man holding money

We live in a society where it is almost impossible to get by without spending money. We are so consumed in our work and spending power, that we don’t even notice why we make the spending decisions that we do. There are many things that we can’t get away from spending money on such as street parking, taxes, and health insurance. However, there are many things that you can avoid spending money on and avoid unnecessary purchases. Here are the worst things that consumers spend money on, and ways to save.

 

Buying Brand Names

One of the biggest things consumers tend to care greatly of is brand names. Many people have committed relationships with brand names and items, while others find that brand name and generic items don’t have much of a difference. Brand name items such as clothing, toiletries, and food can cost a lot more money compared to generic items, hence one of the ways people get away with spending half as much as others on groceries. The biggest difference in generic items and brand name items is simply the name of the company, where the ingredients tend to be the same. Buying generic can save you thousands of dollars when shopping. Try it out sometime and see if you can tell the difference!

 

Coffee & Water

You knew it was coming! Spending money on coffee can equal out to over $1000 a year! And don’t even get me started on water bottles, especially if you buy them individually. Consumers tend to spend thousands of dollars a year on the convenience of buying coffee and water. If you were looking to save money, investing in a coffee pot and water filter would be your way to go. If you still can’t give up your morning coffee ritual, at least bring your own coffee mug. Some cafes give you a discount for using your own cup, plus it’s better for the environment.

ATM FEES

One of the most inconvenient places to spend your money, right? Although it’s important to carry cash around, heading to the nearest ATM won’t help you save money. ATMs can charge consumers anywhere between $2-$5 for taking out cash, adding up to hundreds of dollars a year if you’re an advocate visitor. Instead, taking some extra time to visit your regular bank on a weekly or monthly basis may help you save money. You can also visit your bank’s ATMs where you won’t be charged.

 

Online shopping

In today’s society, time is spent in a completely different way. A big reason for this is the advancement of the internet, which allows us to save time on things such as shopping. However, this also means spending more money. For one, monthly uses of the internet can become costly, depending on your plan. Although online shopping may be much more convenient than running to the store and purchasing your items, the costs of shipping and handling can become expensive. There are only a few sites that offer free shipping, whereas others require a yearly subscription (amazon) or shipping fees for each item. Unless you live miles and miles away from a shopping mall, convenience store, or grocery store, you’ll save a lot more money that you can use towards shopping if you don’t do it online on a regular basis.