10 Things You Should Never Waste Money On

If you want to live a wealthy life, you’ll need to start saving money now. One fundamental difference between the wealthy and poor is their spending habits. Poor individuals tend to spend money on a bunch of unnecessary things while wealthy individuals are more conservative with their earnings. An outstanding example of conservation is Sam Walton. This man was the founder of Walmart, and yet with all of his millions of dollars, remained frugal. He understood that the key to wealth is:

• Saving Money
• Satisfying customers
• Understanding your competition thoroughly

In this article, I focus on the saving money aspect. Here at Wealth Lovers, we believe that wealth doesn’t just happen; you need to build it up over time. That’s why today I’m giving you a list of 10 things you should never waste money on.

1. Impulse buys

Do you ever scroll through an online store looking for something you need and suddenly you see a super fancy version of it that costs 3 times the original price? Out of curiosity, you investigate the product and find out that it’s the best invention ever created by man. This is the point where you buy the product and discover that you don’t use it as much as you thought. We’ve all been there. But now that we are conscious of this waste of money, we are better equipped to reject these impulses and only buy what’s necessary.

2. Bottled water

This should be an easy decision, but I know people who only drink bottled water. This is a huge waste of money considering that you can just pop a water filter on your sink. Often water filtered from the tap is cleaner than what you get from water bottles. So, unless you’re traveling out or your water supply is cut off in your home, drink from the tap. And if you don’t like tap water… get a water filter.

Traveling without water bottles is easier than you might realize. Using a refillable water bottle or carrying around a yeti is a more environmentally friendly and wallet-friendly solution.

3. Excessive groceries and junk food

Don’t buy a bunch of food that expires all at once. Plan out how much you will actually need for the month and then take the effort to eat it before your non-perishables: junk food, frozen dinners, canned vegetables, etc. Then you’ll stop throwing away a heap of food (wasted money) each month.

Buying junk food from vending machines really wastes a lot of money since all the snacks are extremely overpriced. If you’re going to buy junk food, only buy a small amount and buy it at the grocery store where the price is cheaper. Bulk buy the snacks you eat the most often and don’t impulsively go to the vending machine.

4. Full priced clothes

If you want to save on clothing, here are the three tips you’ll need to know this year:

• Buy during sales: buy summer clothes at the beginning of winter and vice versa
• Go to discount stores such as Nordstrom Rack instead of Nordstrom
• Shop at a thrift store to find cheap prices on clothes and a wide variety of other products. Don’t buy that brand new book for $39.95; go find one that’s just as valuable at your local Goodwill for a buck or two.

5. ATM fees

It’s more cost effective to plan out how much cash you need in advance so that you don’t constantly go to an ATM. I’ve been guilty of this one myself. It may seem like you’re only paying a small fee, but the charges stack up.

Owning an ATM is actually a great way to make passive income if you’re an investor! I describe this method of income and much more in my article: 20 Ways To Start Making Passive Income Today.

6. Buying lunch every day

Getting takeout for lunch is alright to do every once in a while, but if you make it into a habit, you’ll start wasting a lot of money. Instead of buying every meal, it’s way more cost effective to make food from home. This is also better for your health, as people tend to eat a lot more than they should when going out to eat. Find some healthy recipes to make at home and you’ll see a big difference in your wallet size.

7. Alcohol

This one is easier said than done, but spending money on alcohol can become very expensive. This can become a nasty habit and take time away from doing more productive things.

Some bars charge $10 or more for a tequila shot. The reason they can charge so much is that people tend to spend more money when they’re tipsy. Don’t become a part of this trend if you want to keep your wallet full.

8. Tobacco

Tobacco is very addictive, which makes people spend more and more money on it over time. If you smoke a pack every few days, you’ll end up spending hundreds of dollars per year on a product that harms your health.

Another way it drains your wallet is by making your insurance more expensive. People who smoke tobacco are at a higher risk of heart disease and other ailments, which insurance companies don’t want to pay for.

9. Gym membership

We all know at least one person who has a gym membership that they never use. If this is you, cancel it today. There are better ways to get in shape that don’t drain your bank account. Go for a run, do push-ups, do sit-ups; there are many options that won’t put a hole in your wallet. You can even buy a workout DVD for a one-time price.

The only real reason to go to the gym is if you’re trying to weight train. In this case, take advantage of the gym time you’re purchasing. Strive to go at least 5 days a week to maximize your results. Make this investment an essential part of who you are instead of wasting the opportunity.

10. New cellphone every year

Finally, if your cellphone still works and does everything you need it to do, then there’s no need to upgrade. Most phone companies barely upgrade their phones each year, so there’s no real need to buy the next hot thing.

The key to wealth is not always buying the things you want, but investing your money in your future. Delayed gratification is the name of the game.

Well, that’s it!

Are there any other things you save money on that I haven’t listed here? Let me know in the comment section below!