5 ways to waste your money
There are a lot of different things that young professionals waste their money on. Here is a list of the top 5.
1. Subscriptions: Automating your savings is one of the best things you can do to help you save more money. Unfortunately, businesses know this as well. This is why they try to get you to automate your SPENDING with subscriptions. You should take a look back at the subscriptions you have and decide whether or not it’s worth keeping. Often times, they aren’t.
2. Not contributing to a matching 401k: If your employer offers a 401k plan with a company match, and you are not contributing to it, you are turning away free money. As we all know, turning down free money would be stupid. Unfortunately, a ton of young professionals don’t participate in their 401k plans which apparently means they don’t like free money.
3. Eating out: This is the one that I admit to having a problem with. We all know that eating at home is cheaper, yet we often opt for the convenience of fast food or we go out for a nice meal with our friends. It’s not bad to treat yourself every once in awhile, but if you do it too often, it adds up quickly.
4. Credit Cards with annual fees: There is no reason you should have a credit card with an annual fee. There are so many credit card choices nowadays that do not charge a fee. If you have a credit card that does charge a fee, close it and go get a new one that doesn’t have an annual fee. Go to www.capitalone.com or another site to find a card for you.
5. Buying things without spending 5 minutes shopping around: If you are going to spend your hard earned money on something nice, you deserve to make sure you aren’t getting ripped off. If you are buying anything of any reasonable value (i.e. $20 bucks or more), then do yourself a favor and do a Google search for the product and see where you can get it the cheapest. If the place that has your product the cheapest isn’t a place that you want to buy from (i.e. they have bad Customer Service, bad return policies etc.), then take their price to the place you do want to buy from and they will most likely price match it for you. That way you save money and get it from the place of your choice.
