8 Things You Should Stop Wasting Your Money on in 2024

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Spending money is inevitable, but wasting money is another ballgame altogether. Being able to make the distinction between the two could be the difference between what you have in your savings account and what you have in credit card debt. You don’t need to stop spending money across the board; you just need to know where to edit and which things to stop buying so you can reach your long-term financial goals.

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8 Things To Stop Wasting Your Money On

You may not notice a dollar here or there going to the wrong place if you aren’t really paying attention. However, when you add it all up, little expenses here and there can add up to quite a bit of waste or even debt. Here are some key takeaways about eight things you should stop wasting your money on in 2024.

1. Eating Out at Restaurants

You can save big by meal planning or sticking to a strict grocery list. This is not to say you can’t treat yourself to a nice meal now and then, but it becomes a waste of money to do so several times a week or month.

2. Oversized Housing

Larger homes may seem impressive, but they are more expensive upfront and add more upkeep and overhead to your monthly budget. Buying a home that meets your needs but doesn’t surpass them can save you thousands of dollars you might otherwise be wasting. 

3. Luxury Cars

Your car payment is a huge chunk of your monthly expenses. Lowering that by getting an automobile within your means or even one you can pay off faster will cushion your budget quite a bit. 

4. Unnecessary Clothing

It’s always tempting to get the latest styles or newest fits, but unless your current clothing is in disrepair, you might be throwing money away when you don’t need to. 

5. Extended Warranties

These maintenance agreements often go unused or expire before they are needed, so it may be better to opt out to save money. This especially holds true when you read the fine print of many of these contracts, only to discover several aspects of the product aren’t covered anyway.

6. Daily Cafe Trips

This is not to say that getting your caffeine fix will bankrupt you, but instead of buying coffee several times a week at a cafe, make your coffee at home. It’s little steps like this that will add up in the long run. 

7. Cable Television

Instead of getting a package of channels of which you only watch a handful, choose one or two streaming services that have content you enjoy. The savings can be substantial, and you’re not wasting your money on products or programming you don’t use. 

8. Credit Card Interest

It’s not only important to make sure you have a credit card that best fits your financial needs but also that you are paying off your bill on time and in full. This keeps you from chasing debt with money you could be saving.

How To Stop Wasting Money: 8 Tips

Even if you aren’t a money expert or certified financial planner, you can still analyze your spending habits to see where there is room for improvement. It’s always a good idea, especially in the new year, to see where you can let your money work for you. Here are eight tips to get you started on a more frugal journey so you can stop wasting money.

1. Build a More Realistic Budget 

If you are not going to or are unable to stick to a budget due to unrealistic boundaries, then creating one is moot. Knowing what you are working with is half the battle, so it may help to download a budgeting app. It is often easier to figuratively nickel and dime it and break your budget down into percentages and choose one that best fits your finances. 

• 50/30/20 budget rule: The 50/30/20 rule is when you allocate 50% of your paycheck to needs such as rent and groceries, 30% to wants such as streaming services and gym memberships and 20% to savings. 
• 70/20/10 budget rule: A percentage breakdown with a bit more wiggle room, the 70/20/10 rule is when you allocate 70% to needs, 20% to wants and 10% to savings.

2. Try Goal-Oriented Shopping

Shopping with a goal in mind helps curtail all the impulse buying that can happen once you step through a store’s doors. For example, if you are out of laundry detergent, when you go to your local Target, Walmart or grocery store, only pick up that laundry detergent and not the slew of tempting impulse purchases in your path. 

3. Unfollow Stores and Retailers on Social Media 

Social media, with its curated algorithms, knows exactly how to subtly pressure you into a seemingly perfect purchase. It’s hard to avoid all the ads, but if you unfollow certain companies that you know always trigger you to reach for your wallet, it can go a long way to saving your money. Ignorance, in this case, is bliss — not only for your peace of mind but also for your bank account. 

4. Set Savings Goals 

Whether it’s for a rainy day or giving yourself a more secure financial future, setting savings goals can go a long way to keeping your head above water. Achieving these goals means you can move from living paycheck to paycheck into more comfortable territory. Here are some common examples of good savings goals to set in the new year: 

• Emergency fund
• Retirement savings
• College tuition
• Down payment for a house

5. Avoid Retail Therapy 

Yes, shopping can give you an endorphin rush, but replacing the blues with credit card debt will only add to your problems. Stop wasting money on impulse purchases as pick-me-ups and focus more on your savings goals. Seeing the numbers go up in your bank account will be just as rewarding as buying new boots or a jacket you don’t need. 

6. Stick To Your Grocery Shopping List 

Before you go to the grocery store, make sure you have a clear-cut list of what you need to get. Once you have this list, make sure you don’t stray. This can help you stop wasting not only money but also potentially some food as well. 

Meal planning like this is a healthy choice, both physically and mentally. Not only will it help you stick to your budget, but it also stops you from wasting money on more expensive takeout or impromptu trips to restaurants.

7. Give Your Credit Card a Break 

Paying with plastic can lead you to possibly spend more than you think, whether it is a credit card or debit card. It can be a mental block when you don’t see the cash leaving your checking account. Sometimes taking out cash ahead of time before you go to a store and only spending what you’ve allotted yourself can nip overspending in the bud.

8. Use the 30-Day Rule

One great tip to trick your brain out of overspending or impulse buying is the 30-day rule. Essentially, when you see something you want to buy, you wait 30 days before purchasing it. If you still want it at the end of this period, then you can buy it for some delayed gratification, but you may be surprised to find that you no longer want it or think you need it. 

Final Take To GO 

Before you reach for your wallet, make sure it’s for something you really need and not just want. Check your budget, and even if there is some wiggle room, ask yourself if you’d rather have financial security in the future or a slightly bigger television. The bottom line is that only you can decide what is right for you, your goals and your spending habits, so make sure you consider the whole picture. 

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