{"id":28898,"date":"2017-01-28T07:31:43","date_gmt":"2017-01-28T12:31:43","guid":{"rendered":"http:\/\/canadianbudgetbinder.com\/?p=28898"},"modified":"2025-01-18T06:46:35","modified_gmt":"2025-01-18T06:46:35","slug":"8-ways-waste-money","status":"publish","type":"post","link":"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/2017\/01\/28\/8-ways-waste-money\/","title":{"rendered":"8 Ways To Waste Money You Could Be Saving"},"content":{"rendered":"

Canadians Waste Money Day In And Day Out Costing Big Bucks!
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Money Waste is a problem not only for Canadians but worldwide with the invention of online shopping, credit cards and easy access to loans.<\/p>\n

Wouldn’t it be nice if you were able to keep savings in the bank and forget about living pay to pay?<\/p>\n

How often have you thought to yourself that you should have more money in your wallet?<\/p>\n

Probably more than you care to admit but the truth is Canadians spend more money than they save and it’s just not high utility and living costs that are the naughty culprits.<\/p>\n

Money Waste Starts In Your Hands<\/h2>\n

You are your own worst enemy when you waste money.<\/p>\n

We’ve talked about buying stuff we don’t need on the blog many times over the last 5 years and as much as I don’t want to admit it, we all do this. Unless of course you are extremely frugal and you’ll find it free first before you spend money buying it.<\/p>\n

You will wait to make a purchase then to impulse buy which stores bank on so they market that mindset to consumers. It works.<\/p>\n

Related:<\/strong> I Can Buy It But Can I Afford it?<\/a><\/p>\n

This is how Mrs. CBB and I are today although we didn’t get this far without some money mistakes along the way.<\/p>\n

Although we are debt free<\/a> we still struggle when we spend money we shouldn’t and we’re just as guilty today as we were back then. It’s an ongoing fight that we’ve gotten a hold of but not secured the way we’d like.<\/p>\n

What’s it going to take?<\/p>\n

Teamwork.<\/p>\n

Controlling Your Monthly Budget<\/h2>\n

When a husband and wife go shopping they tend to buy more especially if they look to supporting the purchase from a spouse.<\/p>\n

I bet 9 times out of 10 most spouses would rather agree to spend money because they’d rather not argue about money, especially in public.<\/p>\n

Being in denial about where your money is going is the worst way to work towards debt freedom.<\/p>\n

If you want to pay all your bills, get out of debt, and have money saved for a rainy day you must put the brakes on the way you spend money.<\/p>\n

That means if going shopping every week at Costco turns into a family lunch or dinner affair, stop it.<\/p>\n

You might warrant that its cheap eats or the only time you eat out but that’s not good enough.<\/p>\n

If you have consumer debt then you need to validate not how much you spend money on stuff rather why you need to stop spending.<\/p>\n

You also should focus on using that money to pay the debts off.<\/p>\n

Instead of eating out 4 times a month slice that in half, take the money you were spending and put that towards your debt.<\/p>\n

Spend Money In Silence
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If you are one of those spenders who like to spend money in silence then you’re someone who would benefit from cutting this from your ‘to-do list’.<\/p>\n

It’s not helping your situation especially if you spend money because it makes you feel better about your current situation.<\/p>\n

New stuff is a feel-good medicine whether you spend money buying second-hand or brand new stuff.<\/p>\n

Spending is or at least should be something we can control or it will control us.<\/p>\n

For those of you whose emotions have control of the way you spend money, you should break up with that relationship.<\/p>\n

Make a plan, take time, and execute a spend less money challenge with proper investigation and no expectations other than success.<\/p>\n

Your debt won’t walk away from paid in full and unless you want your financial house to collapse you should take the time to research your options.<\/p>\n

I’m sure I could make a massive list of ways we spend money that we shouldn’t have because of human error, computer error, emotional error, money error, budgeting error.<\/p>\n

Lots of errors can lead to the worst money-wasting opportunities being presented.<\/p>\n

Top Ways You Waste Money And Can Uncover Savings
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Below are some of the typical ways people waste money without giving alternative options any consideration.<\/p>\n

What are your money wasting secrets?<\/p>\n

Don’t be shy, admit them, formulate a plan, and execute it.<\/p>\n

Bank Fees Cost You Big Dollars
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You waste money when you pay for bank fees that other no-fee banks offer such as Simplii Financial.<\/p>\n

Not everyone enjoys the teller free banking lifestyle but if paying a premium for human interaction works better for you then certainly do what’s best.<\/p>\n

We don’t pay any fees with PC apart from any special requests such as a wire transfer or money exchange.<\/p>\n

Food Waste = Money Waste
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One of my biggest pet peeves is when people throw away food that easily could have been switched-up into another meal.<\/p>\n

With our son being a toddler he wastes so much food so we’ve been working on a solution that works for all of us.<\/p>\n

This will help us so we don’t become stressed when we see our money being tossed on the ground, up in the air, or mushed in his hair.<\/p>\n

Save more on food by not spending too much money in the stores.<\/p>\n

Related:<\/strong> Food Waste In Canada <\/a><\/p>\n

Eating Out Is A Huge Money Waster
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The only reason we would eat out is because of the occasion but we hardly ever go out just because we want to eat a quick meal with a cold beer.<\/p>\n

By the time you pay the tip and the costs of luxury dining, you may realize how much you spent and why eating out is a great way to waste money.<\/p>\n

Cooking ahead and homemade is always the better option for healthy and budget.<\/p>\n

Related:<\/strong> Eating Out vs. Eating In the Comparison<\/a><\/p>\n

Utility Bills Waste Money For Homeowners
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Hydro has been the big topic on the minds of homeowners and renters over the past couple of years as we’ve seen our bill double ‘Dublin’. (see keyword section below) If you want to waste money here don’t call and try to arrange a deal or look for promos.<\/p>\n

You can also waste money by leaving lights on, flushing the toilet too much when it’s not low-flow, and not following time-of-use rates.<\/p>\n

If your cell phone bill is high you can waste money by not calling your provider and asking what promotions they have on for the month.<\/p>\n

Related:<\/strong> How to haggle with your communications company<\/a><\/p>\n

Shop Around For The Best Prices
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If you want to waste money don’t bother shopping around for what you need. Simply go to the place that sells it and make the purchase.<\/p>\n

You might think that price doesn’t matter but it sure does when you have debt you owe someone.<\/p>\n

If you have internet access as I assume you would if you’re reading this post today comparing prices online is the fastest way to find out whether you are getting a deal or not.<\/p>\n

Another great way to waste money is by not using coupon apps, asking for price reductions or buying reduced products.<\/p>\n

It’s amazing how good the fruits and veg are on the cheap rack that could save you money.<\/p>\n

Related:<\/strong> Price Matching in Canada<\/a><\/p>\n

Waste Money On Gimmicks\/Tools\/Home Decor<\/span><\/h2>\n

If you want to waste money keep buying unnecessary new tools, gimmicks, and home decor that you don’t need.<\/p>\n

Unless you are a mechanic or other tradesman you shouldn’t have to waste money buying up every tool that you can find.<\/p>\n

I remember there was a time I had to tell Mrs. CBB that we needed to stop buying home decor items even if they were on the reduced rack, at garage sales, or on Kijiji.<\/p>\n

A cluttered house is never an appealing house.<\/p>\n

Negotiating For A Better Deal
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You can negotiate just about any service provided you know the company adheres to this policy.<\/p>\n

Most people won’t dare ask for a deal. Almost always we have been given the products for free or marked down to the retail price even though they might be sold out.<\/p>\n

A rain check is always your best bet if you want to save money and not waste money.<\/p>\n

Related:<\/strong> How to haggle with your communications company<\/a><\/p>\n

If you want to waste money don’t bother negotiating with anyone and just pay the price that is asked or leave it.<\/p>\n

Most often if you buy in bulk you can get a nice discount but you must be ready to ask for it.<\/p>\n

Waste Money On Clothing<\/span><\/h2>\n

We buy a big majority of our clothes, household decor, baby items, etc but the prices will certainly be much more if you go to the new route.<\/p>\n

You can easily waste money if you let your desire for fashion and a new wardrobe take over your closet.<\/p>\n

If you waste money buying new clothes you’ll know it by looking in your closet to see what you have worn and not worn.<\/p>\n

You may end up with a basket full of clothing with tags that hadn’t made the cut yet.<\/p>\n

An example like this would signify a need to waste money to feel good and look good but without the cash to do so.<\/p>\n

Related:<\/strong> Buying second-hand clothes- Is it worth it?<\/a><\/p>\n

Minimize what you have in the closet and get rid of what you don’t need.<\/p>\n

I bet you will find stuff that you forgot you had bought or still has tags attached.<\/p>\n

Shop for clothes once a month or every two months and buy accordingly.<\/p>\n

If you spend too much buying clothes you may end up with constant loads of laundry as our son grows up.<\/p>\n

Overall, Mrs. CBB and I have made vast improvements since implementing our monthly budget but we still waste money from time to time.<\/p>\n

Sometimes it’s not clear until the time we use or don’t use something we’ve bought new in a reasonable time frame.<\/p>\n

You get out what you put in so tackle the debt with as much effort as you can and eventually you’ll see a mind-shift when it comes to your spending habits.<\/p>\n

Discussion Question:<\/strong><\/p>\n

What is something you know you are wasting money on but trying to stop?<\/p>\n

My week in review<\/span><\/h2>\n

Hey there everyone,<\/p>\n

Thanks for all your support as I’m working to get over this horrible cough.<\/p>\n

I’ve had a rough week trying to sleep as I’m up coughing and although the meds do help with sleeping I continued to cough throughout the night.<\/p>\n

This led to the couch and I to become friends.<\/p>\n

Mrs. CBB was struggling to sleep and our little guy picked up a runny nose likely from what I have.<\/p>\n

So far Mrs. CBB seems to be fine but it usually starts with me, our son, and then my wife. I’m hoping this coming week will be a better week for all of us.<\/p>\n

This week we didn’t do a heck of a lot as the weather has been off and on.<\/p>\n

Our weekly run to the grocery store and the gym was part of the agenda as was a doctor’s appointment.<\/p>\n

We’ve been contacted by the school where our son will attend to find out they will be offering a pre-school program.<\/p>\n

This is great news since our son needs more social interaction so we’re hoping to hear more about the program in the coming weeks.<\/p>\n

Hopefully, I can carry on looking for places to travel to once we get to the UK this week and researching the best way to travel with a toddler.<\/p>\n

I’m sure there will be a post on this topic coming soon.<\/p>\n

If you have any tips please leave them in the comment section today.<\/p>\n

I may quote you in an upcoming blog post.<\/p>\n

If you haven’t heard I added a “Money Confessions” tab on my Facebook page.<\/p>\n

The point of this tab is to encourage people to share their money confessions or ask questions without anyone knowing who they are.<\/p>\n

I don’t even know. I then moderate and post the money confession on Facebook for fan feedback to help the person.<\/p>\n

Happy 5th Birthday to CBB! Stick around Facebook for a contest coming up shortly to celebrate.<\/p>\n

Have a great week everyone,<\/p>\n

Mr.CBB<\/p>\n

CBB Published Posts<\/span><\/h2>\n

If you have a question that you would like to ask me fill out the Contact Mr.CBB<\/strong> form on the blog home page and I\u2019ll do my best to reply to each question.<\/p>\n

If you would like to share a story<\/strong> via a Fan Question please ensure that there is minimum 500 words and lots of details\u2026we love details!<\/p>\n

Contact me for more info at canadianbudgetbinder@yahoo.ca<\/p>\n

Top Post This Week: <\/strong>11 Habits To Help You Budget Better in The New Year <\/a><\/p>\n