6 Things You Must Stop Wasting Your Money on Right Now

6 things must stop wasting money

Have you ever wished that you had more money in your hands? Have you felt like a spendthrift when you looked at certain things that you haven’t used since a long time or never?

Turns out, you are not alone. The average American household is $130,922 in debt according to a study. I know. We’re not in America. But as habitual spenders, many of us are getting perilously close to the danger line.

If you want to stop yourself well short of that line instead of crossing it, here are 6 things you must stop wasting your money on right now:

Excess Groceries

Spoiled or wasted food is money down the drain. Plus, you have wasted food which could have fed a few hungry mouths. Groceries account for some of the biggest recurring wasted expenses in households.

If your groceries get wasted in the refrigerator, reduce your spending on them by 20% to begin with and then tweak as you go forward. If you can afford it, how about donating some of your leftover groceries to the poor and needy?

Junk Food

Not just burgers and pizzas, but soft drinks too. Don’t be mistaken. I love junk food. But consuming it in moderation (once in a week or two) helps you save money and health.

So instead of eating a chicken burger every time you’re hungry, have something homemade. It is nutritious and more filling. Instead of a soft drink, which is just excessive sugar, have ghar ka nimbu paani or good old water. The latter costs much less and is so much better for your health.

The Latest Smartphone

Yes, it’s beautiful. But you don’t need to change phones as fast as clothes, especially if they cost more than a motorbike. The cash-back and buy-back offers just lure you to spend more on something that’s not important.

Owning the latest smartphone gives you pleasure for a few days – showing off to friends, trying its exciting new (actually repackaged old) features. But after that, the excessive expense and EMIs pinch you.

More Credit Cards

How many credit cards do you own? One? Two? That’s enough. The more the number of your credit cards, the more you are tempted to spend impulsively. Your credit limit hasn’t been reached on one of them, so you buy something that you don’t need because it’s on sale.

And then, the bill comes haunting you the following month. You may accumulate many reward points, but they are useless compared to the amount of money you are burning. So stick with two credit cards maximum. And when you feel like buying something except groceries, follow the 30-day rule.

Shopping out of Boredom

As mentioned in the point above, something bought because you might need it eventually, never gets used. So you purchase something because it’s cheap online, and it lies in the corner of your room for months without being unpacked. It’s okay once or twice. We all do it. But make it a habit, and you will waste money faster than bees fly out of their hives.

So try cutting your spend on things you don’t need right now. It doesn’t mean that you must live like a monk. But you certainly don’t need to have a cluttered room or home. A less cluttered home doesn’t just save your cash, it also frees your mind and makes your more creative and patient. Remember Steve Jobs?

Being Disorganized

Losing chargers, cables and phones, forgetting where you left your keys and paying a locksmith for a spare key – being disorganized has lost you money. Think back on all the times you lost or misplaced something and ended up spending money because of it. Think about how it made you feel. Then think about how you felt when you found it later, and realized that you had wasted money.

Saving money from being wasted is a matter of self discipline. It helps us evolve intrinsically, live healthier and feel better. It also has a cascading effect – it helps us to discover and pursue our true calling. That, in turn, leads to happiness. Isn’t that what you want from your life?

Vishal is the founder of Aryatra, a venture to help individuals improve their productivity and live more fulfilled lives. He also is a digital marketing consultant helping businesses generate revenue from their online presence.