From grocery shopping to managing a savings account, there are countless ways to waste money in all aspects of personal finance. Here are 16 excellent ways to throw away perfectly good cash.
The Worst New Year’s Resolution Ever: Waste Money Unnecessarily
Most people want to know how to save money. But what about those who just want to spend money with reckless abandon? Spend cash and deplete savings with these tips:
- Don’t comparison shop. Only go to one store and never check online prices first.
- Buy only brand names. Stay away from lesser-known brands of clothing and store-brand foods.
- Don’t negotiate. Pay every salesman what he or she wants for that new car or perhaps professional services.
- Never use coupons or request an advertised discount.
- Buy a new car every year. Don’t let the initial depreciation go to someone else. Take ownership of a brand new vehicle every chance you get, and don’t keep it too long.
- Run the water while brushing your teeth. Water might not cost much, but it adds up over time.
- Make extra food at every meal. Don’t refrigerate the leftovers, either.
- Eat out for dinner every night. Better yet, eat out for every meal.
- Take advantage of every opportunity to spend money. Don’t leave the house without a credit card and valid identification. Try to hit the mall once per day.
- Pay taxes late. Rack up penalties and interest.
- Wear new clothes only once. Even better – leave them in the closet with tags and all.
- Replace perfectly good household items. For example, upgrade to a new vacuum cleaner when the old one works just fine.
- Buy things you don’t need. If you have a coffee pot already, buy another one anyway.
- Keep all liquid savings in a checking account. Quick access equals easier to spend.
- Use high interest credits for every purchase. Carry a balance at all times.
- Never use payroll deductions. Don't automate withdrawals or retirement contributions.
To really decelerate savings, request a demotion at work. Better yet, ask for a pay scale adjustment to market when unemployment is high and employers have the upper hand.
Here’s another stellar idea – spend money on things you don’t care about. For example, those who like to minimize their impact on the environment can buy extra strength pesticides and purchase the largest SUV on the market.
Serious Money Matters: Real Advice for Personal Finance New Year’s Resolutions
No personal finance writer could sleep at night knowing he or she just told someone the worst ways to tackle money matters. For those who actually want to learn how to save money in the new year, consider picking up a personal finance book like Your Money or Your Life. Then, take steps to better personal finances by cutting back on spending and shopping around for the best deals.
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