your credit score won’t be used to determine your eligibility for the loan.

 

 

How to Take Out a Car Title Loan

Finding online title loans in Missouri is easy, thanks to our process that matches you up to your closest store location. In just minutes after you submit your form, you’ll receive a call from one of our representatives who will schedule a meeting at the time and on the day of your choosing. That’s right, we come to you.

Don’t stress about where you’ll find emergency money when you need it in a pinch even after you’ve cut down on your expenses. Car title loans in Missouri can help you when you need it most.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.