It can be incredibly difficult to avoid overspending. Every business in the world is basically designed to get more money from you so even the ones that act like they are saving you money are really trying to squeeze every last dollar from you that they can. There are some pitfalls that everyone falls into and we have highlighted some of the most costly below. By being a little savvier with your spending you can save a lot of money.
Bottled water
Bottled water can be incredibly convenient and is clearly better for you then buying a ridiculously unhealthy soda. Yet while we are busy patting ourselves on the back for choosing the healthy option we often fail to realize that we are being incredibly foolish with our money. The price of a bottle of water means that the liquid is more expensive per liter than petrol, which doesn’t really make any sense. While 100 years ago bottled water may have made sense due to poor quality tap water this is no longer a problem in most places. Even where tap water is not possible to drink there are usually filters that provide a more cost-effective solution. Instead of buying bottled water buy a reusable bottle that will keep your water cold and fresh all day long.
Gym memberships
The gym is a great place to get fit and healthy. Can you get fit and healthy in your own home or by running outside? Absolutely, but it is certainly not easy. The gym is a great place to get advice on how to get fit, to find the motivation to get fit, and to have access to a wide range of equipment to help you on your journey. Having a gym membership, therefore, makes sense. However, it only makes sense if you use it.
So many people are members of gyms who never go. Gyms actually count on this fact as they oversell memberships to the point where if everyone turned up at different times ina given day they would not have enough equipment to cater to their full client base. Yet they know that a large percentage of their clients will never come and they are quite happy with that fact. It is for this reason that gyms offer discounted memberships in January. Many people want to get fit and will sign up for long term contracts at a good price as they are sure they are about to change for good. Two months later and the gym is a distant memory but a constant presence on their credit card.
When joining a gym be realistic about your level of discipline. If it is your first membership or if you have failed to commit in the past don’t sign up for a long-term contract just to get the shiny bag they are offering. Start off with a more expensive short-term membership until you are sure that you will commit.
Being too cheap
One area that people waste a lot of money is by taking the cheap option. It sounds like a contradiction but it is true. People often opt for a cheaper option because they see the cost savings but don’t realize that they will be returning for replacements time and time again. It is better to buy one phone charger for $50 than to buy ten phone chargers at $10 throughout a two-year period. Sometimes spending a little more can save you money in the long run.
These three areas to save can basically be summarized with three simple words. Use common sense. Don’t buy things that you can get for free from a tap. Don’t commit to service for two years if you are likely to quit after two months. Don’t buy low-quality items that you will need to replace again and again. By being a little more thoughtful in how you spend money the cents can quickly turn into meaningful dollars saved.
