1. Being brand loyal. We like loyal dogs, but sticking to one brand hinders sales! You don’t want to pay full price, do you?
2. Failing to anticipate need. Buying ahead of need when things are on sale is the savvy policy. Just make sure you’ll use the item before its shelf life expires.
3. Using dial-up or having no Internet access at home. The Internet is basically useless these days if you have dial-up. You can’t watch videos or read pages with many pictures, which just about every website has these days. High-speed connections cost about $35-$40 a month in my neck of the woods, which you can make back by reading newspapers and magazines online, printing coupons, signing up for the email lists of your favorite airlines and travel sites, watching TV online, and so much more.
4. Buying a new car instead of a car that is new to you. Consumer Reports crunched the numbers and made a pretty chart showing the best used car deals. In the first few years, vehicles across categories dropped in price between 20 and 75 percent. What a deal!
5. I’m leaving this one open for you to add! What is the top quality or behavior that makes someone an unsavvy spender?
Related:
Benefits of saving habits that make you look poor (SavingAdvice.com)
KNTV in Las Vegas identifies three top money-wasting habits
50 habits that will leave you eating ALPO for dinner (MySuperChargedLife)
FreeMoneyFinance lists 15 things we overpay for
June 4th, 2009 at 12:53 pm
Not differentiating between a want and a need. Just because you WANT something doesn’t mean you NEED something.
June 4th, 2009 at 1:31 pm
I think one of the best ways to waste money is to chase fads, particularly in electronics. Just because there’s a newer version of your favorite electronic toy available doesn’t mean it makes sense to buy it (and discard something that still does everything it did the day you bought.) Wait until you really need new features before you upgrade.
June 4th, 2009 at 2:12 pm
I think one of the easiest ways to spend a lot of money but not realize it is by eating out. If you eat out everday at lunch and then pick up food for dinner a couple of times a week – it adds up fast. A hundred dollars a week adds up to $5200 a year!
June 4th, 2009 at 2:31 pm
I think that way too many people fall into the trap of comparing themselves to others and spending to try to maintain an artificial lifestyle. They buy homes, cars and toys they can’t afford to appear wealthier than they actually are. This is a very dangerous spending habit!
June 27th, 2009 at 12:04 am
Not doing homework, i.e., researching, before making a major purchase like an appliance or auto (checking Consumer Reports, for example). Not shopping around for prices. Not using a credit card, if possible to do so, that affords protection in the event of a subsequent dispute with the seller/merchant. Not paying the credit card in full when the statement arrives.