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3 Ways You’re Probably Wasting Money

Trying to save up money is hard when your income is only just enough to cover your rent and all of the other bills that you have to pay. But in most cases, that’s not actually true and the reason that you’re so stretched is that you’re wasting money elsewhere. If you’re ever going to be financially secure then you need to cut out that wastage across the board. The problem is, most people don’t even realize that they’re doing it which obviously makes it difficult to stop. These are the areas where you’re probably wasting money.

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Car Insurance

Car insurance is one of those expenses that you can’t really avoid but you can save yourself a lot of money if you know what you’re doing. If you let your insurance company automatically renew your policy, you’re probably spending more than you should be. Instead of just accepting the new price, shop around a bit and look for cheaper companies like Safe Auto that can offer better deals. Often, you’ll get discounts for switching so changing suppliers regularly is always a good way of getting a good deal. Insurance companies base their price on a few factors, one of which is the likelihood of the car being broken into. That means you can save money by making sure you keep the car in a garage where possible.

Credit Card Interest

Debt seems to be the norm for a lot of people these days but it causes so many problems. When you start spending on your credit cards and getting into debt, you’ll rack up some pretty big interest bills. Often, people can only afford to pay the interest each month without actually clearing any of the debts. That means you’re just throwing money away every month and not getting any closer to paying off the credit cards. The best way around this is to use a balance transfer credit card with a zero percent interest introductory period. Usually, you’ll get a year before you have to start paying interest again, by which time you can clear the debt.

Expired Food

Only recently have we started looking at the amount of food that we throw away and the results are shocking. The average American family throws away up to $2,200 worth of food each year. That’s a ridiculous waste and one that can be easily avoided, freeing up that cash for you to spend on other things or put into your savings account. The main reason that people waste lots of food is that they buy too much. It’s common practice to do one big grocery shop each week but that isn’t always the best thing to do. If you’re buying all of your fresh produce once a week, it’s going to go off before you use it all. Cooking large portions is another problem because half of it goes right in the bin if you can’t finish it. You’re much better off doing a smaller shop a few times a week so you don’t risk wasting anything.

If you can cut out this wastage, you’ll save yourself a lot of money every month and you’ll find saving a lot easier.