We all are always looking for ways to save money, but we sometimes ignore the fact that we’re actively wasting money every day.
Here are 5 ways you might be letting money slip through your fingers.
1. The Food In Your Kitchen Goes Bad
It’s hard to judge exactly how much food you’ll eat in the next week
or month, but when food spoils, that’s money down the drain. Planning
your meals ahead of time helps a ton, as does knowing how long different
foods stay fresh on the counter, in the fridge, and in the freezer.
But, in the end, all it takes is a little attention.
2. You Pay Too Much for Smartphone Data
Most people sign up for a data plan and use their phone without
really digging into how much data they use. If you’re still holding onto
an unlimited plan, for example, it’s worth looking up how much data you
actually use in a month—you might actually save money by moving to a
metered plan (after all, 65% of people don’t even use 300MB of data per
month). I subscribe to comonth for Blackberry on glo, and I can’t
remember ever using up to 50% of the monthly data. That was when I
realized how much I wasted on the ‘so-called’ unlimited subscription I
was on using Airtel. If you haven’t checked your data usage in awhile,
give it a look. You might be surprised. Of course, if you do have a
limited plan, make sure your phone isn’t secretly wasting data in the
background, too.
3. You Don’t Negotiate
Negotiating can be
tiring and time-wasting, but with the right preparation, you can make
the whole process a lot easier—and get a lot more for your money. In
fact, researchers in the U.S. found that the average new hire loses out
on $500,000 in the long run, just by not negotiating their salary on
that first job.
There are a number of negotiation methods that work well in different
situations (the Briefcase Technique being a pretty good one for
salaries), so check out Lifehacker’s guide to getting anything
you want with minimal negotiation. In a typical Nigerian market, the
price you’re told is usually double what the good is worth, especially
if you’re buying from an Ibo or Yoruba trader. But when you master the
techniques of negotiating, you might be surprised how much you let go
down the drain before you put in a little effort.
4. You Fall For Tech Myths
It’s amazing how much tech companies try to squeeze out of you when
you go to buy a new computer. “Oh, don’t buy that one, it’s six months
old…buy this new one!” “O, you should get an extended warranty for an
extra $200.” “Here, this $40 HDMI cable should suit your needs.” These
sales tactics lead to quite a few myths, like the fact that new products
are somehow better than refurbished products, or that expensive cables
will get you a better picture on your TV. If you buy a lot of
technology—and if you’re anything like us, you can save quite a bundle
by knowing your stuff before you go into the store.
5. You Try Too Hard to Save Money
Wait, what? That’s right: Sometimes, trying to save money can
actually lead you into a pit that wastes money. For example, some people
avoid regular checkups with the doctor or dentist, but then end up
having to go in and pay much more for all the things they neglected. As a
way to save money, you buy only the things you need in bits, but you
end up using a carton at the end of the month; you could have saved
money if you bought a whole carton in the first place-each would cost
less than how much retailers sold the product to you each time you
bought it. That’s not to say saving money is a bad thing—it’s just
important to pay attention to where all of your money is going, and that
you aren’t shooting yourself in the foot with a strategy you’re using
to “save” cash.
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