The Most Wasteful Money Habits

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Whether you like your job or not, you do work hard for your money. Every dollar that comes into your bank account was the result of your sweat, blood, and tears. Okay maybe not all of that but, you gave something in exchange for it. So when you waste that money, you gave what you gave—time, energy, mental bandwidth—for nothing. If you don’t like your job, then wasting money becomes even more nauseating because you first, don’t enjoy what you have to do to make the money and then, don’t even make use of the monetary reward. Sometimes I have to do jobs that I don’t love, but as I’m doing them, I remember the payoff that’s to come. The thought of just lighting those dollars on fire infuriates me. That’s why I became pretty militant about assessing and criticizing my spending habits this year. I don’t have money to waste. Even if I have “disposable” income, I don’t like that term one bit. Money is not disposable. Money I spend on dining out with my partner or traveling is not money I disposed of. Even then, I put it to good use, it did cost me, and I want to make sure that I use that money responsibly. So often, we waste money because we aren’t paying attention, we’re feeling lazy, or we simply don’t know our options. If you want to make sure your money is being well-utilized, there will be a time investment on your part. But it’s worth it. Being lax about supervising your money could mean tossing out hundreds or thousands every year. One of your jobs is to make money, but you other job is to be the custodian of it. So please don’t participate in these grossly wasteful money habits.

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Not returning unused items

If you purchase something and realize that it is the wrong size, that you already have one, that you don’t need it after all, that it is defective, or that for any reason you will not be using it, take the time to return it. I understand that time is money, and it’s not worth it to drive 30 minutes there and back to return a $5 item. But, you can loop your returns together. If you have several items that need returning, find locations for returns that are nearby and make a chore of it. Don’t let tens or hundreds of dollars escape you because you didn’t feel like returning something.

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Getting delivery on every item

A phone charger. A carton of milk. Poop bags for your doggy. Printer ink. Just because services exist that do allow you to get delivery on just about anything, using it for just about anything is quite wasteful. Keep a list of items you need for each type of respective store you visit—from the pharmacy to the electronics store to the grocery store to the pet supplies store—and stock up in person. The delivery fee on something like a carton of milk can be more than the milk itself.

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Always using the valet

Don’t be tricked into believing that the valet exists because there is nowhere else to park. That is rarely the case. So often, a quick loop around the block reveals free or very cheap street parking, or a self-park lot that’s only $3 compared to the $12 valet. If you have time to spare before you must be at your destination, then not taking the time to find cheaper parking is just wasteful.

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Paying ATM fees

Never, ever pay an ATM fee. It seems like “Just three dollars” or “Just $4.25” but you shouldn’t have to pay for your money. If you pay ATM fees several times a month, then you could easily be paying $12 or more for your cash. What if the bank you keep a checking account with told you you’d have to pay $12 a month to get cash from them? You’d think it was outrageous. Use your bank’s ATM, or even just get cash back when you’re buying groceries.

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Only making minimum credit card payments

It may feel like you’re “keeping” money by not transferring that big chunk of cash from your checking account over to the credit card company. But you’re not keeping money—you’re paying those interest fees by only paying the minimum required payment. And sometimes, those fees are high. You can lose hundreds of dollars to interest fees if you don’t pay your card in full each month.

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Taking the first deal

On the car. The Internet service. The new TV. The Apartment. Never just say, “Okay” to whatever price you’re told on major purchases like these. I understand that some things are non-negotiable, like clothing at major chain stores or movie theater tickets. But that apartment rent is negotiable. The interest rate on that car lease is negotiable.

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Being the first to get something

Do you really need the brand new smart phone? Or tablet? Will you actually notice the difference in features? Often companies brainwash us into thinking that the old version is bad and the only reasonable thing to do is to upgrade. But…when they made the “old” version, it was then “new,” and at that time, they talked about how flawless it was.

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Ignoring payment increase notices

If you are enrolled in auto-pay with any service at all—from your credit card to your car loan to even your checking account—and you receive mail from their billing department regarding “Changes to your account,” open it. It’s common for them to slip in a new annual maintenance fee of $50 or an increased monthly rate of four percent, hoping you just never notice. So notice.

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Paying for insurance benefits you don’t use

If you pay extra monthly to have the holistic benefits plan in your health insurance, then A) make use of those benefits and B) file the claim. If your plan covers, say, acupuncture, and you attend a $65 acupuncture session. You may feel too lazy to scan the receipt and upload it to the claims department. But you already paid for that acupuncture through your increased premium. Now you’re paying twice for it. File the claim.

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Being a snob about “expired” food

It is important to toss out truly expired food, but the facts behind when food has gone bad are not black and white. The “best by” and “sell by” dates are often overly cautious, and in place to protect the food manufacturer against litigation. But educate yourself on food expiration dates, so you don’t accidentally toss out perfectly good food.

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Double paying for Internet services

Maybe you pay for cable TV, but your Hulu subscription includes live streaming of cable channels. Maybe you pay to increase the speed of your Internet, when the current speed is already more than enough for the number of devices in your home. Now you’re paying for Internet speed you don’t even notice.

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Buying water or bread at restaurants

It’s free. Don’t buy bottled water at restaurants. They are required by the law to give you a cup of water. And when offered still or sparkling at a sit-down restaurant, know that the sparkling won’t be free. Also know that many restaurants now charge for bread. It isn’t on the menu, but it can show up on your bill if you order a basket of bread. Ask about these things in advance.

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Caring about image too much

You may need a car that is presentable enough to clients in your line of work. You may need an outfit that is presentable enough. But that’s it. You don’t need the $80,000 vehicle to impress clients. If the $50,000 will due, save the $30,000. You don’t need a Gucci bag to impress clients. A quality, stylish bag from a no-name designer is just fine. Relying on brands too much to cultivate your image is wasteful.

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Over-utilizing a housekeeper

I mean truly now: we’re all adults who can clean up after ourselves. Having a housekeeper do a deep cleaning once a month, and perhaps one lighter session once a month, should be more than enough. If you have a housekeeper come every week because you simply can’t put your own clothes away or load your own dishwasher, it’s time to get back to the basics of cleaning your room.

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Excess utility usage

Letting the AC stay on at a mild temperature for days, when opening a window would have been fine. Leaving the living room light on all night to scare off burglars, when you have motion sensor lights outside. Letting the water run while you brush your teeth or while you wait for the shower to heat up. Work on that water heater: your shower shouldn’t take five minutes to heat up.