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COMMON MONEY WASTERS

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COMMON MONEY WASTERS

So many Canadians are constantly looking for ways to have more money. And although getting short term loans or cash advances can be a short term solution. Whether it be making more of it, or spending less of it, we can all agree that it would just be nice to have some extra cash at the end of every week. But do you know some of the most popular money wasters? There are so many little ways in which we can all cut down or stop throwing our hard-earned dollars out the window on these common money grabs.

1) The Lottery:

Yes, yes, I know this one is a hard one for many of us. The hope of one day winning that multi-million dollar lottery prize is a hard one to give up. But have you ever stopped to take a look at how much you spend on lottery tickets in one month? Often, I hear people say: “But I win just as much as I spend!” but that statement is simply impossible. If that were true, lottery companies wouldn’t be profitable and would have gone out of business a long time ago.

2) In-game purchases:

Ok, just between us, I am a HUGE Candy Crush addict. But the one thing that I have still never done is pay for ANY in-game items. I don’t care how frustrated I am on a level or how close I was to winning. I have made myself that rule and I have stuck to it. And so should you. We live in an era where we are way too impatient to wait for anything, even virtual lives in an online app game. Do yourself a favor and make that simple rule to NOT ever buy in-app upgrade purchases! You will be surprised at how much that can save you at the end of the month.

3) Convenience stores:

I know it is convenient! It says so right in the name! But have you ever checked the difference in price of something as simple as milk versus milk purchased at a grocery store? Unlike the in-app purchases, I am guilty of this money waster. I have been known to run to the convenience store at the end of my street when I am out of bread, or milk, or even feminine hygiene products (those are SOOO expensive!) but I also feel guilty immediately afterwards. My laziness just cost me 30% markup! Not worth it, people, simply not worth it.

4) Leftovers:

NEVER THROW AWAY LEFTOVERS! In my household of 5 people (2 adults and 3 kids), I actually only plan for 4 weekday meals per week. The 5th day is always a leftovers day. Not only does this help reduce waste and make me feel like I am being a responsible eco-friendly mom, but this saves one full meal’s worth of money at the grocery store. And considering I do this once a week, that is 4 meals per month saved and in my pocket!

5) Bottled water:

The fact that an entire industry has convinced us that it is normal to pay for something when it is free in our country has me completely at a loss. I definitely understand the convenience of a bottle of water on a hot summer’s day but carry around an empty reusable bottle with you and fill up whenever you find a water fountain! And, once again, this makes my eco-friendly footprint ever so much smaller!

6) Throwing away coins:

My husband is guilty of this one and it drives me nuts! I understand that they are heavy and make a jingly noise that can be annoying. But throwing away coins is LITERALLY throwing money away. Repeat that sentence to yourself. You are actually throwing money away….

7) Paper towels:

Did you know that for $3, you can have a reusable cloth that replaces 17 rolls of paper towels? Do you know how much money that saves you at the end of a month? At the end of a year? (and I hate to once again bring up the eco-friendliness of this action but … you know ….)

8) Cigarettes:

I don’t think you really needed an additional reason not to smoke but in case you missed all the other ones, here’s one more reason not to smoke: you are actually burning your money away. Up in smoke. Gone.

These are simply some generic money wasters that many of us are guilty of. If you take a minute to write down what you spend every single penny on for the next month, you may be surprised at where your money is going. You will probably be able to pinpoint your own personal money wasters and start to eliminate some. iCASH is always here to help get out of short-term binds but learning to manage money is long term!

Sierra Bittany

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