Top ways to waste your money

Paying ATM fees – Expect to throw away money nearly every time you use an ATM that isn’t your banks.

Paying for things you don’t use – Do you watch all those TV channels? Are you getting your money’s worth out of your gym membership? Take a look at what you actually use and then trim accordingly.

Paying full retail price – Considering most consumer goods go on sale at various times of the year, there’s little reason to pay the full retail price for something.

Leaving your money in a low interest account – If you’re stashing your cash in a traditional savings account earning next to nothing, you’re wasting it.

Sticking with the same service provider – Loyalty is great but over time, as prices and circumstances change, the status quo may not be the best deal anymore. Smart consumers are always on the lookout for bargains.

Overspending on petrol – There’s no need to pay for premium fuel if the car manufacturer says regular is fine.

Buying insurance you don’t need – You only need life insurance if someone is financially dependent on you.

Coupons for the sake of couponing – It’s tempting to go crazy with coupons but remember that they only save you money if you use them for items you were going to buy anyway.

Keeping unhealthy habits – Smoking costs a lot more than what you pay for a pack of cigarettes when you take heath-related costs into account. Kicking bad habits will be beneficial to your health and your wallet.

Carrying a balance – Debt is a shackle that holds you back. Get in the habit of paying off your balance in full each month.

Buying brand-name instead of generic – From groceries to clothing, you can save money by choosing an off-brand over a fancy label. In most cases you won’t sacrifice much in quality as clever advertising and fancy packaging doesn’t make brand-name products better.

Paying late fees and missing deadlines – If you pay a stack of bills every month it’s easy to overlook one or two every now and then. To avoid missing deadlines, set up payment alerts.

Paying for warranties – Appliance and electronics salespeople will convince you, you need that extended warranty. Odds are however that you won’t as most major appliances won’t break down during the extended warranty period.

Not pulling the plug on electronics – Keeping appliances on standby wastes money and power.

Buying new instead of used – Many pre-owned items can cost up to 50% to 75% less than the prices you’d pay if you purchased them new.

Not planning weekly meals – It’s hard to make money-smart mean choices when you’re rushing at work or at home. Without a weeklong plan you risk wasting money at the supermarket or on fast food.