18 Things That Are A Complete Waste Of Your Money #Finance

hi if you’re new to the channel my name is T from Financial tortoise where we learn to grow our wealth slow and steady the number one expense that is a complete waste of your money lottery tickets you might have seen the lottery ad you can’t win if you don’t play some

people might say that’s right that makes perfect sense I can’t win if I don’t play right so if I want to win in life I should buy lottery tickets right but you know what I say the complete opposite you win when you don’t play You’re essentially losing by playing

because you’re wasting your hard-earned dollar and something that gives you pretty much no chance of winning in the PowerAll Lottery there are more than 35 billion combinations of numbers three of which are chosen each week that put your odds of winning at almost nothing like 1 in 300 million

the population of the United States is Slightly North of 330 million people are you so special and lucky that you can beat out every person in the US if you want to win don’t buy lottery tickets instead save that money and invest that is the shest formula for winning every time number two

expense that is a complete waste of your money any money spent on gambling again another Endeavor where you’re losing by playing the math is Crystal Clear when it comes to gambling the house always has an advantage every single time yes the house advantage varies for each type of game

Blackjack roulette poker slots Etc however over time the casino will not lose to the Gambler The House Always Wins additionally apart from the mathematical reason why you shouldn’t gamble the stronger argument against it is the mental emotional on even relational damage it can cause greed

addiction depression anxiety it’s got it all yes many people only dabble in it here and there and they don’t get sucked into the deep sinkhole but my thought is this why even dabble why spend your precious money and your precious time on something that bears no positive fruit there are

so much more productive things we could be doing with our money as well as with our time number three expense that is a complete waste of your money regularly shopping at convenience stores think small Corner retail stores like 7 or convenience stores part of a gas station now once in a while

because you need something urgently is okay the issue is when we make it a habit to shop at these convenience stores pretty much everything in these convenience stores are marked up because as the name implies you’re paying for the convenience that convenience of getting a bottle of Gatorade

and a bag of chips while you’re filling up your gas tank comes with a price now you might think a bottle of Gatorade and a bag of chips are $7 that’s not much but you have to remember you can get the same item from a large grocery store for probably half that price also Alo convenience

stores do not encourage the best shopping habits most often they’re filled with unhealthy sugar filled or very salty processed food it will be best not only for your wallet but for your waste line as well to avoid convenience stores as much as possible in talking about things that are

complete waste of money do you know what else is a waste paying too much in Taxes especially when there are smart ways to reduce how much we pay the government that’s why I’m excited to talk to you about today’s CashNews.co sponsor Playbook there are a lot of ways

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designer baby clothes I made this mistake so many times when my kids were young both my wife and I given we had no experience with young kids thought that we needed to get the best for our kids when they were born so how to know what is best well of course the biggest name brand right we spent a

lot of money on specialty dresses for our daughter when she was 6 months old and onesies made it the softest material for our son when he was 3 months old what we didn’t realize was how quickly kids grow especially when they’re in the infant stage a healthy baby can quickly double in

size with a matter of 6 months and again in another 6 months and now that expensive dress or the onesy no longer fits or worse they never even got a chance to wear it because you were saving it and now they’re too big this is not to say you should never splurge on your kits but be thoughtful

do your research if you’re buying a nice dress for a once in a-lifetime photo shoot totally fine just don’t be surprised when it no longer fits her after 3 months number five expense that is a complete waste of your money in line of clothes any clothing items that you’re not in

love with and this includes shoes as well as accessories my general rule of thumb with clothing item is this if I’m not excited to wear it right away I should not buy it if I don’t feel the pull to put it on right away then it’s not a good buy we’ve all had is feeling at a

clothing store we find a piece we think looks great but we have some hesitation once I lose some weight this will look great right once the season changes I could wear it right I know it’s not ideal right now but maybe in the near future I’m sorry to be a be of bad news but the reality

is that that day will most likely never come that piece of clothing will sit in your closet for years waiting for that one day you’re going to put it on but that day will not come so if you feel even an ounce of hesitation do not buy it it’s much better to spend more for a clothing item

you you will wear versus a cheaper one you will never wear number six expense that is a complete waste of your money unused or underutilized subscription services so many companies operate on a subscription model these days streaming Entertainment News household products Etc you can even get

clothes and groceries and a subscription service a set of clothes or groceries delivered to your door at the same time every week every month now if you’re extracting full value from this service that is a good use of your money for example both my wife and I use a streaming music service

Spotify pretty much every single day so the $17 that we pay monthly is worth every penny however the issue is a service we don’t fully utilize or worse that we’ve forgotten about in an April 2021 survey Chase found that nearly 2third of consumers forgot at least one recurring payment

that is money completely wasted save these dollars by auditing all your subscriptions your gym membership streaming service grocery delivery everything and cut back ruthlessly if you don’t feel like you’re getting the maximum value you can always add them back later but the dollar that

you spent you will never get back number seven expense that is a complete waste of your money Bank fees think account fees ATM fees Overdraft fees Etc do not waste a single penny on these completely avoidable fees banks are already making tons of money from you when you house your

money there no need to give them more money you can easily avoid account fees by holding a certain balance in your bank account or offer a bank account that has no account fees same with ATM fees imagine paying $3 ATM fees to withdraw $20 that equates to a 15% onetime fee that is ridiculous and

completely unnecessary if you know you need cash plan ahead and withdraw cash beforehand from an approved ATM also understand that many banks change their policies frequently so you need to check your account on a regular basis to make sure you’re staying on top of any surprising changes I

had times when I saw a new bank account fee on my parents account because the bank changes policies we immediately contacted the bank to have the fee removed the account changed to avoid in the future Bottom Line Bank fees are completely avoidable if you plan ahead number eight expense that is a

complete waste of your money High investment fees most common one being expense ratios too many so-called hot funds charge way too much for people to participate in them most actively managed funds typically charge between 0.5 to 1.5% expense ratios that equates to $50 to $150 for every $10,000

invested with one of these funds my take they’re a complete waste of money instead op to invest in a very lowcost broad market index fund that charges anywhere between 0.01 . 5% to 0.04% that equates a $150 to $4 for every $10,000 invested way better than the $50 or the $150 save the

difference and spend it on something that you really find Value from or better yet invest more into the market number nine expense that is a complete waste of your money Credit card interest charges there is never a scenario where you should be paying even a penny in

Credit card interest I dislike all Debt but I dislike Credit card Debt the most because the interest rate is just so ridiculously high high if you’re not 100% confident you can pay your Credit card in full

every single month do not use a Credit card until your Finances are in a better position use a debit card or better yet cash until you can build up good

financial habits this is what my wife and I did for the first couple years when we’re trying to pay off $15,000 a student Debt because we didn’t have good Financial discipline we followed the envelope system and only used cash for all discretionary spending until all

our Debt was paid off number 10 expense that is a complete waste of your money Peak prices for airline tickets and hotels airline tickets and hotels operate based on Dynamic pricing when demand is high they hike up prices to increase Profit when the demand is low

they lower prices to attract customers if you can try to avoid traveling in Peak Seasons or places that are very sensitive to demand if everyone is going to Cancun and March no need to follow suit see if you can find a different place that is just as nice but less popular if everyone is headed to

Italy during the summer no need to follow the craft find your own unique location to visit and if you can’t avoid Peak Seasons because of your schedule at least plan ahead of time prices for flights and hotels since increase dramatically closer you get to travel date so earlier you can plan

and book your Arrangement the more you can save number 11 expense there’s a complete waste of your money the theme of travel international phone charges again if you plan well this is something you can completely avoid there’s no reason for you to pay ridiculous roaming charges while

overseas most phone companies offer International Services as long as you activate ahead of time and if you don’t want to use your phone company’s International offer there are tons of other services that allow you to avoid international phone charges for example the last time my family

and I traveled to South Korea I was able to purchase affordable SIM card directly at the airport that allow me to access lightning speed LTE the whole time we were there number 12 expense that is a complete waste of your money a home that does not ideally fit your lifestyle this could be a home

that is too big too far or just not structured in a way that is ideal to your lifestyle and life stage for example many people buy a large home in the suburbs because they come to believe that that is the American dream a big home with a white picket fence represents success however what if your

work is 2 hours away in the city’s downtown instead of enjoying your home you’re spending the majority of your time sitting in traffic all the while paying probably a bigsize mortgage for that privilege a better solution might be to buy a smaller home closer to work or maybe this might

sound as a crazy idea rent a quick reminder before we move on to next point please make sure to download your free one-page pdf companion guide that goes along with this CashNews.co everything I’m covering here in a simple to digest one page P format so go to the link I’ll have in the

description below to grab your free copy number 13 expense that is a complete waste of your money in the theme of homes high energy bill from energy leakages most often due to your home not being energy efficient or you have appliances that require a lot of energy for example in many homes apart

from Heating and Cooling refrigerators are one of the biggest consumers of Home energy if you kept your old refrigerator for many years in the hopes of saving money you might actually do better financially by replacing it with a new more energy efficient one when it comes to to Heating and Cooling

if you live in an older home your home might be expending a lot of energy and thus money trying to maintain a certain temperature level you can do a self- audit by using an energy monitor device or you can get a comprehensive energy audit which will provide you with a detailed report and

recommendations to mitigate energy waste number 14 expense that is a complete waste of your money in the theme of energy waste money that is wasted because of water leakages we once had a broken sprinkler that we were not aware of until the water bill came I was shocked at how much water a single

broken spr sprinkler could waste and also cost most water issues and thus money wasted are completely avoidable with good preventable maintenance things like drippy faucets broken sprinklers or leaky toilet can be fixed pretty easily and money saved as long as we catch them early number 15 expense

that is a complete waste of your money similar to a theme of a home that does not fit your lifestyle a car that does not fit your lifestyle you spend the majority of your time commuting to Down town but because you have an idealistic dream of camping every weekend you buy a large SUV or a truck a

great car for the mountains but probably not the best for a daily commute you’re spending quite a bit of money on gas maintenance and Insurance for a car that isn’t doing what you hope it would help you do get you outdoors more often instead you’re sitting in

traffic the majority of time burning up gas and putting your car through unnecessary wear and tear a better purchase that is more aligned to your lifestyle would be a small gas efficient hybrid or a full electric when my wife and I were spending a good chunk of our time commuting for work we

invested in a small fully electric Nissan Leaf and to this day it is one of our favorite purchases is it’s small so great for City driving it’s fully electric so no money spent on gas and we didn’t mind all the miles that we’re putting on it because that was the whole reason

why we got the car in the first place number 16 expense that is a complete waste of your money buying overpriced soft drinks and alcohol at restaurants I know this is a sensitive one and you might be saying what is this guy thinking I make my way a day to the restaurant and this guy has the

audacity to say I shouldn’t order drinks well before you click off my Channel please hear me out most regular soft trinks like Coke or Sprite when you order at a restaurant come straight from a fountain machine or if they don’t have a fountain machine a can a can of soda for the

restaurant only cost them 10 to 20 cents because they’re buying them in bulk now how much are you paying to drink soda at a restaurant way more than that 10 or 20 times more at times that is a 1,000 to 2,000% markup and how about alcohol another huge markup they typically charge between 2 to

3 times for a bottle of craft beer and more for imports and for hard liquor way more than that so you have to ask the question are all these drinks worth the crazy markups I say save that dollar and drink water or if you want another appetizer you’re probably getting more from that than a

soft drink or a bottle beer number 17 expense that is a complete waste of your money gifts for people who do not know how to appreciate them we’re conditioned to believe that gifts are a natural expression of love and care however Gary Chapman talks about in his book The Five Love Languages

how we all give and receive love in five different ways and gift giving is just one of them the four other being words of AFF Information Act of service quality time and physical touch so if we genuinely want to express love to our family and friends it actually serves them better to find out what

their love language is and if gift is not on top of their list don’t waste your money on it instead spend it on something that they would appreciate better a dinner out an experience fill trip or a simple letter of affirmation number 18 expense it is a complete waste of your money a degree it

could be an associate Bachelor or master’s degree but one that does not lead to a good paying job the primary reason to get a formal education a degree is so that you end up with a good pain job that is it there are other secondary benefits like finding a Community Learning some interesting

things and growing as a person but all those other things you can get outside of a formal School environment and more importantly doesn’t require thousands or tens of thousands of dollars in tuition according to Education data initiative the average cost of attendance for a student living on

campus at a public 4year instate institution is $26,000 per year or about $104,000 over 4 years that is a lot of money if you end up with a degree where you’re not able to get a good return on your investment that in my book is a waste of money thank you guys for watching the theme of wasting

if you want to learn some things that are wasting your time every day please check out my CashNews.co here until next time all the best