7 Things People Waste Money On, According to Frugal Living YouTuber Kate Kaden
Written by
Ashley Donohoe
Edited by
T. Woods
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
If you want to live more comfortably on a tight budget, practicing frugality can free up cash for the things most important to you. While you might start by checking your expenses and cutting back on what you buy, you could be overlooking some less obvious ways you’re wasting money. On an episode of her Frugal Fridays series, YouTuber Kade Kaden highlighted these seven things to avoid.
1. Wasted Energy
Kaden discussed how the country has a large energy waste problem that can contribute to higher utility bills. For example, your home might not have efficient appliances or enough insulation, or you might keep lights and other equipment on when you’re not using them. Changing your behaviors and buying efficient things for your home can help reduce waste.
2. Wasted Food
Feeding America indicated that thrown-out food costs Americans more than $444 billion annually. Kaden recommended following steps to avoid letting food go bad or unused. Examples include freezing leftover items, not buying things you won’t use in time and planning meals carefully.
3. Unused Gift Cards
GoBankingRates previously reported that unused gift cards were costing Americans $21 billion. Kaden highlighted how easy it is to forget about gift cards and sometimes not remember them until the business has shut down. Use your gift cards promptly if possible or set a reminder so they don’t go to waste.
4. Gambling Habits
Whether you play the lottery or casino games, there’s a good chance you’ll waste money rather than win a big prize. It’s also easy to get caught up in the excitement of a win and continue gambling your cash. Kaden recommended avoiding gambling or at least carefully budgeting and stopping when you’ve reached that amount.
5. Credit Card Interest
Kaden discussed how credit card interest charges wasted billions of dollars annually. The most recent Federal Reserve consumer credit data showed a high average interest rate of 22.75% for those who were charged interest in November 2023. She emphasized using cards responsibly by not charging more than you already have on hand to cover the balance.
6. Credit Card Late Fees
Although the Biden administration recently capped credit card late fees, they’re still a waste of money that is preventable with financial planning and automatic payments. If you do get charged, ask your creditor about potential relief. Kaden said, “If you have a good track record with them, more than likely they will remove it because you are not a person that is a repeat offender on this.”
7. Store Returns
Returning items can be inconvenient and cost you money in restocking fees or shipping charges. Kaden talked about how some people end up not completing the return and losing money on things they don’t even use. Carefully think through purchases to avoid regret and potential returns.
More From GOBankingRates
