10 Hidden Ways You Waste Money


Wasting money is one thing but NOT KNOWING that you are wasting money is even worse. Here are some of the most common ways people waste a ton of money and may not even know it.

Not Reading Online Statements

Everybody that you bank with including credit card companies provides detailed online statements. Are you reading them each month? You would be surprised at some of the overcharges or things that you have purchased but can be returned (many even after 30 days depending on your reason) and fees in high percentages that you are being charged each month. Translated, $75.00 in credit card interest fees may not seem like much, but it’s a tank of gas that you just threw out the window

Subscription Charges

That service you subscribed to three years ago that you never use is still charging you on PayPal as a subscription. Many times when you sign up for online services or use your PayPal card you are automatically approving them to charge you repeatedly as a subscription or auto-pay and you are paying either monthly or yearly for a service you no longer use.

You should check your PayPal account to see if you are being billed for subscription charges that you don’t use by doing this. Once you give someone your credit card info that’s it.

Not Taking Advantage of Points

The credit card game can be very lucrative if you know how to play it but it can also be extremely costly if you are bad with paying off your balance each month.

Points can be an amazing advantage if used the right way. It can also be cumbersome if your try to balance specials like the way Discover does it with specials every three months. If you have fairly good credit, look into getting an American Express Gold card.

You get 4 points for every dollar you spend in the grocery store or restaurant up to $25,000 a year and that’s a fixed benefit. I have yet to see another credit card that offers this kind of benefit for something that you already do on a regular basis.

Make sure you pay the entire amount of the credit card off before the end of the billing cycle each month or your points go out the door.

This can really add up and is the best credit card for points in grocery stores that I have come across. You can find out more here.

Also, if you know that you have a large amount of money that you spend at certain times of the year lookout for credit cards like Chase Saphire. At last check they were offering 60,000 bonus points for signing up if you spend $4000 within 3 months. See more info here

Not Promoting Your Services

What is it that you do that you can make side money on? Voiceover, audiobook reading, writing, etc?

Join sites like Fiverr, there are many people who have MUCH less talent than radio people making great side money doing what you could be doing with no effort.

Giving Your Best Material to Social Media

Going “Viral” or getting 20,000 shares is meaningless if you are not making a profit from it. Best believe someone else is and it’s usually your social media network.

Google offers the best products for making money from YouTube to having a WordPress blog or even a Wix blog with affiliate ads on it. A Wix site is incredibly easy to set up and you can apply for Adsense here.

Once Adsense approves you put your content on your site FIRST then share the LINK to social media and bring that traffic BACK to your site and earn money. It will probably take you a minute but I know people who make $10,000 a month in Adsense revenue from their sites.

If you have unique and compelling content stop giving money away to social media and start making it yourself.

Not Owning Property

“I don’t want the responsibility” is what many black folks will say and it is a responsibility but also a great profit margin for building wealth. In some states, you only have to stay in a proper for 2 years (no rental) and you can sell it and walk away with 100% profit in your pocket with no capital gains taxes.

I have a friend who does this every two years, he fixes up the place he’s living in and he walks away with everything he paid for the mortgage PLUS a lump sum of money from the value of the house. He basically lives in the houses for free.

This might be cumbersome for some but the end of the day a landlord is NEVER going to give you your money back and real estate is and will always be the best way to create wealth.

As an agent myself I can tell you this… DO YOUR HOMEWORK and look for the cheapest house in the best neighborhood (provided it can pass inspection) NEVER buy the most expensive house in the neighborhood, you will only be making your neighbors richer not yourself.

Also, beware of agents as they are making a commitment. If they are showing you the most expensive house in the neighborhood they are thinking about their commission only YOU are the one that has to live in the house. Ask to SEE reports of homes sold in the area and what they are being sold for. Your agent has to show this to you if you ask.

Bad Credit

These days bad credit is costs you a lot more than being able to get the best credit cards, buying a house or a car. Now it can affect getting an apartment and a job.

The benefit of it is, if you look at your credit report you may be surprised at the mistakes on it AND it’s not like it was 5 years ago where you had to wait to improve your credit score for months.

Now you can do it in 30 days. See if you can negotiate payments down and pay it off. A bad credit score is a horrible thing to have these days.

Carrying Large Balances on Credit Cards

There is a great alternative to this. Simply go to your bank, withdraw all your money then speed down the freeway and toss it out the winder. (I know I spelled “window” wrong I like “winder”)

The interest rates on some credit cards should be illegal. And at the end of the day they are luring you in with points and benefits PRAYING that you don’t pay off your balance each month so they can recoup every penny of your “savings” back and more.

Learn how the play the credit card game it’s pretty simple… pay your ENTIRE balance BEFORE the next billing cycle, if you can’t afford to and you still have decent credit apply for a credit card that will pay your balance off AND give you free interest for a year or more.

This way you can take your time paying it, save your credit and save a TON of money but you have to keep your credit on point.

Many credit unions offer this service as well as you can can check bank rate daily to see who is offering the best deal on paying off balance transfer credit cards.

Not Investing

Robin Hood is a great online investment site to start investing money. MAKE SURE YOU EDUCATE YOURSELF on how it works if you are a beginner and start by investing in (and researching) your favorite products. No brainer investments right now? Anything that has to do with home office virtual meetings like ZOOM for example.

Think of things that people need more. There are a TON of videos on YouTube that tell yuo how to invest. Ignore all the get rich quick videos with people walkign around expensive homes and cars, they are often full of shit and scammers.

Not asking for Refunds

Hey if you are not using something or you have been overcharged ask for a refund. Most companies will give it to you. Always think in terms of food on the table and gas.

Those small amounts add up. Read ALL your bank statements each month, see where you are waisting money and correct it. If you don’t have time to reach out to all those companies, hire a virtual assistant from Fiverr.

Most of the companies only need the last 4 or 5 of your credit card to verify. I would not suggest giving someone on Fiverr your entire credit card number.

Not Putting 10% or 20% of Your Earnings Away

First and foremost this is a MUST and you would be SHOCKED at how quickly this money adds up. Set up an interest bearing savings account usually onlinel, brick and mortar won’t offer great interest.

Look at banks like Capital One or American Express for this and transfer 10% or 20% of your earnings for every payment you receive. You won’t miss it as much as you think you will and you will be amazed at how fast the money grows AND you earn actual interest.

Not Tithing

I’m not a big fan of religion or church. People give WAY too much power to preachers who fart just like the rest of us and nobody has the right to speak to you as YOUR God. True religion is the God IN you first.

In addition “Christians” can be some of the meanest and most judgemental, fake ass people on the planet. That’s how I feel. But I will say there are other ways that you can give, just make sure that you ….

DO IT FROM THE HEART not filming youself giving a homeless person a chicken sandwich from Popeyes for your social media. That’s self serving and humiliating. Do it without anyone knowing because you WANT to do it.

I give to several charities that I believe in each month and I can tell you the unexpected returns are amazing many times over without me asking for it or knowing it’s coming. If you want to make your goals come into fruition help someone else do the same BUT AGAIN DO IT FROM THE HEART.

I’m not talking about Yulequetta and Jameriquan asking you for money to pay the rent, that’s not charity that foolishly giving away your money but greater causes that have affected you or your family or for people in GROUPS in need.


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