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21 Things You Should Never Waste Your Money On

Tae Kim - Financial Tortoise・14 minutes read

Unused gym memberships, high expenses ratios in investment firms, fast fashion, late bill payments, bank account fees, lottery tickets, extended warranties, daily coffee purchases, buying lunch out, and food wastage can all lead to unnecessary expenses that can be avoided through simple strategies and mindful choices to save money in the long run. It is important to research thoroughly, make informed decisions, and adopt frugal habits to maximize savings and financial well-being.

Insights

  • Opt for low-cost index funds like Vanguard Total Stock Market Index Fund with expense ratios as low as 0.03% to save thousands in the long run, avoiding high expense ratios that can significantly impact investment returns.
  • Create grocery lists, avoid shopping when hungry, and stick to planned items to reduce food waste and save money, as excess food wastage due to lack of planning results in financial losses.

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Recent questions

  • How can I save money on clothing purchases?

    Invest in quality clothing to avoid frequent replacements and environmental waste.

  • What is a cost-effective way to exercise?

    Consider exercising at home using free resources like YouTube videos or investing in home equipment to avoid wasting money on unused gym memberships.

  • How can I avoid unnecessary bank fees?

    Understand account requirements, maintain minimum balances, or consider online banking options like SoFi for fee-free accounts to avoid bank fees.

  • What is a smart investment strategy to save money in the long run?

    Opt for low-cost index funds like Vanguard Total Stock Market Index Fund with expense ratios as low as 0.03% to save thousands in the long run.

  • How can I reduce food wastage and save money?

    Create grocery lists, avoid shopping when hungry, and stick to planned items to reduce food waste and save money.

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Summary

00:00

"Save Money with Smart Financial Choices"

  • Unused gym memberships are a waste of money if not utilized frequently; consider exercising at home using free resources like YouTube videos or investing in home equipment.
  • High expense ratios in investment firms can significantly impact returns; opt for low-cost index funds like Vanguard Total Stock Market Index Fund with expense ratios as low as 0.03% to save thousands in the long run.
  • Fast fashion may seem cost-effective initially, but the low-quality materials lead to frequent replacements, contributing to environmental waste; invest in quality clothing to avoid constant replacements.
  • Late fees for bill payments are unnecessary expenses; set up automatic payments to avoid late fees and maintain a good credit report.
  • Avoid bank account fees by understanding account requirements and maintaining minimum balances or transaction levels; consider online banking options like SoFi for fee-free accounts.
  • Lottery tickets offer slim odds of winning and can lead to financial mismanagement if won; avoid wasting money on lottery tickets.
  • Extended warranties for electronics may seem beneficial, but the costs often outweigh the benefits; opt for refurbished replacements or avoid extended warranties altogether.
  • Daily coffee purchases can add up to significant expenses annually; invest in a quality coffee machine to save money and impress guests with homemade lattes.
  • Buying lunch out daily can lead to substantial yearly expenses; meal planning and packing lunches can save money and promote healthier eating habits.
  • Excess food wastage due to lack of planning results in financial losses; create grocery lists, avoid shopping when hungry, and stick to planned items to reduce food waste and save money.

11:34

Maximize Savings with Energy-Efficient Improvements

  • Pain windows with double pain windows may qualify for the energy-efficient home improvement credit.
  • It is advised to research thoroughly to maximize potential savings.
  • Viewers are encouraged to watch a video on the frugal habits of real millionaires for financial wisdom.
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