Stop Wasting Money – 10 Money Saving Tips For 2014

No one wants to waste money, however now days, we just can’t help it. Unfortunately all the progress and innovative gadgets we have in our everyday lives increases our living expenses ten fold. I continually find money wasting, cash guzzling things that I wish I had known earlier.

Below I have listed a mere 10 items that you can easily waste money on.

Home Mortgage:

Of course this is the big killer. Considering most home loans run for around 20 years, this adds up to a huge amount of interest. If you can pay your home mortgage off quickly, you can save thousands.

Shopping:
Avoid shopping at all costs. Even grocery shopping can be detrimental to any budget. Stick to your list of what you need. Do not go shopping for fun!!! You will often buy items you do not need.

I am shopping online now as I can inspect my trolly, cull the things that I REALLY DON”T NEED, then go to the online checkout.  I always save money that way as everything you’re buying is listed right in front of you. I like colesonline.com.au as the website is easy to use and the service is great!

Telephone bills:
Now that everyone has a mobile phone, it is almost impossible to avoid extra phone bills. They are convenient and always have specials deals, but could you do without it? How about just receiving calls and not making them?

I simply don’t have a mobile phone. Can you believe that? I think I am surrounded and obsessed with enough technology as it is.

Stop Wasting Money on Pay TV:
Get rid of it! There is enough to do and see in the world, why spend your time watching TV. But if you never go out, like spending time at home, then you probably deserve some type of entertainment.

Eating out:
You can feed a family of four for around $200 a week, however one meal at McDonald’s for the family can cost over $60 in 2014. yes I thought McDonald’s was cheap food but it’s not. So 3 meals per week is $180 which is close to your entire grocery bill. If you like the cafes and restaurants then you can double or triple that cost.

Lottery tickets:
I have heard of people spending $50 a week for twenty years on the same numbers hoping they would come up. Some people are lucky and some are not. If only those people had invested that money and compounded the interest. They would nearly be millionaires. Let us add this up. $50 a week = $2,600 a year. Imagine if you put that money away for 20 years instead of spending it? That is $52,000 without including interest!

Movie Tickets:
I cannot get over the price of a movie ticket. I like to wait until the movie comes out on DVD and hire it out. Then everyone can watch it for a mere $6.

Car washes:
Why can’t people wash their own cars? You can turn it into a bit of fun with the family.. But just remember that sometimes the water you use can cost more, depending on where you live. We just can’t win can we?

Bank Fees:
The banks have really got the fees covered. Interest on borrowed money, transaction fees, monthly account keeping fees, and the list goes on. Find out what fees you pay and then figure out how to reduce them.. Its as simple as that!

Also remember to watch those sneaky ATM fees as they are rising all the time.

Utilities:
We can all save money on our utilities, especially the electricity bill. Turn off electrical items and lights when not being used. Get solar power as it really does reduce your costs. I have a 4kw solar power system and reduced my bill from near $600 per quarter to sometimes $25. It is so exciting to see the electricity bill now. Now that I know it works I am looking at buying a solar power system kit to add a small one to my pool. Then my power will really be covered.

Comments

  1. Janine Mudaliar says

    The first item would be excepted, for me. This is for two reasons. Firstly, because owning one’s own home is more about securing money, via commitment, into the future – i.e., one MUST pay the mortgage – whereas, that amount may not be saved weekly if the whole process was optional – and that payment results in real return (which, morally, should never be excessive). The second reason is that, and, overall a home owner paying a mortgage will be ‘in front’ – with something either to rely on and/or to leave to children and grandchildren, etc. (in a time when employment for younger people is much less certain).

    There are good reasons, too, to maintain a landline. It does not require to be elec. re-charged – and therefore, availability of service is constant. It can always be FOUND – very important for emergencies (and it just cannot be seriously lost). It is available for everyone in the home, including younge people/children and (o.s. visitors) who may not have a mobile. Having said that, many of the functions of modern l/line sets are probably not necessary, and thought may be given to retaining those that are not, which cost money. Also, people might learn to distinguish seriously between what is mere gratification, regarding the types of mobiles they buy and the services that are available on them, and reasonable need. In the end, both l/line and mobiles might be owned, in modest terms.

    The other points listed above are good – but there are so many ways to save money . . washing car in the rain (someone else’s suggestion); eating less (and eating more nutritiously); cutting out body and ‘beauty’ products. [I shower and wash my hair with laundry soap, and, besides my husband’s razor, that is all my bathroom contains. I’ve been doing that for 30 years, and get compliments on my hair and skin, believe it or not! (My hairbrush is in the bedroom, on the dressing table – that is the only thing on the dressing table, apart from bits of material and envelopes, etc. that have been plonked there). The list goes on and on. All consumption could be halved in ‘western’ society in a week, with just a LITTLE thought, and the will, and willingness to let go of just a SOME of our gratuitous living.

    Thank you for the opportunity to comment. Please don’t bombard me with lots of ‘stuff’. (Thanks!).

    j.m.

  2. mitz says

    I agree about the landline. It can be very useful and so can a mobile phone, but what about all the unnecessary texting and phoning. You see people in the supermarket talking to someone on the phone, discussing what brand of cheese to buy, or what to have for dinner. Is all this discussion necessary. I think it is a total waste of money.

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