Biggest waste of money: 5 ways you’re wasting money

Do you eagerly look forward to the day your salary is deposited again every month? Do you want to have something left over at the end of the month? But you have no idea where exactly your money is going? Check off that list of things people waste the most money on.

Many people waste money without realizing it. Or forget to save.

Ways people waste money

Can you catch yourself in one or more of these ways?

Overpaying on Insurance

Of course, insuring yourself is important. But when was the last time you looked to see if your insurance could be cheaper elsewhere?.

And not only that: when taking out such insurance, it is always important to keep calculating. It is also very possible that you are underinsured. It is very tempting to opt for extras with your insurance if, for example, you have glasses or contact lenses. Or pay extra per month to be insured for the dentist. But always consider whether you are getting your money out of it.

Look at your bank statements and list all your insurance policies. Which ones can you save on by switching or taking out a different insurance policy? For example, if you take out short-term travel insurance every time you go on vacation, it’s worth looking into comprehensive travel insurance.

Dormant subscriptions

I can hear you thinking: that’s okay with me. But let’s do an exercise. How many subscriptions do you think you have? Then grab your Banking app. How many subscriptions do you have? Research shows that households have an average of 14 subscriptions but almost always underestimate this number.

With subscriptions, you can think of:

  • Gym/sports club
  • Streaming services (Netflix, Videoland, Disney+, etc.)
  • Spotify
  • TV and internet
  • Lotteries
  • Leasing (car/bicycle/equipment)
  • Newspaper/magazine (also online)
  • Charities
  • meal box

You can, of course, see the tip coming from miles away. Check your account to see which subscriptions you have and which you no longer use.

Pay without comparing price

Convenience is also worth something. But it will probably cost you more money than you think. For example, it is easier to buy something when you come across something, without researching the internet to see if you can get it cheaper. But the more often you do this, the more money you’re wasting.

And not only in this way: a lot can be saved, especially in nutrition. How about quickly buying that expensive lunch, because you forgot to get things for lunch at home. Or buy the sliced iceberg lettuce instead of the head, so you don’t have to cut it anymore?

Making a meal plan and doing weekly shopping with a shopping list will already save you a lot of money. Especially if you also ignore the pre-cut vegetables.

Under the influence of others

Whether it’s through stories from colleagues or friends or through beautiful pictures on social media, we all allow ourselves to be influenced by others from time to time. It’s easy to buy certain things or have experienced them because we can see this so easily in others these days.

The trouble with this is that we can’t just stop comparing our lives to others, especially in a world where social media is so prevalent. All we can do is set an amount that we can freely spend each month on these kinds of things. This way, we can spend money on ‘luxury’ expenses, but we keep it realistic and sustainable.

Buying with emotions

Be honest: how many times have you bought yourself something to celebrate or to ease the pain? The answer is probably often, as many people use retail therapy (from new gadgets to ordering food).

Unsubscribe from webshop newsletters, turn off notifications from apps, and wait 48 hours with a large purchase to avoid wasting money. Do you still want it after those 48 hours, and do you have money for it? Then you can spend it with peace of mind.

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