- Leaving electronics plugged in
- Poor home insulation (raises the cost to heat and cool your home)
- Watering your lawn (consider replacing grass with landscaping you rarely or never have to water)
- Taking long showers
- Inefficient heating and cooling systems
- Outdated appliances — older washer/dryers, water heaters, refrigerator, etc.
Start figuring out where you’re wasting energy in your house by using Duke Energy’s Energy Vampire Tool.
3. Certain types of insurance
Some insurance is largely unnecessary. Such is the case with the “extended warranties” you might purchase when buying big-ticket electronic items or appliances. About a third of consumers buy this expensive insurance, but most don’t end up using it!
Another type of money-wasting insurance is low-deductible car insurance. If you raise your car insurance deductible from $500 to $1000, you will typically save over $100 per year on car insurance, according to InsWeb.
4. Maintaining your unused gym membership
Unless you go to the gym on a regular basis, you should probably cancel your gym membership. And if you pay for a gym membership, the odds are good that you fall into this category of people who should cancel it — Two-thirds of people with gym memberships never use them.
Even if you do use your gym sometimes, you might consider buying some gym equipment to work out with at home instead, as that is not a recurring charge.
5. Not comparison shopping
A lot of people prefer to shop at their favorite store because they simply enjoy shopping there, or think that store always has the best deals. However, for large items or things you buy in bulk, you should always comparison shop to see which retailer can offer you the best deal. For electronics, you can usually find the best deals online rather than in-store. Many major stores will price match a competitor’s price as well; usually including online competitors.
6. Not paying off your credit cards
Credit card interest is probably the no. 1 way people waste money. It’s easy to just put things on your credit card and pay the minimum every month, without thinking about how your credit card debt is ballooning each month that you don’t pay off your balance. An average credit card interest rate of 14.95 percent means that if you carry a balance of $2,000, you’ll pay about $300 each year in interest alone.
We hope this article helped open your eyes to some areas where you are probably throwing away money. Please share it to help your friends and family stop wasting their money, too!
- Tech-related injuries your parents never experienced
- Workers comp: Signs your co-worker could be a fraud
- Who's the real founder of America's pastime?
- Epidemic rising? What you need to know about Alzheimer's in Arizona
- 5 unforgettable Wooden Award winners
- Family and hard work are keys to success of modern dairy farmers
- Genetic testing could hold answers for colon cancer survival
- Cold beers and baseball: A beer lover's guide to Spring Training
- Telecommuting: 5 tips to make it work for employers and employees
- See how top CFOs feel about economic growth in the Valley
- Migraine myths that keep patients from effective treatments
- Here’s why Gaydos went tankless with his water heater
- Bocce ball and basketball: How you can help Arizona's Special Olympics athletes
- Tips on building the best wine room in Arizona
- Avoid the nightmare: 6 tips to choose a great contractor
- Breast cancer: Improved testing and treatments means more survivors
- Failed back surgery: New hope for patients living in pain
- Ticking time bombs: Telltale signs your water heater is about to explode
- Reading glasses could be a thing of the past
- 6 cool ways teachers are using technology in the classroom
- Emerging tech jobs in Phoenix and how to get one in 2017
- 4 top treatments athletes use for pain
- Emergency! What to do when bathrooms flood
- Arizona kids in crisis: How you can help
- New treatment offers hope for migraine sufferers
- 11 stadiums to watch your favorite football team
- Shopping for a TV? Best models for 2016
- Avoid this holiday plumbing disaster in your home
- 7 tips to avoid holiday weight gain
- New treatments mean better prostate cancer survival rates
- Dave Ramsey says: Couple should accept best deal from collection agency
- Dave Ramsey says: Warehouse grocery clubs have great deals, but shop wisely
- Dave Ramsey says: Couple should be on same page financially
- Dave Ramsey says: Prepay offers make sense for lawn-business owner
- Dave Ramsey says: Go with 401(k) over annuity every time