10 Places We Throw Away Money – Guide for the Newly Single

Every year we spend too much money. We are simply used to convenience, and we will part with our hard earned money for it. This is the pitfall of many annual budgets, but there is hope. Throwing away money is a practice that simply needs to be reversed, and while there is no magic wand to make it happen right away, there are things to be done to bandage the hemorrhaging wallet.

1. Smartphone Apps

Why are we paying for smartphone apps when there are free versions to nearly all of them? Stop paying for what you can get for free. If you feel like you need an app, ask yourself why you need it. Wait 24 hours, then ask yourself why again. This will help you decide if the purchase is worth the money.

2. Gym Memberships

It’s been said before, but it stands to be said again. Many people get gym memberships with good intentions, but never use them. Be honest with yourself, and let go of that membership if you’re really not using it.

3. Buying Coffee

Sit back and consider how much is spent weekly on that cup of coffee from the fancy coffee shop. Coffee beans are not worth the label attached. Make coffee at home and bring it with you.

4. Cars

Car payments are avoidable if you sell your current car then pay cash for something used. Car leases, when trying to save money, make no sense at all. If you have a car payment, pay it off and avoid getting another one. Avoid leases at all costs.

5. Car Washes and Their Upgrades

Some people wash their car in the driveway, which is overall cheaper than using a car wash. However, if you must use a car wash, skip the upgrades. While it’s important to keep the road waste off the car, it’s not important to get it waxed and hand-dried. Take care of only the necessities.

6. Lottery Tickets

There’s a reason why it’s statistically more likely to get hit by lightning than it is to win the lottery, yet some people continue with this expense every week. Stop buying lottery tickets. Instead, invest $100 into a retirement account every month. You’ll retire with nearly a million dollars.

7. Shipping Costs

This is one of the biggest places where people throw away money. It is cheaper to use the gas in the car and go to the store than it is to pay someone to bring you the groceries. Stay off the Internet for purchases and you’ll save money. You’ll also think harder about purchases, because you’ll be inconvenienced in its acquisition.

8. Timeshares

Timeshares are expensive ways to hold a place to stay while on vacation. It seems silly to buy into one of these when hotels, beach houses, and short-term rentals are a growing industry. Get rid of the timeshare and save a large chunk of change.

9. ATM Fees

These fees add up fast when you’re taking money from an out-of-network ATM. Avoid this by using only ATM’s set up by your bank. You’ll save up to $5 for every transaction.

10. Unused Subscriptions

Many companies lure customers into a free 30-day trial, then watch the money roll in after customers forget to cancel during the trial period. Make sure you’re not paying for a subscription you’re not using because you missed your cancellation window.

Author of this article, Lucy Wyndham, is a freelance writer and former Financial Advisor. After a decade in industry, she took a step back to spend more time with her family and to follow her love of writing.