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Top 10 Things That We Waste Money on and Don't Even Realize

Top 10 Things That We Waste Money On
Before the hangover of spending fresh, crisp currency subsides, we all have one common question - "Where the heck did all that money go?" Take a look at the top ten things that we commonly waste our money on.
WealthHow Staff
Last Updated: Mar 12, 2018
Black leather wallet on wooden table
How happy we are when we get our paycheck? We are on top of the world. Well, but just like the good old saying, this too shall pass; for most of us, this happiness is short-lived. Before you enjoy the secured feeling of having a good amount of money. . . Poof!! It is gone! No, you still have not bought that tempting pair of Jimmy Choos or that leather you always wanted to carry to work! Where does all your hard-earned money go? Is it the necessities that empty your pockets? In certain cases, yes. We all earn to live and 'food, clothing and shelter' are the main streams where money needs to flow. But in other cases? Well, no. For any person with an average income, managing the budget can be a task, but not an impossible thing to do.

Spending money is perhaps sinful bliss, and why should it not be? There is an entire world of sparkling shops, expensive brands, vacations, dining in the lap of luxury, gorging on fast food, diners, and takeaways. Retail therapy definitely makes us feel happy and high on the psychological ground. A shopping spree or spa treatment does wonders, when one is feeling low. But on the downside of it, we end up spending unnecessarily. With so much to do and wander, more often than not, we end up spending more money than planned. We take you through an interesting list on the top ten things that people waste money on. And yes, we use the term waste, because these are the things that we can cut down or avoid easily.
The Top Ten Things Money is Wasted On
Dining Out, Fast Food, and Coffee...
Fast Food
We love to eat, but hardly find time to cook. Or perhaps, food away from home always tastes better! We could say that, because most number of people spent the largest chunk of their mint on eating out. The lunch that you didn't cook because you were feeling lazy, probably costs you 10$, on an average. Now calculate that at least, 4 days a week. People also spend excessively on fast food and takeaways. That downpour of one caffeine-fueled coffee and a bagel, makes a good breakfast, but it costs you bad. Eating out and spending on exclusive coffee tops this list for money wasted on.
Alcohol and Tobacco...
Alcohol and Smoke
Did you know that you were actually wasting money to get wasted? Yes, we are talking about alcohol. Even after the expensive tags on alcohol served in restaurants, people spend a large chunk of their money on alcoholic beverages, in restaurants, watching a game or socializing at home. Along with the money gone down the drain for alcohol, there is also money gone up in smoke for tobacco. So at the end of the day, smoking costs you, health- and wealth-wise too!
Clubbing and Similar Invites...
Clubbing
As mentioned above, drinking and smoking literally damages your budget every week. Whoever said, 'work hard, party harder', probably missed out on the financial perspective of it! Going to parties, concerts and clubbing, is a much-needed change at the end of a workaholic week. However, this lifestyle costs a lot. Right from cover charges, to beverages and food served, most people spend a lot of money on clubbing and similar invites. Who needs a cure for the hangover? The bills are awakening enough!
Shopping, Clothing Rentals and Maintenance...
Shopping
When we say shopping, we don't mean to be sexist. Shopping is no longer a woman's world, men are equally conscious of what's the 'new black' for them! Buying clothes, spending on expensive brands, and at the time when you do not need them, is waste of money. We agree that our dressing sense makes an impression, but sometimes we just go overboard. Also, the cost of maintaining expensive clothes, clothing rentals, adds up to excessive spending.
Expensive Spa Treatments, Cosmetics, and Botox...
Makeup and Botox Surgery
Expensive treatments, botox and cosmetics are next in line for precious money being wasted on. People, (and we mean men and women alike) spend excessively on beauty treatments and therapies. Not forgetting the 'trending now' status of cosmetic surgeries, much money is wasted, for getting the perfect look. Spending on cosmetics and spa treatments is steadily rising and with it the money that is wasted.
Electronics and Gadgets...
Gadgets and Phone
Technology and its addiction is widespread and ever-increasing. Right from video games, high-definition television sets, home theaters, play stations to cell phones and tablets. Well, we cannot say spending money on entertainment and gadgets is an absolute waste. But many times the temptation to be updated with the latest technology, makes people spend money unnecessarily. Most people opt for data plans they never end up using entirely. People also spend much more on downloading various apps, extended warranties, latest technologies, and other features. Half of these are never actually used, making them a waste of money.
Lodging, Vacations, and Club Memberships...
Vacation
Finding solitude in luxurious resorts, and fun-filled vacations, ranks seventh in this list. Relaxing away from home comes at a heavy price. Surveys have found that people did not hesitate to shell an extra buck whenever it came to taking a luxurious break. Vacationing at classy hotels with extreme amenities (half of which we would never use), and choosing exotic locations was convincing enough for an average-income person to spend a handsome amount of money.
Gym Memberships and Premium Cable Subscriptions...
Gym Membership and Cable Subscription
It may be hard to believe, but more than half of the people who opt for a completely loaded gym membership, keep waiting for tomorrow, to start using it. So all that money in most cases, goes wasted. Opting for unlimited channels, expensive HDMI cables and premium subscriptions also keeps your expenses a little above your budget. These are small things, but they do count in the long run.
Infomercial Purchases ...
Pseudo Products
Marketing strategies will make you believe, the weirdest of all theories. Maximum number of people spend unnecessarily on infomercial purchases, pseudo health products, which in many cases are not worth the purchase. People simply buy them and never use them at all.
Bottled Water...
Bottled Water
Another common thing that money is wasted on is bottled water. It is easy to overlook a small amount spent on bottled water everyday, but bundle that cost with a month's supply of bottled water, and you might want to trust a home filter and the city's clean water supply!
There are a few more things that we would like to enlist, where money is wasted on. These include:
Parking Tickets
Yes, you were getting late or you were too
tired to hunt for a decent parking space. Parking tickets is one of the things that we waste money on.
Books, Magazines, and Entertainment
Reading books is definitely a good thing. But buying a dozen books solely to decorate the library is a waste of money.
Vending Machines
They may not be the most beautiful of objects, but they sure do attract you! Vending machines tempt you to at least buy that one can of soda or one bag of chips. You neatly give in. Waste. Waste. Waste!
Bets
That innocent 5 or 10$ bet probably is okay once in a while. But if it tempts your gambling instinct every weekend, it is a complete waste of money!
Luxury Cars
It is thrilling to drive one of the best cars; unfortunately it hurts your budget a lot. Especially if you pay in the so-called 'easy installments', which are not so very easy. Luxury cars are another thing that most people spend money unnecessarily.
Premium Gasoline
As if the madness for luxury cars was not enough. People spend money on pampering their cars with premium gasoline. Well, your car may run just fine with normal gas, while you end up saving a decent amount of money.
We are almost done with the list, but we could not afford to lose on a bizarre fact. How about purchasing property on the moon? And as bizarre as it sounds, opportunists have already started hunting for their official space on the moon. Whether true or not, this one definitely beats the rest.
By enlisting food and other necessities on the list, this WealthHow article does not intend to encourage living like a miser. But some things are just not worth spending your hard-earned money. So make a list, work on what could be avoided, at the end of it all, you will be happy to find a good amount of money in your savings account!