3 Careless Ways to Lose Money

May 31, 2017

Although emergencies arise and mistakes can always happen, taking your overspending expenses as-is won’t help build your finances in the future.

Have you ever reached into an old coat pocket and found money that you didn’t know was there? Maybe you’ve lost a receipt to an unnecessary purchase and now you can’t return it. How many times a week do you get charged at the ATM? These are all common examples of how Canadians tend to “waste” money. Although emergencies arise and mistakes can always happen, taking your overspending expenses as-is won’t help build your finances in the future.

You can minimize careless spending habits by staying organized and realizing what it is exactly that you’re wasting money on. Watch out for overspending on these three things:

Food

Canadians waste $31 billion worth of food every year. It’s human nature to buy things that we don’t always need, but if you’re throwing out rotting and uneaten food items every week, it’s a sure sign that you’re spending way too much on your grocery bill. If you aren’t careful with how much you’re spending, you could be wasting a ton of money. Shop with a grocery list, sign up for your store’s loyalty card, and use coupons whenever you can.

Service Charges

Whether you went over your data on your phone bill this month, forgot to return that library book, or didn’t make the minimum payment on your credit card, these expenses might not seem like a lot, but service charges can quickly add up. Not paying back debt that you owe from a late fee can lead to interest charges and a potential increase of your interest rate. Keeping better track of your payments and due dates will minimize the amount of service charges that you acquire each month, which will save you a ton of money.

Vehicles

Vehicles are the second most expensive purchase that a person will make in their lifetime, and careless, bad driving or neglecting vehicle repairs can drain your bank account. If you keep forgetting or delaying your monthly vehicle tune-up, there’s a high chance that you’ll end up having to pay a lot more money if an automotive issue were to arise, and the price of a tune up is a lot cheaper than a repair. To prevent having to spend thousands of dollars on your vehicle repairs, keep updated on the owner’s manual and always get quotes from multiple auto mechanics to ensure that you’re getting the best rates possible.

Instead of wasting your hard-earned money on careless charges and expenses, put that extra cash in your savings fund – you’d be surprised at how quickly the amount of money in your account will rise.

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