At no other time than ours has the value of our money been most appreciated. As working women, most of us literally slave for our wages and at month’s end; we ration out some money as we struggle with saving all the rest. We set aside cash for family, emergencies, planned vacations, and whatever else we need. When money is ripped from our purses with trickery, it hurts and we fight to get it back to the last penny.
Sometimes though, due to accidents or our own carelessness we lose large sums of money. On some days, these mistakes are conscious acts like impulsive spending, but at other times, we lose our money in certain ways without even realizing it. So then how do we get better with our finances? Well, all we can do is learn from each other’s mistakes. That been said, asides from online purchases which almost every woman is guilty of and which are often total wastes of money, these are five other annoying and stupid ways you’re losing money — and our proffered suggestions on how best you can tackle these hurdles:
Buying Cheap
Don’t you just adore shopping? What woman doesn’t? Shopping for most women though is more for entertainment purposes than for fashion because for some reason many of us only wear about a 10th of the clothing pieces they buy. When you wear so little of what you buy, it could be either because you didn’t really need that item or because it was so cheap you bought it on a whim. The thing about buying like this though is that because they are cheap, we often buy them in more quantities. And when they depreciate and wear out in a matter of weeks, we go on the hunt for more without really thinking about how much we burn through. This is one of the most underestimated ways you’re losing money and it should be checked.
Instead of going crazy during sales and wasting your money buying cheaply, focus on acquiring a few classic pieces. The key here is to always ask yourself if you really need the piece you’re drooling over or if you just like that it’s cheap.
Avoiding Money Talks With Your Partner
Disagreements over money can be disastrous for any romantic relationship so hold open conversations with your partner in this regard. Hiding your debts from your partner is worse than not calling him out on his unwise spending, so always clear the air. Your partner can be constructively honest in his assessment of your spending habits and if you truly value his inputs, try not to shut him out. Don’t pretend your finances are okay if it isn’t; don’t borrow if you can’t afford his dream birthday present.
It’s critical to talk about your partner about short-term goals, such as a vacation, and long-term expenses, like retirement especially if you’re looking to start a family together. Even if you’re just starting the relationship, shying away from the subject can force you to stretch your finances beyond your means; and this is one of the ways you’re losing money without realizing it. So be as honest as possible about your financial woes and be kind to your partner’s.
Unused Subscriptions
Zombie Bills That Refuse To Die
Do you know what zombie bills are? They are similar to unused subscriptions but with one notable difference: these are bills and charges that keep haunting you even after you’ve killed their service or your membership. Certain subscriptions automatically renew themselves and if for some unforeseen reason you changed your address, then someone else could already be reaping the fruits of your monthly deductions for said subscriptions.
If the service has your credit card information, then please be rest assured that they’ll continue to charge you if you don’t cancel. Their notifications almost always find their ways to your spam mail and they’re incredibly easy to miss if you don’t know where to look. This is one of the silliest ways you’re losing money. Make it a habit to carefully check your monthly statements. And whatever else you do, keep a keen eye on those “free-trial memberships” you signed up for but forgot all about.
Misplacing Receipts
Receipts are those crumpled torn pieces of paper in your handbag and misplacing those ranks really high on the silly list of the ways you’re losing money without realizing it. For instance, your lost taxi receipts in the course of your day’s work were business expenses that your company would’ve reimbursed you for. Your lost receipts for prescriptions are sums you could’ve claimed through your existing health plans. And your lost receipt for the security deposit on your apartment might have been the key to reclaiming your deposit the day you moved to a new place.
My suggestion here is simple: Keep an envelope in your car, another in your office and a third in your home to organize your receipts. Be careful with these and when lost, ask for your receipts to be reprinted if possible.
Ultimately, there are a lot more ways you could be losing money, and these are just five very common mistakes. Saving money is hard, but it’s even harder if you’re unknowingly wasting your well-earned resources in careless manners such as those above. So if you’re struggling to save, consider in the light of the above just how well your money is spent. It could end up saving you thousands of dollars you didn’t even know you had.
Do you find yourself making any of these silly mistakes? Which of these tips do you believe would help? Let us know in the comment section.