22 Dec

15 Ways Not to Waste Money in the New Year

The New Year is almost here. It’s a fresh start, a blank slate, a new opportunity to do a little bit better with your life than you have been doing in the past year (or more). One great way to get off on the right foot with the New Year is to start saving more money. To save money, you need to avoid wasting money. Below you will find fifteen of the most common ways that people waste their money. Learn to avoid doing these fifteen things in the New Year and you’ll have reasons to celebrate all year long (and extra money to do that celebrating with!)

1. It’s a mistake to buy things new. You waste a lot of money when you buy items brand new. Cars, clothes, DVDs and other items are a lot cheaper when you get them gently used rather than paying full price for the new thing. Avoid buying new items in the New Year and save yourself a lot of extra cash.
2. A budget is not a license to spend. Many people create a budget with a lot of wiggle room in it so that they can purchase luxury items when they want to. There’s nothing wrong with that but you do have to recognize that you’re wasting a lot of money if you’re spending each month just to eke out every last bit of your budget. Aim to have money left over at the end of every month instead!
3. Failure to use promotional codes is just dumb. There is a promotional code or printable voucher for nearly every item that you might ever want to buy. Why are you wasting money by sometimes buying things without taking advantage of these discounts?
4. Eat only small meals outside of the home. People waste a lot of money by dining out. This isn’t always because meals are expensive but instead because people buy drinks, appetizers and desserts along with an entree. Only eat small meals outside of the home and you will end up avoiding a lot of wasted money over the course of the entire year.
5. There are a lot of great places to travel to in the off season. Even the most frugal people sometimes waste money on vacations because they think that traveling in the off season means that they won’t get to see the best sides of a destination. That’s not necessarily true. Look up weather and attractions in different places that interest you and find a good place to go in the off season. You can save a lot of money and still see cool things this way.
6. Free attractions can be fun attractions. Even people who don’t travel sometimes waste a lot of money visiting attractions and enjoying entertainment in the city where they live. Stop paying for this stuff and start seeking out free options for enjoying yourself instead.
7. Smart people never pay fees. There are fees for all sorts of stuff. There are fees for taking money out of an ATM machine, fees for using too many minutes on your mobile phone, fees for making a late payment on your credit card. Avoid fees and you’ll avoid wasting a lot of money.
8. Learning to talk about money is going to save you a lot of money. Failure to communicate well about money with spouses, children and parents is a big mistake. It leads to a lot of lying, hiding and wasted funds. Learn to communicate about money this year and see how much you save!
9. Choose a new hobby that doesn’t cost a lot of money. People waste a whole lot of money trying to find things to do just because they are bored. Don’t do that! Find a hobby that doesn’t cost a lot of money and throw yourself into it in the New Year! Hiking, bicycling, knitting, reading and writing are all examples of cheap hobbies to enjoy.
10. Splurging for specific occasions is usually a mistake. Far too many people are good at saving all year long but then waste a lot of money on specific occasions like birthdays or Valentine’s Day. Stop thinking that you have to spend money for things to be special. Find creative ways to do inexpensive things instead.
11. Stop picking up the tab. Pay for yourself and only yourself whenever you go out. You’re still holding up your end of the social situation but you’re wasting a lot less money than you would if you just offered to pay for others all of the time.
12. Pay attention to your energy bill. How much money do you spend on electricity in the home. How much less would you spend if you turned the thermostat down a few degrees, shut your computer off when it wasn’t in use and switched to energy-efficient lighting in your home? Probably a lot.
13. Vehicles waste a lot of money. Go car-free in the New Year. Start using public transportation. Consider carpooling. Walk or bike. Combine your trips into one single errand day on the weekends. Find ways to cut back on the cost of your car and you’ll see that you’ve been wasting a lot of money on your vehicle.
14. What do you buy that you could get for free? Do you buy sugar from the store to use at home? You could be taking a few packets with you every time you’re in a coffee shop instead. Do you purchase bottled water? Get water from water fountains instead. Think about what you can get for free that you’re currently wasting money on.
15. Break those bad habits. The start of a New Year is a great time to make some resolutions that will benefit you as well as your budget. If you smoke, drink or eat too much sugar then think about cutting those things out of your life and you’ll see that your pocketbook gets nice and fat when you do.

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