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Top 6 Ways We All Waste Money (And How To Stop!)

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.

Where Has the Money Gone?
Infographic Source: MoneyChoice.org

Read more: Life, Money

Lead image via Thinkstock

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Beth Buczynski

Beth is a freelance writer and editor living in the Rocky Mountain West. So far, Beth has lived in or near three major U.S. mountain ranges, and is passionate about protecting the important ecosystems they represent. Follow Beth on Twitter as @ecosphericblog or check out her blog.

121 comments

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6:07PM PDT on Jun 23, 2014

I drive a Honda Civic from 2004. I bought it in cash in 2007 for $7000.
Other than routine oil change, I have never need to get it serviced.
I pay $27/month full coverage insurance for it (from Insurance Panda).
It costs me about $30/month to fill up at the gas tank (and I drive it to work everyday).
I think most people waste the majority of their money on their cars. Not me.

2:20AM PDT on May 4, 2014

Thank you

8:47PM PDT on Apr 18, 2014

And, make an effort to live within your means.

3:31AM PDT on Apr 17, 2014

Our environment sacrificed is much worse than money

4:34PM PDT on Apr 15, 2014

I have found that logging every single expense through Excel by category has become a great discipline. I can instantly see when I'm beginning to go a little overboard (before it's ridiculous); it reminds me when an expense I'm used to paying is going up enough it makes sense to re-shop it (like internet connection); and it helps to see when I'm doing a good job of budgeting and bill paying.

5:36AM PDT on Apr 15, 2014

A. Keep a little notebook of every single penny you spend so you appreciate how much flows through your life and what categories it is expended on and so you have a pattern to budget from. B. Whatever you loan or give away TRULY cast upon the waters and release w/o strings or expectations of return. C. Every $ you spend is a vote. D. Charge what you are worth. E. Invest in yourself. F. Try to get the world back on the monetary standard of measuring worth by quality not quantity. G. Relax. H. Do not hoard.

5:17PM PDT on Apr 2, 2014

ty.

6:23AM PDT on Apr 2, 2014

thanks for sharing

2:48AM PDT on Apr 2, 2014

No, money isn't the root of all problems BUT love is!!!
Then comes money.
This is my humble opinion.

3:15PM PDT on Mar 31, 2014

Thankfully, I am on the right path considering most of these items!

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Disclaimer: The views expressed above are solely those of the author and may not reflect those of
Care2, Inc., its employees or advertisers.

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