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4 Ways You’re Wasting Money Every Month

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Are you unconsciously wasting money every month? Chances are good that you could save a lot of money just by taking the following four actions into consideration.

Buying Bottled Water

Studies have shown that bottled water is hardly any better than water out of your tap — or possibly worse. Not only that, but the cost of bottled water compared to the water you already have at home is multiplied exponentially. It’s a waste of money to buy bottled water. It’s also terrible for the environment. You can save money and help nature by investing in a water filter and filling a reusable stainless steel water bottle. Better yet, stop buying soda, too. Instead, infuse home filtered water with fresh fruits like lemon, orange, and lime. If you aren’t quite ready to kick the soda habit, try making it at home.

Not Maintaining Your HVAC

We all know that jacking up the thermostat in the winter or cranking the AC in the summer will create a higher utility bill, but neglecting these systems can be just as bad or worse. When you ignore the needs of your HVAC, it becomes less efficient and costs you more money.

Your HVAC needs attention to keep working efficiently. Neglecting these systems can be just as bad or worse as running your A/C or heater unnecessarily. When you schedule routine maintenance, you get the professional help need to ensure everything is operating as efficiently as possible. HVAC maintenance also helps save on costly repairs down the road.

Driving Too Fast

Driving recklessly or going too fast wastes a lot of fuel and puts extra wear and tear on your vehicle. When you accelerate fast or slam your brakes, your fuel isn’t used efficiently. Slamming your brakes or riding your brakes makes them wear out much faster, too. By speeding to you destination, you’ll likely only get there a couple of minutes sooner, but you’ll spend a lot of money on extra fuel getting there. Take care of your car with regular maintenance and driving it in a reasonable manner.

Taking “Advantage” of Sales

The only one getting a bargain out of a sale is the store. Don’t be taken in by marketing tactics that encourage you to “spend more to save.” When a cashier claims you “saved” so many dollars with your purchase, it’s not true at all. Real savings go into your bank savings account, not into the register till. Instead, avoid looking at colorful sales fliers that entice you to go shopping when you don’t need to. Find ways to make do with what you have. You and your bank account will be happier.

These are all big money wasters that don’t need to happen. You could be putting the extra savings in your pocket instead of throwing it down the drain. Take steps now to be in better control of your finances.

Picture of About The Author

About The Author

Michael Kelley is a Cleveland, OH Fee-Only financial planner. His firm, Kelley Financial Planning, provides comprehensive financial planning, retirement planning, and investment management to help clients organize, grow and protect their assets through life's transitions.

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