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5 Ways You Are Losing Your Precious Money

A wise person once said that Saving Money is As Good As Making Money. That goes perfectly well with many foolish methods that we adopt to lose money. Remember those long hours you use to work, those late-night shifts and drooling on the desk, waiting for Sundays? Well, you worked for Free, in a way. Surprised? You may have never noticed but you have been wasting your hard-earned pennies unknowingly. So, let's not waste time and find out how you could avoid losing more.
Saving Money is Making Money

Using Credit Cards and Checking Accounts

You are having dinner with your friends and you draw your fancy credit card out to pay the bill. Great! Job well done. Did you notice you paid more than the bill? When you have to spend a certain amount every month, why not use a debit card instead. If you use a debit card with limited money in account, you know how much you can spend but in case of credit card, you don't have to worry about the amount, because you can pay it later. You end up spending too much and when you get your credit card bill, you find it hard to remember who bought that Skateboard and where it is now. Same thing goes with Checking Accounts. Checking Accounts are useful but are not meant for everyone. Checking Accounts usually do not generate any interest on the deposits and charge a Fee for the services. Find out if you actually need Checking Account and if you don't, then it is better to opt for a Savings Account and get a Debit card. Don't throw away your Credit card, it works fine as a coaster.

What Tastes Good, Costs Good

Can't seem to resist the familiar smell of roast-sandwich across the street? Take your hanky and cover your nose. That dirty hanky will smell better had you realized how much you spend on fine dinners and Happy Meals every month. We tend to think that eating out once in a blue moon is just fine. It actually is fine but we don't realize when it becomes a habit and we start spending too much on it. A dinner at a fancy restaurant and the forceful tip that you pay to the puppy-faced waiter, costs more than 5 days of grocery. If you are always hungry, you could carry some home-made snacks with you to work or college. It is healthier, cleaner (you don't want to know) and economical. Why not make cooking a hobby for a while?

Buying Things That You Don't (Really) Need

People usually get excited on 2 occasions: One, when they get a salary raise and two, when they find a Sale. These two are actually related, as people tend to lose the gains of one on another. It was rightly said that crowd attracts more crowd. The moment we see those magical words 'S-A-L-E', we rush to the counter pushing others, grabbing whatever we could get our hands out, only to find out it's the wrong section and everyone is amused at your action. One major way of losing money is to buy stuff you never wanted, you want it now because it is cheap. After such extravaganzas, people find a pile of things lying at their places, that are never going to get used or get unwrapped, in some cases. When you look at an old soccer ball and you try to remember if it is supposed to be played with a bat or in a bowling-alley, you realize it was a bad idea to buy it.
Next time you see a Christmas or Year-End Sale (P.S: While Stocks Last), don't shy away, there's nothing wrong with window-shopping. But remember to buy only the stuff that you need or you will end up with another soccer-ball.

Buying A New One Before Old Gets Old

When a new iPhone launches what is the first thing that comes to your head? Yes, those long queues in front of Apple stores. People carrying chairs and setting up tents in the queues. One can even sometimes smell hot-dogs being barbecued. You bet the new model is fancier than the old one but the question is not about updating things but theie necessity. Companies and famous brands have to update their models to survive in the market but why should you run after every other update.
People are seen buying new cars every other year and a few just like to add more cars to their Caravan. Do you know the moment you take a new car out of the showroom, your car loses 10% of its value and almost 15% every year. A car which is going to cost you 3 years of your salary should be driven at least for the time until you get your money's worth. So next time you go out to buy a new electronic item, or a bag or even a new lighter, think again and if you find a need to buy it, well...think again.

You Don't Use Your Loyalty Points Wisely

Do you ever wonder why your local Supermarket sends you discount coupons and loyalty points only on your favorite brand of soft drink? The loyalty card that the Supermarkets provide serves as a source of your information and your purchase history. They track your purchases and send you discounts on same items that you buy regularly. It's like Santa is waiting at your roof with gifts but you have blocked the chimney. If you use your loyalty points wisely and keep track of discounts (when you need them), you may save as much as 20% on your purchases.

Remember, Life of a miser is a misery, but you may save a lot by spending wisely.

Content Source: Time
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