Talk of saving money abounds constantly, but what about wasting it? Is that as much of a concern?
If you think about it, the opposite of saving money is simply wasting it, and you’re undoubtedly doing at the very least a little bit of that, if not and out and out barrage of bucks going out the door, some of which you might not even realize is happening.
One of the more obvious examples is truly self inflicted in that you’re carrying around debt, and you’re paying on interest on various lines of credit with higher rates. Think about the payment you’re making and then add the 10 to 20 percent interest rate and figure that those monthly payments with no or a lower rate are going to stay around forever, and that means the money you are paying toward it could be going into some sort of a retirement or savings account.
You also might be wasting money (or more like missing out on free money) when you decide against retirement. If your company is offering some sort of competitive match program, take it. They’ll take every dollar you put toward retirement and add to it for your long awaited and much anticipated retirement, whether that is a few years away or another decade or two. The company match means you’ll get the money from them for free, just for putting up some on your end on a pre-tax basis.
As obvious as this sounds, too, are you consistently buying at sticker price or face value without actually shopping around? Online shopping has made the world of buying (and even selling) more than just feasible but profitable as well both from a savings and selling standpoint. Paying full price might have been a necessity 30 years ago, but the competition from retailers is fierce and fiery, and that means you’ll be the one benefiting from it in the long run. You can buy used electronics, clothing (some, anyway), cars and other items that are “like new” and in pristine condition for half or less of the original price. To be able to use and enjoy these products without paying full price is the new norm when it comes to buying, and that goes for services as well. Plenty of businesses are open to trades or they’ll use online sources to cut prices in half to generate business.
Wasting money sounds harsh, so we assume we’re not doing it. But the fact remains that this common act is costing you money on both ends: saving and giving it away, only in this case not for free.
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