10 Worst Ways People Waste Money

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It seems there are loads of tips out there for what to buy, when to buy it, and what to sell it for.  But did you know that there are tons of things that people spend money on everyday that shouldn't be bought?  To help give you an idea, we have collected 10 of the worst ways people waste money.

1. The timeshare – We've all heard the horror stories of timeshares gone wrong, but did you know the odds are miniscule that it will go right?  While timeshares cost a fraction of what the property would cost if you purchased it yourself, the maintenance fees are what really kills.  They can be hundreds of dollars a month and skyrocket shortly after purchase to put the extra squeeze on partial owners.  Worse still is that it is extremely hard to sell a timeshare once it is bought.

 

2. New car – It may be all the rage on “The Price is Right” but it can be a huge waste of money.  For example, a new car can cost $20,000 and last for about $200,000 miles.  However, a used car with 100,000 miles can cost only $5,000. You may spend more on repairs, but the money saved by not having to buy full insurance and interest on the car loan can easily surpass that.

 

3. Bottled water – Even if you get a great deal and buy a case of bottled water for only 50 cents per bottle, it is still a huge expense.  Tap water isn't much different but can easily be modified with a water purifying system that costs only a fraction of what bottled does.  

 

4. Travel expenses – Perhaps no other monetary venture pays off more in shopping around than travel expenses.  Those who stand to save the most are those who are flexible on where they are going, when they are going, and where they are staying.  By shopping for airfare on different days and different times of day, you can get great deals.  Hotel rooms and other lodging expenses can also be greatly cut down on if you don't mind where you stay and utilize sites such as priceline.com and other sites that list hotel rooms by location, date, and star rating.

 

5. Latest and greatest – Sure that newest piece of tech is all the rage and has all the bells and whistles, but is it really worth the price tag?  Getting a television or smart phone that is a release or two behind can really save you big.

 

6. Buying movies – The newest DVD releases come out every Tuesday, but how often are you going to watch it?  Only really great movies are worth watching over and over, so unless you love it, consider renting it or watching it whenever it comes on.

 

7. Shopping in person – There is a certain high that comes from wanting something, going to store, and walking out with it.  But did you know that shopping online for something can really save you big?  The next time you want something from a pair of shoes to an MP3 player, do a little online shopping to see if it can save you a trip.

 

8. Batteries – Just about every device needs them nowadays, and the cost can truly add up.  However, there are rechargeable batteries for many common sizes that are not only better for your wallet but the environment as well.

 

9. Tele-shopping – There is an entire network dedicated to shopping over the television, but a good rule of thumb to remember is if you see a spokesperson with a slick sales pitch advertising an amazing new product, chances are it isn't worth the price.  If you truly want it, research it online to see if it works as advertised and to see if you can buy it for cheaper.

 

10. Credit card interest – Wouldn't you love it if your retirement account paid 20% interest?  That is what an interest rate can balloon to on a credit card payment.  It may be convenient to carry all that plastic debt, but it is truly one of the worst ways people waste money. 

 

About the Author

 

Anthony Jones is a contributor all over the web and for Sports Management Colleges, a website which assists those looking for a career in professional sports. 

 

About this Entry

This page contains a single entry by the boozwatt team published on March 15, 2012 10:10 AM.

Top Six Tips On How To Find A New Job was the previous entry on boozwatt.com.

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