The 7 Biggest Wastes of Money

We work hard for money but sometimes we just don’t spend it wisely. We make so many purchases in our lives that we don’t always realize what we are buying. Some purchases do provide cheaper options while others just won’t bring any benefit. Below are our seven picks on things that many people regret spending on:

Smoking

Source: iMoney.my

Cigarettes are expensive, especially in Malaysia. People who smoke a pack a day could spend over RM6,000 a year on buying cigarettes. Cigarettes do not just contain tobacco but over 599 additives. Many of these additives turn into chemicals that cause cancer. They are harmful to both the wallet and the body. So why smoke?

Lottery tickets

Many lottery players purchase tickets each day with the hope of striking big, but games of chance usually prevent you from having more money, not less. You are expected to lose money if you play the lottery and there is no guarantee you will even keep the winnings.

Café coffee (In Asia, bubble tea?)

Starbucks is still expanding although its beverages are rather expensive. People top up their Starbucks cards, spend and wait for rewards. Brewing your own coffee at home in fact is more affordable. Also, it is a calming meditative process that gives you a quiet moment at the beginning of your day.

Perhaps youngsters today spend more on bubble tea instead.

Books

Unless you are a book collector or an avid reader, a library is a better place that saves your money. Libraries are mostly free and come with millions of books, both physical and digital, and other materials for you to borrow. We have many public libraries in KL for you to consider.

The newest gadget

Upgrades, for example of a phone, often don’t make much of a difference. Whenever a new gadget hits the market, the older version takes a plunge in price. The old and new versions are probably very similar, and the most recent model may have kinks that have not been worked out. One could save some money by going with a slightly older product that has nearly identical capabilities.

Going to college

Source: OCBC Bank

Some regret all the money they had to spend going to college. They claim that they spent time and money going to college just to realize they wanted to do something else that didn’t even require a degree.

Gym membership

Your monthly fees are probably subsidizing the cost of someone else’s workouts if you are not using the gym regularly. At first you may feel determined and you spend weeks faithfully going to the gym every other day. Then you have a particularly busy week, and you skip the scheduled date. Then the next week you're not feeling well, so you don't go either. You are now wasting your money!

What else do you regret spending money on? Do comment and let us know!

Reference:

1. ES FEIN, The 20 Biggest Wastes of Money and How to Avoid Them https://wondergressive.com/

2.     Erin McDowell, 24 products people waste too much money on that you should stop buying immediately www.businessinsider.my

3.     How much does your child need for university? OCBC Bank