If a person is given the task of finding out things that waste money, it is easy for them to answer. They will probably think of items that they bought that they don’t usually use, worthless electronics, clothes they don’t wear or maybe a vacation they didn’t enjoy.
What most people don’t know is that many everyday things that they buy on a regular basis are money wasters. Gas prices are getting higher and higher (probably seasonal). But, it is about time that we start being wise when spending our money on the things that we don’t need. Below are some of the things people waste their money on and some of the options they have to help save some money.
1. Buying in Bulk
Though it is a well-known fact that buying in bulk is cheaper, it is sometimes possible to ignore that the amount you buy is just too much. For example, buying medicine, food, or other things in bulk is only a good idea if you will use the items before the expiration date.
Especially for new products, never buy them in bulk even if the price gets so cheap that it is comparable to buying just one. Always be mindful of the amount you really need in given a time. It is smart to take advantage of good offers but, only for useful items that you will be able to consume.
2. Ingredients
Some recipes call for ingredients that are just useful for a particular dish. After making that dish,you do not have any more use for it. If the ingredient is optional and does not affect the overall quality and taste of the dish then skip it and save a few dollars.
3. Organic Produce (Controversial!)
All Though organic fruits and vegetables can have tremendous benefits for your health, let’s be real here, they are also very expensive!
If you opt to buy organic produce, always remember to buy in moderation. Since no pesticides, fertilizers or chemicals were used to grow them, they often rot faster than non-organic ones.
4. Products with Attractive Packaging
People tend to think that a nice packaging entails good quality. But take note that attractive packaging also means high production and marketing costs which are passed on to the consumer.
A big part of the price you are paying may be due to the packaging and advertising costs. Keep in mind that in the end what you really need is the product and not its packaging.
5. Designer drugs
Medicine, these days, is ridiculously expensive. Generic counterparts of branded drugs are just as effective, safe and have the same ingredients, but they cost a whole lot less. Branded drugs cost more because of the cost of advertising, research,their trade names and because they are first to the market. Generic drugs on the other hand do not have costly brand names and advertising schemes. Not all branded drugs have equivalent generic drug. But for the ones that do, you should take advantage of this chance to save.
And you…
Probably do at least one of these things. Everything in moderation is a good motto to have when it comes to purchasing goods, even when you find “good” deals. Everyone works hard to earn a living, and it is unwise to waste money on the things that you don’t need.
{ 3 comments… read them below or add one }
I have to speak up about generics vs. branded drug: “generic drugs are identical or within an acceptable bioequivalent range to the brand-name counterpart with respect to pharmacokinetic and pharmacodynamic properties.” This bioequivalence is open to interpretation. Instead of always assuming that generics and branded are the same (which for most people in most cases, they tend to be), ask your doctor. Sometimes there is a reason that you are prescribed branded and sometimes it’s just because that’s the easiest prescription to write.
I have to admit that sometimes I am attracted to a nice, colorful packaging. It is embarassing but it is true. However, I am good at fighting that attraction!
My biggest money waster is cigarettes. I think between my husband and myself, we spend around $3,000 a year to kill ourselves slowly.