16 Things That Are a Complete Waste of Your Money

have you ever wondered why despite your efforts there never seems to be money left at the end of the month or why some people can save easily While others like most of us live with tight finances the answer May lie in something many of us ignore the silent waste of money inspired by the teachings of Warren Buffett one of the world's greatest investors today I will show you 16 things that are a complete waste of money Buffett is known for his simple lifestyle and valuable lessons on avoiding unnecessary spending and many of these tips come

directly from his way of thinking about finances you might be surprised to discover where your money is slipping away imagine if you could eliminate these wasts once and for all and redirect that money toward something that truly matters how much could your financial life improve I know it may seem difficult at first but together we will simplify this every step counts and by the end of this video you'll be closer to mastering your finances following the same ideas of someone who built billions with wisdom and caution share in the comments a savings tip that you

already apply or something you're considering doing to improve your finances maybe your idea will help others or perhaps your question is exactly what someone here can answer the exchange of experiences is what strengthens us have you stopped to think about where exactly your money goes at the end of each month for many people the problem isn't how much they earn but rather how much and where they spend small amounts invisible expenses purchases that seem insignificant at the moment add up over time and could be undermining your potential to build a more stable Financial life this

money slips through your fingers silently every day a large part of financial success comes from the ability to identify these expenses and cut them before they become a bigger problem but to do this it's important to have something even more fundamental a clear goal for which you are saving when you have a purpose every budget cut every saving makes more sense whether it's to build a comfortable retirement to take a dream trip or simply to have more Financial Freedom everything becomes more motivating when you know where you're going there is a simple but powerful philosophy

that can guide you on this path Simplicity is the ultimate sophistication this phrase attributed to Leonardo da Vinci reminds us that a simpler life without excess and unnecessary expenses is the path to a life richer in Purpose By eliminating waste and focusing on what really matters you'll realize you need less than you thought and that this Simplicity brings more more freedom than any fleeting luxury so before diving into the 16 things that could be wasting your money think what is your goal if you don't have one yet now is the time to reflect because every

saving must have a purpose and with that purpose in mind you'll see how cutting excesses will be a liberating act not a sacrifice let's get to the items item one bulk purchases that expire buying in bulk can seem like a good move especially when you're hunting for a deal and the unit price seems lower the idea of stocking up on food or products to save in the long term is tempting but have you ever stopped to think if you'll really be able to consume everything before it expires often we buy more than we need and

in the end end up throwing away what should have been a saving for example you bring home that huge bag of dried fruits thinking you're saving money but over time it ends up forgotten in the pantry and when you realize it's no longer fresh or Worse has already expired this happens more often than you think turning a smart purchase into pure waste the solution here is Simple Plan your purchases according to what you'll actually use if you live in a small apartment or don't have a spacious Pantry it's better to think twice before filling your

cart with giant pack packages sometimes less is more and you end up saving more than you imagine in the United States for example it's estimated that about 30 to 40% of food is wasted annually that means billions of dollars thrown away avoiding this type of waste can make a big difference in your pocket item two impulsive shopping in stores stores are true experts at making you spend more than you planned from the background music to the carefully designed layout to how the products are displayed on the shelves everything there aims to induce you to buy

have you noticed how carts in stores like Target or Walmart always seem too big for what you need that's no coincidence how many times have you gone to the supermarket or a department store just to get a specific item but left with a basket full of things you didn't even think about buying that package of cookies on sale or that cute t-shirt you didn't know you wanted it's easy to get carried away and these impulse buys which seem small at the moment quickly add up and can wreak havoc on your monthly budget the best way

to combat this trap is simple but highly effective make a list before going shopping and most importantly commit to sticking to that list it may seem trivial but you'd be surprised at the difference it makes set a budget before leaving home and resist the temptation to stray from the plan another trick is to avoid shopping when you're hungry or tired as in those situations the brain tends to seek quick gratifications resulting in more impulse buys so next time you go to the market or any store try bringing a detailed list and see how it can

positively impact your budget I bet your wallet will thank you for this extra discipline item three branded glasses many of us believe that branded glasses are synonymous with superior quality after all paying a high price for a pair of glasses with a famous logo must guarantee the best right well not always what you may not know is that many of these popular eyewear brands are manufactured by the same company which means you're paying more for the name than for the actual quality of the product when it comes to glasses the price doesn't always reflect the

durability or efficiency of the lenses you can find Excellent quality models at independent stores or specialized websites where the amount paid corresponds to the quality and not the brand stamped on the temples buying glasses online or at less known optical stores can save you a lot without sacrificing Your Eye Health the next time you need new glasses do some price research and compare you'll be surprised by the more affordable and often equally good alternatives and remember those who see far in budgeting also see far in life item four lottery playing the lottery may seem like

a magical solution to change your life overnight after all who hasn't dreamed of winning Millions with a simple ticket but the truth is that the chances of this happening are extremely low for example the odds of winning the famous Powerball are one in 292 million in other words your you're more likely to be struck by lightning one in 15,300 than to win the lottery the reality is that by regularly spending money on lottery tickets you're throwing money away those few dollars a week may seem insignificant but over time they can make a considerable difference in

your budget and what do you get in return just a remote chance of getting rich while that money could be working for you in another form of investment instead of playing the lottery try directing that amount towards something that truly offers a return investing in a high yield savings account or mutual funds may not be as exciting as the dream of winning Millions but it is much safer and smarter over time the invested money grows and you don't depend on luck to improve your financial life item Five bank fees and credit card charges Bank fees

and credit card charges are some of the the biggest money wasters that many people pay without even noticing these small fees such as account maintenance fees High interest rates and even ATM withdrawal charges add up silently gradually eroding your budget it's a type of expense that often goes unnoticed but can make a big difference over a year for example in 2019 Americans spent an astonishing $4 billion just on credit card late fees this doesn't include the interest rates which if you don't pay the full statement balance can turn into a snowball many banks still charge

maintenance fees and if you're not paying attention you end up paying for services that could be free at other institutions but the good news is that these fees are easily avoidable today there are several digital Bank options that offer fee-free accounts as well as ATM fee reimbursements and in the case of credit cards the secret is simple always pay the full statement amount on time that way you avoid dreaded interest charges and Escape late fees now is the time to review your bank accounts and credit cards take a look at the fees you're paying and

see if there are cheaper alternatives believe me what seems like a small amount today can result in significant savings by the end of the year item six branded medication purchases when it comes to our health the tendency is to want the best and we often associate the best with well-known and more expensive Brands but the truth is that branded medications and generics have the same active formula and Effectiveness the only real difference is in the price and believe me it can be significant you may be paying double or even more just for a more famous

package for instance it's common to spend $30 on a branded medication when the generic version with the same composition costs half as much this means you're paying for the Brand's name and marketing not for the quality or effectiveness of the medicine and in most cases the generic does exactly the same job the tip here is always to ask your doctor or pharmacist if there is a generic alternative for the prescribed medication you'll find that in most cases they are available and can generate considerable savings without compromising your health item seven beverage expenses at restaurants ordering

a drink at a restaurant may seem like a harmless addition to your meal but the cost of these drinks is usually much higher than you think a simple soda that costs cents for the restaurant can end up costing you $5 or more on your final bill and when it comes to alcoholic beverages the price can can be even more exorbitant with profit margins reaching over [Music] 1,000% this means that without realizing it you could be inflating your restaurant Bill simply by ordering a drink that could easily be replaced by water which is usually free it's

a small change but it can have a positive impact on your budget over time next time you dine out try ordering water instead of sodas or cocktails besides being a healthier option the difference on the bill may surprise you and if you really enjoy a good alcoholic drink it might be more economical to reserve it for special moments at home where the cost is much lower item8 clothes and accessories you don't love how many times have you bought a piece of clothing or an accessory because it was on sale or because you thought it could

be used for some occasion but never actually used it this is one of the most common mistakes that leads to wasted money when we buy something that we simply like but don't truly love chances are that item will end up in the closet Gathering dust and taking up space the truth is that spending money on clothes you don't love is a big waste the ideal approach is to apply the love it or leave it rule if when trying it on you don't feel excited to wear the piece immediately then it's probably not worth the investment

focusing on quality rather than quantity also helps having a smaller wardrobe filled with pieces you genuinely love and wear frequently is much more efficient and economical than filling the closet with items rarely used the next time you go shopping give it a try before picking up the item and heading to the checkout ask yourself do I really love this if the answer is no it might be time to leave it behind this not only saves money but also prevents the accumulation of unnecessary things item nine unused subscriptions nowadays it's very easy to accumulate subscriptions to

Services you barely remember signing up for whether it's that streaming service you haven't watched in months or a digital Magazine subscription that just took up space in your inbox unused subscriptions are one of the major villains of money waste they add small monthly amounts that over the year can result in hundreds of dollars thrown away a recent study showed that 2third of consumers forget at least one subscription they regularly pay for resulting in an average of $240 wasted annually this may seem small at first but think about what you could do with that amount if

it were being invested or even saved in a bank account the solution here is simple audit your subscrip subcriptions take a few minutes to check your bank statement or credit card account and cancel any service you haven't used in recent months this small effort can generate significant savings and free up space in your budget for things that truly matter item 10 paid Wi-Fi in hotels charging for Wi-Fi use in hotels is a practice that although becoming less common still persists in many establishments and what's curious is that even high-end hotels may still include this fee

which can easily range from $10 to $20 per day this may seem little but if you consider a week's stay the amount starts to weigh on your budget especially when you know you're paying for something that should be basic nowadays but here's a simple tip many hotels offer free Wi-Fi to members of their loyalty programs what many many people don't know is that signing up for these programs is usually free and can be done in a few minutes networks like Hilton Honors and Marriott bonvoy for instance offer this benefit to registered members without the need

to accumulate points or spend a fortune on stays so before paying for Wi-Fi on your next trip check if the hotel offers some kind of loyalty program this small action can save you a good amount and even give you other benefits such as discounts on future stays item 11 airline tickets and hotels during peak season traveling is one of the best experiences in life but if you don't plan well you may end up spending much more than necessary one of the biggest mistakes people make is booking airline tickets and hotel stays during peak season when

prices are at their highest due to high demand this includes festive dates like Christmas long weekends and school holidays when rates are significantly inflated if you've ever tried to book a last minute trip during these times you've probably noticed the price differences hotels that cost $150 per night during the offseason can easily reach $300 or more during Peak demand the same goes for airline tickets which can double in price these seasonal variations can be a real blow to the travel budget the best way to avoid these excessive expenses is to plan in advance or if

possible choose dates outside the peak season this not only guarantees more affordable rates but also a more peaceful travel experience without the crowds of tourists and of course if you can be flexible with your dates the chances of finding better deals increase considerably item 12 international roaming traveling abroad without adequate preparation can result in an unpleasant surprise when you return home and receive the phone bill international roaming rates are notoriously high and using your phone normally in another country without an appropriate plan can end up costing hundreds of dollars the feeling of being connected all

the time is great but when the price for it is exorbitant it's a clear waste of money fortunately avoiding these fees is not difficult nowadays there are opt options like eim which allows you to add a local data plan to your phone without needing a physical chip or even buying a local SIM card as soon as you arrive at your destination both alternatives are significantly cheaper than the roaming charges offered by traditional carriers before your next trip research international packages offered by your carrier or consider purchasing an eim or a local Sim this small change

can result in huge savings and avoid the stress of a giant phone bill at the end of the trip item 13 large cars incompatible with your lifestyle buying a large car may seem like a good idea after all more space more comfort and the feeling of safety on the road ATT tempting however for many people especially those living in urban areas or who don't have a large family a large and robust car maybe a waste of money that's because the costs associated with a vehicle of this size such as fuel maintenance and insurance are considerably

higher than those of a smaller car if you don't need all that extra capacity daily you might be paying a lot for something you don't fully use a large SUV for example consumes more fuel and in many cases the insurance is significantly more expensive additionally parking or maneuvering a larger vehicle in busy cities can be an extra Hassle and often unnecessary the solution think about your real lifestyle before buying a car if you live in a city and only use the car to commute to work or go shopping a smaller model or even a hybrid

car may be much more economical and efficient lower costs for fuel and maintenance mean more money in your pocket over time item 14 High fee in investment funds when it comes to Investments many people don't realize that the administrative fees they pay for their funds can be consuming a significant part of their profits investment funds with high fees such as actively managed funds promise higher returns but in practice do not always deliver what they promise and even if the return is positive these fees end up eating away a significant portion of your gains over time

to give you an idea a difference of just 1% in the management fee may seem small in the short term but over 20 or 30 years it can result in thousands of dollars Less in your final balance it's a silent trap that slowly drains your wealth Without You noticing the solution consider moving your Investments to lowcost index funds these funds such as the popular snp500 Index Fund are passively managed and have much lower fees meaning a larger portion of your money is working for you not being swallowed by fees additionally they tend to perform competitively

with actively managed funds without the extra cost reviewing your Investments and looking for lower fee Alternatives may be one of the smartest decisions to maximize your returns in the long run item 15 expensive souvenir purchases traveling is an incredible experience and bringing back a souvenir is always tempting but often we end up spending on large expensive souvenirs that ultimately end up forgotten on a shelf or stored away in some corner of the house besides taking up space these pricey souvenirs can be a waste of money especially when you think about the number of useful things

you could have bought with that amount statues paintings or large decorative items seem attractive at the moment but once home they may not have the utility or impact you imagined and over time these objects end up just Gathering dust instead of spending money on these items a much more practical and economical alternative is to opt for smaller souvenirs that really have some meaning or use like fridge magnets or keychains these small items are easy to carry cheap and still remind you of the trip every time you see them the next time you're traveling think twice

before buying that expensive souvenir choose something you'll actually use or see frequently without overloading your budget item 16 gifts for people who don't appreciate them gifting is a gesture of affection but it can easily become a waste of money when the gifts go to people who don't value or appreciate the gesture we've all been there spending time and money choosing something we think will be special but that ends up being left aside or Worse not even used this type of expense not only weighs on the wallet but can also be emotionally frustrating the key here

is to understand that the value of a gift is not in the price but in the intention and how it connects with the recipient before buying something expensive it's worth finding out what really makes the person happy sometimes what they value most is quality time a memorable experience or even a meaningful gesture like a sincere letter or a special dinner discover the love language of the people around you if a material gift won't be appreciated investing in an experience or even a deep conversation may be much more impactful and at a much lower cost the

secret is to give something that truly touches the person not just fill the shelves with more objects at the end of this journey you've seen how some seemingly harmless financial decisions can actually be silently draining your money but now you have the power to change that the tips you've learned here inspired by Warren Buffett's principles aren't just about saving a few bucks they are the foundation for building a more prosperous and stable Financial life so the question that remains is is what are you going to do with this knowledge will you continue with habits that

compromise your future or will you start applying these tips and take control of your financial life the money you stop spending unnecessarily can be the start of your journey to accumulate wealth and achieve the much desired Financial Freedom if you want to learn more about how to improve your finances and build wealth we can make a part two with even more more powerful tips leave a comment if you want me to bring more about this and don't forget to subscribe to the channel and activate notifications to continue learning about how to transform your relationship with

money your financial future Starts Now with small but powerful changes