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5 Ways You’re Wasting Money

waste of money, waste your money

Spending and saving wisely make for a Mindful life. And since American wages have been relatively stagnant over the last few decades, it’s especially important that we examine our personal financial habits. Listed below are five ways in which you may be wasting your money.

Don’t Waste Your Money–Try These 5 Ways to Save

Missed tax deductions

Doing your own taxes can be a waste of money. It can save you some money upfront, but it can also cost you some money in the long run. There are many deductions that people overlook that a trained eye can catch. This means that you could be leaving money on the government’s table. If you have doubts consider hiring a professional to help with your next returns.

Food waste

There are a lot of ways that we waste food. By not making use of our leftovers and throwing away perfectly good food because of an expiration date wastes food and money. Buying perishable food in bulk can be a bit of a risk as well because you may not be able to eat it all before it expires. To save money, get creative with your leftovers and double check your “expired food.” In the long term, you will save money on your grocery bills.

Unused memberships and subscriptions

Clothing subscriptions and monthly accessory memberships are great, but if you do not take advantage of them they could be a waste of money. It has been said that 67 percent of gym memberships don’t get used. Quitting these subscriptions could lower your monthly bills.

Impulse shopping

If you go into a store be sure that you have a plan in hand. Shopping without a budget in mind can lead to overspending. And spending without a shopping list could lead to buying wants over necessities. So, whether you’re buying groceries or clothes have a budget and a shopping list on hand. This way you will save money in the long run.

New goods

Don’t waste money on new, expensive items like gadgets—buy refurbished instead. You can easily find computers, cell phones, televisions, and tablets that have been returned to the manufacturers and later resold. They are tested before they are sold again, so you end up getting a product that’s practically new at a huge discount.

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