Top 6 Ways We All Waste Money (And How To Stop!)
Money is the root of all problems. OK that might not be completely true, but doesn’t it feel like it sometimes? If only we didn’t have to spend every waking moment (and plenty of sleeping ones) figuring out how to get money. Think about how much easier life would be! As I realized while writing this book about collaborative consumption, money itself is meaningless, merely a representation of agreed-upon values, so a moneyless world really isn’t as crazy as it sounds…but I digress.
Until that magical day when we can thrive without money, it’s something that must be dealt with: Earned, saved, and spent on a daily basis. Unfortunately for most of us, that last part–the spending–is quite troublesome. Payday comes and goes, and after attending to all of our financial obligations, we find ourselves wondering “Where has all the money gone?”
If your cash disappears faster than donuts in the break room, it could be because you’re making one of the six most common money-related mistakes:
1. Not having a budget.
2. Not having an emergency savings fund.
3. Not managing your 401(k) properly.
4. Not contributing to retirement.
5. Not setting up the right kind of savings account.
6. Not choosing the right credit cards.
Scroll through the infographic below to zero in on the places your money is being wasted, then, use the included suggestions to stop the bleeding and keep more of your money in your pocket where it belongs.
Infographic Source: MoneyChoice.org
Lead image via Thinkstock