18 Wastes of Money (pt.2)
Here are the remaining 9 wastes of money. Of course you can add your own in the comments. This is to get your mind going on some things that you are holding onto or doing that you may find will help you live below your means and save more money for your retirement, vacation or emergancy fund.
10. Boats — They can be a ton of fun, but unless you are getting something small and have a budget setup to keep it up, rent one on the rare occasion you need one.
11. Credit card loans — Your interest rate is higher, in this case it is best to just hand over the card and charge it for the slightly lower APR on the card
12. Buying property you’ve never seen — Scam city, USA is the location of these. How do you know you are getting a good deal?
13. Lavishing expensive gifts on loved ones — I do this on a rare occasion but it is rare. Unless your family views love as what is gotten and not the thought behind it, then I thing your family will love you even if you don’t give them a trip for two to the Bahamas.
14. Driving to work alone – Well most of us do it, but if it’s the only thing you’re doing on this list, you’re doing pretty well! But if you can bike or ride a scooter or another form of transportation, then great. You will save money and help the environment.
15. Lending money to friends — If you want to help them out with 20 or 50 here or there, that’s fine. But the loans that are several hundred to even a thousand dollars is insane. You will probably never see the money, and you never know when an emergency might hit of your own, so you are out that money until you get it back – no interest.
16. Sunroofs — If it already comes with the car, great. But don’t pay extra for an extra window to roll down, in essence.
17. Designer label clothing – You can purchase off brand clothes for up to $10-$50 less per article of clothing. Or even better, you may find the designers at your local thrift store for pennies on the dollar what you would have paid.
18. TV Shopping/As Seen On TV Products — There is a reason these are on at night and on the weekends, we get bored or tired and don’t think straight and buy crap we don’t need!
Great series of tips. I would say boats (I am thinking kayaks and canoes here) are a great investment if indeed it is something you love to do often. Again, they are small investments (under $1K to several $K) compared to the big boats you are probably thinking of here. Not to mention a great way to spend weekends with friends and family that is low cost (other than driving to the place you paddle).
Loans for family & friends only work well with everything in writing (and potentially some interest thrown in). Much better approach is a real loan or even the site (name I can’t remember) that Nina mentioned in an earlier post which is essentially borrowing money from strangers without the emotional baggage, risk, and potentially relationship busting bankruptcy of borrowing from loved ones.
One of the biggest (albeit incremental) wastes of money is buying food from vending machines & eating lunch out every day. Time and money much better spent exercising, reading, and bringing in those made at home leftovers. Healthier and a money saver.
Excellant points and great tip about the vending machines as well.