No matter how rich you are, it’s improbable that you feel alright about just throwing money away. After all, it’s a valuable resource that allows us to live our best life. Therefore you may be surprised to find out that you are doing just that, without realizing. Luckily, if you can identify the problem, you can fix it, something my post below goes into more detail on.
Not claiming what you are entitled to
So many people don’t claim back what they are owed on a regular basis, and it makes me so mad! Why? Well, it’s because if you have paid for something from your own money, you need to claim it back on your expenses from work. Otherwise, you are giving them money instead of them paying you, which is kind of why we work in the first place, right?
Similarly, if you are entitled to financial assistance or benefits, then why wouldn’t you take them? The government is, after all, pretty strict in the way that they distribute these, and therefore you must have a genuine need to awarded them in the first place, so claim what you are owed!
Paying over the odds for credit
Your credit cards may be costing you more than you think.
Another way that you may be throwing money down the drain is if you are paying over the odds for any credit that you take out. After all, the world we live in works on credit, and this means that the three-figure number that is known as our credit score is hugely important.
Of course, if it’s low, or your account has negative comments on it can mean lenders are more likely to charge you a high-interest rate when you borrow in this manner.
To resolve this, you will need to remove collections from your credit report by speaking to a professional company that offers this service. Although, once things are sorted, don’t forget to ensure that payments are made punctually and for the full monthly amount from now on.
Buying too much food
For this point, the money is going into the bin rather than the drain, because this is where excess food that goes off before you can eat it ends up. Happily, there is a simple fix for this, and it’s to plan out your meals and only buy the fresh ingredients that you need for each one.
Also, if you do end up with extra, there are plenty of clever hacks that can help you save the food and use it later, such as freezing fresh herbs in butter ready to cook with or use on top of roasted vegetables.
Letting the water leak
Yep, for this one, you are throwing money down the drain, because waster isn’t free. You pay for it, usually via a hefty bill that comes every quarter.
What this means is that if you are leaving your tap on when brushing your teeth, or you have leaks around the home that are going unfixed you are not just environmentally unfriendly, but making a financial mistake as well.
Happily, bad habits and leaks can both be fixed relatively quickly, the latter being something you may want to DIY or get the help of professional to sort. After all, if you leave them, you will be literally throwing your money down the drain!