I cringe at the thousands of dollars I must have wasted in the past on “essentials” that I really didn’t need – such as two coffees a day when I was at university. I’ve also had the proverbial wasted gym membership. My personal trainer said if all the members actually turned up there wouldn’t be enough room for them to all fit in the gym.
It’s time for a confession, so here’s my list of my worst naughty little money wasters:
Naughty little money waster 1: beauty products.
As a former beauty therapist it’s really important to me to use good makeup. That doesn’t mean I have to buy everything I see. A classic case is the ‘to die for gel’ Fluidline eyeliner I found at M.A.C. at Auckland Airport for $30.
I’ve watched the YouTube videos on this product and read all the online reviews and my trip to M.A.C. to look and not buy didn’t quite go as planned. I got terribly excited and handed over my credit card.
The reason it was a naughty little money waster is that I couldn’t draw a straight line on my eye even if my life was dependant on it. I usually end up with two very different eyes.
Naughty little money waster 2: bargain clothes.
One of my former failings comes in the form of the Dress Smart outlet mall. I get dazzled by the bargains and invariably walk away with some really cheap clothes. Sadly I never ever wear some of them, which means they’re not a bargain. I might look good in the shop in those high heeled wedges. I can’t walk in them, however.
Naughty little money waster 3: vitamin supplements.
I love to work out and I’m a sucker for the advertising at the gym that tells me I need all sorts of supplements. I’ve taken whey protein, fish oil tablets, multi vitamins, vitamins for the skin and so on. Yet I work for a research company and I know full well there isn’t the research supporting these supplements.
Goodbye naughty little money wasters, hello savings.
Cutting out those naughty little money wasters is a really good way to build up savings. But don’t ditch all your little luxuries. It’s best to cut back one at a time. If you can save $20 a week and save it at 3% in an online savings account it would amount to more than $12,000 after 10 years.
What are your naughty little money wasters? Are they speeding tickets, an unused gym membership, Sky TV, gadgets, sports equipment, or something else?