When I write, I try not to come off as judgmental or holier-than-thou. I just try to relate the benefits of my experience in a way that will be educational. I have wasted money in my life. Really, who hasn’t? When money is burning a hole in your pocket, its easy to rationalize or justifying making questionable purchases.
I had a sandwich press that I was very fond of once. It created a bordered lip along the crust line. Also, it heated the deli meat and cheese inside. I can attest that I used it for many months. Then, I just stopped using it. I know that I am not guilty of such things. We all make impulsive, questionable purchase that we later regret or forget about.
Multivitamins, Vitamin& Herb Supplements
Companies that make vitamin and herb supplements are not legally required to prove that their products will improve your health. Moreover, only supplements that were created after 1996 are legally mandated for testing to prove they are safe for consumption. It’s one thing to take vitamins prescribed by a doctor. Frankly, most people who buy multivitamins and supplements are overcompensating for not exercising enough or eating properly.
The average American spends about $15 every month on multivitamin supplements. Collectively, Americans spend over $30 billion a year on such products.
New Cars
The average new car costs about $36,000. Unfortunately, a new car depreciates in value rapidly. A new car can depreciate by as much as 30% after one year. Depending on the model, you might have to spend at least $8,500 a year to maintain it. You might be better off buying a used car that is a year old. Legitimate dealers can certify their safety and reliability.
Lottery Tickets
Your odds of winning a mega jackpot lottery is about 1 in 302,000,000. Still, most Americans spend over $76 billion a year on lottery tickets. It’s basically a voluntary tax that citizens pay to fill state coffers. People budget to spend money on lottery tickets more regularly than other pertinent bills. You’re better off accepting that you are wasting your money.
You are more likely to be attacked by a shark, die from a bee sting, die in a fiery plane crash, become President of the United States, be left-handed and killed while using a right-handed product, or strike a deer with your car in Hawaii than win a mega jackpot lottery. But hey, anything is possible.
Sandwich and Panini Press
The average price of a sandwich or panini press ranges between $20 and $100 for more basic models. They are convenient and quickly make a hot meal. However, they are notorious difficult to clean. Also, it because a chore to set them up. Especially when you realize that you can just put a sandwich in a sizzling, buttered pan and press down with a spatula.
Bottled Water
Americans spend at least $12 billion dollars a year on bottled water. The plastic in commercial bottled water degrades rapidly and can contaminate the water within if reused often. Moreover, Americans are spending between $1.50 to $7.50 a gallon on bottled water, depending on the bottle size. A gallon of tap water costs about $0.004 a gallon. You can filter your tap water with a $40 filter and pour it into a reusable water bottle.
Waste Not
The average American spends about $5,400 on spontaneous, spur-of-the-moment impulse buys. Buying things because they were on sale or just because they could. What could you do with an extra $5,400 a year? Instead of wondering, you just might be better off not wasting money on non-essential items.
Read More
You Won’t Believe How Much Money Is Wasted On Unused Gift Cards
How to Reduce Food Waste
Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.
