Face it we have all done it, made a purchase that felt so essential at the time, but regretted it later when looking at the bank statement. Everyone deserves to treat themselves every now and then, but many of us are constantly wasting money, which really does cost us a lot in the long-term.
- Impulse buys – you didn’t go to the supermarket needing that bar of chocolate or lollipop, although a small meaningless item, these purchases really do not benefit you in any way. In fact, one third of Australians spent $500 on impulse buys in the last six months.
- Buying the generic brand – for some products, brand is important for quality, reliability, or whether it is Australian made. However, there are so many products on the market that identical beneath the packing but have vast price differences. So next time you are at the pharmacy, request the non-generic brand. If you are unsure still of the product you are buying, ask the pharmacist, they are normally quite knowledgeable and can answer your questions about these non-generic brands.
- Overpaying for insurance – it can be a real pain having to speak to someone in a loud call centre and be kept on hold while buying or renewing your house, life, or car insurance. Once most of us find an insurer, we tend to stick to them every year, even if there are better options for on the market. As you get older and your circumstances change, you should research other options for insurance, or use an impartial website that compares different insurers for your circumstances. So next time your insurance needs to be paid, have a quick research around and you could be saving yourself a lot of money.
- Buying books – a new book at the bookshop can be upwards of $40, even more for a new release. Once they are read, they normally sit on a shelf collecting dust and cluttering your house. Most of these books however, can be rented from your local library costing you nothing, and taking up none of the space on your shelves.
- Neglect using fuel vouchers – as a habit, most people fill up with petrol at the same station every time. Unfortunately, many of us do not use or even bother to research about their discount offers. When you spend $30 at the participating grocery store, you will get voucher for 4c or 8c off per litre of petrol. This does not sound like much money, so people neglect to take advantage. However, for someone who uses $50 of fuel every week, this voucher can save them $104 if they use their 4c off voucher each time.