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April 27, 2009

Top 5 ways in which people waste money

Filed under: Tips — Tags: , , , , , , , — admin @ 9:28 pm

These are some things not to do with your money. Here are some of the biggest money wasters that will absolutely cause you to fall short in the long run.

1. Lottery tickets. I do not care how many people claim this is worth it, lottery tickets will take your money in the long run. Unless you are that one in a million person to win it big, save  your money.

2. Eating out. Eating out is fun, once in awhile. But every day is a waste of money. You spend, on average, about four times as much eating out as you would at home. So do the math, and save some money by eating at home!

3. Smoking. Have you seen the price of cigarettes lately? Is it really worth it? Besides, by kicking this habit, you are getting a leg up on your health, which will save you money on healthcare down the road. This habit is definitely a financial disaster in a box.

4. Impulse buying. Impulse buying is not the way to build savings or financial freedom. Look back on all the worthless impulse purchases you have made over the last five years. If you add these together, you could probably buy a hot-dog stand, which you could subsequently use to make potentially more money than you currently make at your job!

5. Gambling. Yes, gambling is fun, but if you are gambling for the sole reasons of bringing home some money, than you will most likely be out of luck. Again, instead of gambling, save up some money and invest in  your own business! You have better odds that your business will succeed anyway than you do at the Casino, and you can mix drinks right at home!

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