What were the biggest money wasters in 2022? According to the research done by Money 254, convenience, entertainment, and procrastination made the list!
- Spur of the moment endcap buys. Just because an item is on sale, doesn’t mean you have to buy it. Stick with your shopping list to save money.
- Unused subscriptions. If you aren’t working out at the gym or watching Neflix cancel, cancel, cancel those memberships/subscriptions.
- Wasting food. Buy only what you need and use proper storage techniques to make food last longer. When shopping at the grocery store, consider your work/social schedule as those occasions may involve eating out.
- Impulse buying. The expression, “an orchid for your soul” means treating yourself to something that may lift your spirits. But that occasional treat is different from emotional spending or shopping on social media after a fun Wine Wednesday out with friends.
- Convenience fees. Ticketmaster has been in the news a lot in 2022 for those hefty convenience fees. But paying for the convenience of getting cash out of an ATM while out of town, or shopping for groceries on Instacart will also add up.
- Competing with your neighbors. You saw your neighbor with his brand-new riding lawn mower and felt you just had to have one. Your mower works fine and is already paid for.
- New technology. New iPhones and high-tech ear buds are appealing, but what’s wrong with the technology you already have? New isn’t always better.
- Last minute shopping. Vacation is planned for March of 2023, but you wait until the beginning of March to shop for flights and hotels. That will cost you.
Here’s to reducing unnecessary spending in 2023 and saving up for what really matters, a great family vacation or that new back deck you’ve been wanting. For more money saving tips and financial planning help, contact one of our Alloy Wealth Management experts. 800-689-3935