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The Four Most Common Things People Waste Money On

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The Four Most Common Things  People Waste Money On

In today's age, there are countless services, monthly subscriptions, and conveniences that can enhance our lives. We often forget to think about the long term cost of paying for things, and don't even realize how much they're spending on things like Netflix and fast food throughout the year! At times, people need to get small loans in Canada to cover short term expenses.

When looking to save more, most people know how to cut down on the basics like coffee. However, real saving happens when we cut back on the stuff that's hard to give up! Here we talk about the four most common things people waste money on without even realizing it.

Subscriptions Services & Kits

One of the most important things to cut out when you’re looking to save money is anything that requires a monthly payment. While it’s okay to have one or two, keeping Netflix, Disney +, HBO, Hulu, Spotify, Amazon Prime, and Blue Apron could build up to hundreds of dollars each month.

Our suggestion: cut any meal kits (meal plan at home) and cut out all subscription boxes. These often give you the least value for what you’re paying. Next, stop paying for all but one or two online services - for example, Hulu and Spotify. You can always put one on hold to start up another.

Or you can think about it this way - keep one subscription for entertainment, and one that helps you in your daily life. For example, if you use Amazon Prime to quickly order value packs of household supplies, it's worth keeping. If your family truly loves watching a movie together every week on Netflix, keep it! It's a matter of cutting out the clutter and not letting your life depend on multiple subscriptions that end up costing as much as your phone bill every month.
subscription-service

Gym Memberships

While going to the gym is obviously great for your health, it’s essential to think about how often you are going and if the frequency you go to the gym justifies the cost of the membership. For example, if you spend $50 on a membership each month but only go once a week, that’s over $10 a trip! You'd be lucky to find a gym that only costs $50 in most cities, as most are at least $100 each month!

Instead, think about cutting the membership and getting an at-home gym. Look into buying a yoga mat, a few weights, and a resistance band. From there, look up workouts on YouTube, you’ll get in shape, and save money!
gym-membership

Convenience Food

While snacking is something we all do, it’s important to remember how much you spend. If you’re going to the convenience store or a fast food restaurant every week, then you could be paying an upwards of $100 a month on snacks and quick lunches.

Instead, try getting bulk snacks from stores like Costco. While you’ll have to make sure you don’t binge on snack-food, this can save you hundreds in the long run. We also suggest choosing healthier snacks that last longer like granola or fruit!
convenience-food

Full-Price Tickets

If you’re always paying full-price tickets for the movies or other adventures, then you’re wasting money! The best way to save money on memories is to look for discounts and deals - they're always out there for events. Places like Groupon are great for finding deductions and deals on everything from gyms to massages and even cooking lessons.

If you’re looking for discounts for museums, think about going on your birthday or other special days. Keep track of the dates that your favorite locations are offering deals so that you can go when it costs less, saving you money and letting you have fun.
full-price-ticket

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Ramona Glanville

Ramona has been a regular contributor to some of Canada's top wealth-management editorials for over 30 years. She strongly believes in good saving habits, reducing financial clutter, and red wine.