12 Ways You're Wasting Money Without Realizing It!
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- Опубліковано 16 лип 2024
- Here are 12 ways you might be wasting money without even knowing it!
When it comes to reaching financial independence and early retirement frugal living and cutting down on wasting money is a must. Some times these expenses can creep on us in hidden costs or even just opportunity costs.
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Money wasters when you have a modest income: 1) buying meals someone else has prepared, 2)buying coffee beverages someone else has prepared, 3) buying low-nutrition, processed foods at the supermarket such as potato chips, high fat/ high starch microwave meals, carbonated beverages, candy, cookies... 4) buying any kind of grooming/beauty services other than a basic hair cut, 5) buying high-end shampoos, conditioners, body wash, etc. instead of the inexpensive generic versions, 6) paying full price for trendy new clothing you will only wear a few times, 7) buying designer branded shoes, handbags, sunglasses and other luxury goods, 8) any entertainment that includes buying tickets, bar drinks or expensive appetizers or paying a cover charge, 9) buying a new vehicle, 10) renting an expensive apartment in a trendy neighborhood, 11) buying alcoholic beverages, tobacco or other recreational substances, 12) charging an expensive vacation on your credit card, 13) having a gym membership, golf club membership or tennis club membership and 14) shopping for fun or using food as entertainment.
If you are serious about saving money and building wealth then you want to learn how to do basic cooking and make all your meals from scratch from basic and inexpensive ingredients (fresh or frozen veggies and fruit, whole grain pasta, brown rice, lean meats...). Save that restaurant meal for a special occasion such as your birthday or anniversary. Pack an inexpensive but nutritious lunch for the workplace. You want to save money by drinking tap water you have filtered at home or tea you have brewed at home or coffee you have brewed at home or milk made at home from powdered milk and kept a pitcher in the refrigerator. Invest in a good quality Thermos if you want to drink your home-brewed beverage at work. You want to have a basic set of mix and match clothing for each season that is suitable to your workplace or the kind of activities you do outside of work. You never want to pay full price for clothing -- find it on clearance racks at the end of each season or in thrift shops. Look for good quality fabrics that do not need dry cleaning and classic styles and basic colors that never go out of fashion. And take very good care of each garment - never just discard it on the floor and let it lie there unwashed and un-mended for weeks. Buy a used car or truck that is in good condition instead of a new one and save thousands. And shop with fuel efficiency and practicality in mind -- leave the muscle cars and luxury cars to someone who is a spendthrift. If you can pay cash for that vehicle instead of paying interest on a vehicle loan, all the better. Find ways to spend your free time that cost very little money. You probably can borrow books, magazines, videos and music for free if you have a library card. No one really needs a 72-inch TV. Buy your first TV on deep discount when the latest models are about to come out, get a model small enough you can carry it upstairs and keep it for years until it stops working. Watch the pay-per-view sports event at a friend's house for free (bring some crackers and homemade dip). No one needs an expensive monthly cable TV or satellite TV bill -- find cheaper alternatives. Get the basic smart phone and the least expensive phone plan and internet plan that will do what you need. Beware of incurring debt for fancy vacations to distant places. Vacation for cheap in the nearest national park with a small tent and a sleeping bag and drive your vehicle to get there. Or share with a friend the costs of renting an RV and re-fueling or renting motel rooms and go on a road trip. Forget about the gym membership and the fancy exercise or yoga classes. Invest in a good pair of running shoes or walking shoes, get a few outfits of comfortable athletic clothing on sale and get outside and exercise. If your neighborhood is dangerous, invest in some very basic and inexpensive backyard/indoor exercise equipment (small set of free weights, jump rope, exercise mat) and watch and learn from a free video on how to do a full set of exercises that works all the muscle sets. Above all, exercise the self-discipline to stick to your budget and accumulate savings. The only person you really need to impress is yourself as you get into physical shape, improve your health through good nutrition and exercise and expand your options by accumulating wealth instead of spending wealth.
Linda Wright, this is a great summary. I wish I had read this when I was in my twenties.
Nah, gym membership is never a waste
@@JayFriedrichs Depends on cost per use... But most gyms hope people with a membership won't come, and most people fall into that trap...
@@googleprofiel6814 That's very true! A lot of people kick the gym to the side. But if it is used, the gym is a good investment. Same with good quality food. Never cheap out on health. 😁
I went hiking today. The cost:
$0 😁
It’s pretty fun being frugal, almost like a game :)
I know!!!!!!its so fun to be frugal!!!!!!
I bought my Honda Civic 14 year ago😂😂 my husband still drives this car to get to work… best car ever!!!
Meal prepping not only saves money but I am eating so much healthier and feeling good about it! AND I'm discovering new recipes and feeling more confident in the kitchen.
Gabe Bult is rapidly becoming my favorite UA-cam channel. Things we have in common......I am cheap ( AKA Frugal) and a Minimalist. Two Thumbs up.
The returning one is really important. I return about 90% of things I've ordered online because they need to meet a strict criteria to stay and I hear others say it's fine it's just a $10 shirt. Well it adds up.
My mom refuses to check reviews or look up products before purchase and it drives me crazy
I used to do the same. Not doing the planet a huge favor though. I quit being lazy and actually go into stores now to buy/check out things. Havent't had any returns since then.
*The end was the best part! We don't want perfect, we want real.* :)
Thanks for sharing this information. Even the most budget-conscious can fall into the trap of unnecessary spending.
👍
Agreed. You have to work at it daily.
Aldi is my go to grocery store. They are great and more and more people are starting to recognize it.
Absolutely love it
Aldi save us $2000 a year.
Solid doable advice. I love your videos.
You are the UA-camr I watch the most! I really get a lot of value from your videos! Thank you!
Thanks that's cool to hear!
Thank you for the videos. Very helpful and useful information which we sometimes forget.
I went hiking today. The cost:
$0 😁
I went for a walk, my gosh, guess how much that was?!?
$0
I’ve found this channel recently and I absolutely love it! Thanks Gabe for all the useful unfo you share!!!!!!!!
Thanks glad you enjoyed!
Love your channel.
I force myself to return things now.
Great video.
I really like all of your videos!
Great video
If it's a staple food you eat every day but forgot to put it on the list, there's nothing wrong with getting it lol. But yes! to the once a week grocery shopping, and I do the pick up, here it's Kroger clicklist so I'm not tempted, or I make myself hurry and stick to my list and go after a meal. And yes, MANY generics are exactly the same! I food prep for M-W, then Wed night do it again for Th and Fri, sooooo much more cost-effective, easier to eat healthy and I freeze anything I don't eat. Food waste is not cool. Great tips, keep up the great work! :)
That's great that's about what I do too!
Shauna -- Great idea that's new to me: breaking up the week's meal prep into two, half-week meal prep periods. I hate eating the same "leftovers" every evening for the whole week. Looking forward to trying your suggestion. Thanks very much for the new idea. -- Christopher
@@ChristopherSimmonsAttorney Sure thing! So much easier only prepping for a few days too, or having a cheat meal or eat out meal Friday :)
Love the shirt.
Can you do a video on your favorite banks? Or explaining the investing banks? Ie Wealthfront, ally, ect
I think I will be binge watching you today. Buying good quality is always a money saver. As for cars I am a Toyota gal. My last Toyota was 13 years old and ran perfectly, but I felt I wanted to trade it in for a new one. No regrets but I could have kept the old one till the wheels fell off.
Love that❤ Toyota gal also🙋♀️
Buying items from on-line who charge to return items if they don't fit or fulfill...I don't buy from people who don't take care of business anymore. I am careful to buy via my credit card not my debit...why? Because my credit card guarantees that I won't get screwed and my debit card doesn't handle that. I pay my credit every month...so no risk.
Great video. I like your shirt.
A lot of your produce you can stick into water till you have roots or soil and grow more food for FREE? Spring onions, celery, living lettuces, etc cut the ends off and grow more food.
Financial literacy is something I am for sure going to work on for 2020+
👍
Those bits and pieces of food in storage containers are eaten as snacks.We don't buy canned storebrand tomatoes, because of all the cores etc. We buy a good brand and use it all. Works out about the same price.
I agree with the car. We bought a cheaply made kia brand new did not last and constantly in the garage traded it for a used toyota best decision ever. We use Mint mobile prepaid $180 for the year.
Gabe you're like 110% quality content!!! Keep it up and you'll gonna be 100k soon :)
Thanks Alice !
I made it my mission to watch all of his videos in a sequence one day, but I'm too occupied with my work and studies. Undoubtedly, his videos will serve me well in the future. 🍒😻
I literally never use bank ATM’s!!! They’re such a rip off just go to your bank for free 💰 🏦
👏💵💰🏦
Wow, it's literally the other way round in Europe. Banks charge you fees when you pay out money from there and ATMs usually are free and limitless. For me it makes even more sense, because when you go to the bank, you are kind of paying the bank clerk to provide the service for you.
I use the cash back option at the grocery, since I’m already at the grocery weekly, and it’s free!
@@kimberlytran3784 Great idea!
It's a US thing. Using ATMs in most European countries is 100% free. Going to the bank, however, is not and has a huge fee.
Please list your hints - thank you. Makes it easier to follow.
My goal lately is to go through items I no longer need to try to minimize the things in my small space and sell whatever I can on marketplace or CL and invest all my profits either in my acorns account or so other stocks. So I’m combining decluttering, making side money and investing all at once! Oh and trying not to buy more things I don’t need. I also just added up how much interest I’ve made since 2016 moving most of my money to ally savings account and it’s almost $10,000. That free money!! I just moved the rest of my money out of WF and into Ally cause even the checking accounts make at least 0.1%, which is higher than most banks. Every little big adds up. Thanks for sharing these great tips!
the shirt is cool 😊
Ahhhhhh don’t take my name brand cereals Gabe!!!!!🤣🤣🤣 J/k, I’m low-carbing. But I’d probably cut someone for some Cinnamon Toast Crunch right now. 😳🤤
Lol
I live in a senior community with no washer dryer. Rent went from 1100 to 1400 in 2 yrs. Stuck her one more year. I can't afford the laundry room charges its $10 ! Load . Plus up and down stairs with baskets of cloths is very hard. I decided to humble my self and wash laundry by hand. Over the last 3 months I have saved about $150. Just doing by hand. Sheets and blankets might be harder but its not.that bad if I keep it to every cpl days.
leaving electrical/electronic stuff on standby mode..it eats power.
not using led bulb for home lightings.
not investing on inverter type appliances.
using low star rating power hungry appliances.
The one maximum important concept that I would like parents to teach all kids: Opportunity Cost
Nice shirt👍
Live life now! Once your old it's too late!
The turning point for better financial stability was to get a better car. I had always had cheap vehicles at the end of their lives and they would break down every 3-6 months. It cost me so much money to try to keep them going. It was always a situation where I didn't have the time or money to change things. Finally got a car loan, got a better vehicles and I have more predictable costs on the car because its so far just cost me the maintenance.
I shop at Lidl. It's cheaper than Walmart. The eggnog I bought (same size) was $3 less than Walmart's brand. I could go on and on. My car was 1 year old when I bought it. If I sell it now(8 years old), I can get $6,500. I baby it so I'll keep it until it dies.
Always heal up trauma around intimacy or you can waste money spinning your wheels.
you need to keep your money in a bank that's safe and doesn;t run away with it, next is fees and the interest rate that you must consider.
add...wasting money and time commuting because you purchased/rented further away for less
Next time you empty your toaster tray of crumbs, instead of tossing them in the trash, sprinkle them outside your kitchen window. You and the birds both will be treated.
Nice
Great content, hm just one thing, not sure about other listeners, but your rapid speech pace creates bit of anxiety.
Shopping from a list costs you more money than looking for the bargains that are available at the store. Find what you can get at a great price then plan the menu around what you have purchased.
The high yield savings accounts now up to 4%, but still about half of inflation. Thanks "federal" reserve!
You need a lot less clothing than you think you need. Pare it down. If possible, have a uniform (not necessarily Steve Jobs’ black turtleneck and jeans). Pay attention to what you wear most if not all the time, and sell or donate the rest.
Success come with hard work, failure comes with taking easy. BTW:: this is a wonderful video, a fellow creator ~~~~
finally someone who ditches stocks.
What's wrong with socks? I wear them, most men I know wear them. It's unsanitary not to wear them, especially with sneaker shoes. Do you have a fear of socks?
@@brucemarsico6 reread his sentence
@@j_n7498 I'll re-read his if you'll re-read mine.
@@brucemarsico6 I reread it now reread the original comment
@@j_n7498 I must have lost the comment I made....was it about socks?
I can't wait even 1 day for milk lol
This is all good but saving everything gives you no room to live
The idea, plainly, is “experiences over things”.
What Book is begging you here?
😘😘😘😘😘👍
Will you be my spirit animal?
Ooo
Talk slower, if you want to let other non-native English speakers follow you
Sorry I'll work on that
Oooor you could just improve your English.
@@themaxtails You could also improve your intelligence
Not sure if this will help but you can also add the “captions” option in the right corner of the video.
@@sergiob.8317 What a weak comeback. I cannot 😂