Frugal Living | The Saturday Weekly Review

8 Ways To Waste Money You Could Be Saving

8 ways to waste money you could be saving

Canadians Waste Money Day In And Day Out Costing Big Bucks!

Money Waste is a problem not only for Canadians but worldwide with the invention of online shopping, credit cards and easy access to loans.

Wouldn’t it be nice if you were able to keep savings in the bank and forget about living pay to pay?

How often have you thought to yourself that you should have more money in your wallet?

Probably more than you care to admit but the truth is Canadians spend more money than they save and it’s just not high utility and living costs that are the naughty culprits.

Money Waste Starts In Your Hands

You are your own worst enemy when you waste money.

We’ve talked about buying stuff we don’t need on the blog many times over the last 5 years and as much as I don’t want to admit it, we all do this. Unless of course you are extremely frugal and you’ll find it free first before you spend money buying it.

You will wait to make a purchase then to impulse buy which stores bank on so they market that mindset to consumers. It works.

Related: I Can Buy It But Can I Afford it?

This is how Mrs. CBB and I are today although we didn’t get this far without some money mistakes along the way.

Although we are debt free we still struggle when we spend money we shouldn’t and we’re just as guilty today as we were back then. It’s an ongoing fight that we’ve gotten a hold of but not secured the way we’d like.

What’s it going to take?

Teamwork.

Controlling Your Monthly Budget

When a husband and wife go shopping they tend to buy more especially if they look to supporting the purchase from a spouse.

I bet 9 times out of 10 most spouses would rather agree to spend money because they’d rather not argue about money, especially in public.

Being in denial about where your money is going is the worst way to work towards debt freedom.

If you want to pay all your bills, get out of debt, and have money saved for a rainy day you must put the brakes on the way you spend money.

That means if going shopping every week at Costco turns into a family lunch or dinner affair, stop it.

You might warrant that its cheap eats or the only time you eat out but that’s not good enough.

If you have consumer debt then you need to validate not how much you spend money on stuff rather why you need to stop spending.

You also should focus on using that money to pay the debts off.

Instead of eating out 4 times a month slice that in half, take the money you were spending and put that towards your debt.

Spend Money In Silence

If you are one of those spenders who like to spend money in silence then you’re someone who would benefit from cutting this from your ‘to-do list’.

It’s not helping your situation especially if you spend money because it makes you feel better about your current situation.

New stuff is a feel-good medicine whether you spend money buying second-hand or brand new stuff.

Spending is or at least should be something we can control or it will control us.

For those of you whose emotions have control of the way you spend money, you should break up with that relationship.

Make a plan, take time, and execute a spend less money challenge with proper investigation and no expectations other than success.

Your debt won’t walk away from paid in full and unless you want your financial house to collapse you should take the time to research your options.

I’m sure I could make a massive list of ways we spend money that we shouldn’t have because of human error, computer error, emotional error, money error, budgeting error.

Lots of errors can lead to the worst money-wasting opportunities being presented.

Top Ways You Waste Money And Can Uncover Savings

Below are some of the typical ways people waste money without giving alternative options any consideration.

What are your money wasting secrets?

Don’t be shy, admit them, formulate a plan, and execute it.

Bank Fees Cost You Big Dollars

You waste money when you pay for bank fees that other no-fee banks offer such as Simplii Financial.

Not everyone enjoys the teller free banking lifestyle but if paying a premium for human interaction works better for you then certainly do what’s best.

We don’t pay any fees with PC apart from any special requests such as a wire transfer or money exchange.

Food Waste = Money Waste

One of my biggest pet peeves is when people throw away food that easily could have been switched-up into another meal.

With our son being a toddler he wastes so much food so we’ve been working on a solution that works for all of us.

This will help us so we don’t become stressed when we see our money being tossed on the ground, up in the air, or mushed in his hair.

Save more on food by not spending too much money in the stores.

Related: Food Waste In Canada

Eating Out Is A Huge Money Waster

The only reason we would eat out is because of the occasion but we hardly ever go out just because we want to eat a quick meal with a cold beer.

By the time you pay the tip and the costs of luxury dining, you may realize how much you spent and why eating out is a great way to waste money.

Cooking ahead and homemade is always the better option for healthy and budget.

Related: Eating Out vs. Eating In the Comparison

Utility Bills Waste Money For Homeowners

Hydro has been the big topic on the minds of homeowners and renters over the past couple of years as we’ve seen our bill double ‘Dublin’. (see keyword section below) If you want to waste money here don’t call and try to arrange a deal or look for promos.

You can also waste money by leaving lights on, flushing the toilet too much when it’s not low-flow, and not following time-of-use rates.

If your cell phone bill is high you can waste money by not calling your provider and asking what promotions they have on for the month.

Related: How to haggle with your communications company

Shop Around For The Best Prices

If you want to waste money don’t bother shopping around for what you need. Simply go to the place that sells it and make the purchase.

You might think that price doesn’t matter but it sure does when you have debt you owe someone.

If you have internet access as I assume you would if you’re reading this post today comparing prices online is the fastest way to find out whether you are getting a deal or not.

Another great way to waste money is by not using coupon apps, asking for price reductions or buying reduced products. 

It’s amazing how good the fruits and veg are on the cheap rack that could save you money.

Related: Price Matching in Canada

Waste Money On Gimmicks/Tools/Home Decor

If you want to waste money keep buying unnecessary new tools, gimmicks, and home decor that you don’t need.

Unless you are a mechanic or other tradesman you shouldn’t have to waste money buying up every tool that you can find.

I remember there was a time I had to tell Mrs. CBB that we needed to stop buying home decor items even if they were on the reduced rack, at garage sales, or on Kijiji.

A cluttered house is never an appealing house.

Negotiating For A Better Deal

You can negotiate just about any service provided you know the company adheres to this policy.

Most people won’t dare ask for a deal. Almost always we have been given the products for free or marked down to the retail price even though they might be sold out.

A rain check is always your best bet if you want to save money and not waste money.

Related: How to haggle with your communications company

If you want to waste money don’t bother negotiating with anyone and just pay the price that is asked or leave it.

Most often if you buy in bulk you can get a nice discount but you must be ready to ask for it.

Waste Money On Clothing

We buy a big majority of our clothes, household decor, baby items, etc but the prices will certainly be much more if you go to the new route.

You can easily waste money if you let your desire for fashion and a new wardrobe take over your closet.

If you waste money buying new clothes you’ll know it by looking in your closet to see what you have worn and not worn.

You may end up with a basket full of clothing with tags that hadn’t made the cut yet.

An example like this would signify a need to waste money to feel good and look good but without the cash to do so.

Related: Buying second-hand clothes- Is it worth it?

Minimize what you have in the closet and get rid of what you don’t need.

I bet you will find stuff that you forgot you had bought or still has tags attached.

Shop for clothes once a month or every two months and buy accordingly.

If you spend too much buying clothes you may end up with constant loads of laundry as our son grows up.

Overall, Mrs. CBB and I have made vast improvements since implementing our monthly budget but we still waste money from time to time.

Sometimes it’s not clear until the time we use or don’t use something we’ve bought new in a reasonable time frame.

You get out what you put in so tackle the debt with as much effort as you can and eventually you’ll see a mind-shift when it comes to your spending habits.

Discussion Question:

What is something you know you are wasting money on but trying to stop?

My week in review

Hey there everyone,

Thanks for all your support as I’m working to get over this horrible cough.

I’ve had a rough week trying to sleep as I’m up coughing and although the meds do help with sleeping I continued to cough throughout the night.

This led to the couch and I to become friends.

Mrs. CBB was struggling to sleep and our little guy picked up a runny nose likely from what I have.

So far Mrs. CBB seems to be fine but it usually starts with me, our son, and then my wife. I’m hoping this coming week will be a better week for all of us.

This week we didn’t do a heck of a lot as the weather has been off and on.

Our weekly run to the grocery store and the gym was part of the agenda as was a doctor’s appointment.

We’ve been contacted by the school where our son will attend to find out they will be offering a pre-school program.

This is great news since our son needs more social interaction so we’re hoping to hear more about the program in the coming weeks.

Hopefully, I can carry on looking for places to travel to once we get to the UK this week and researching the best way to travel with a toddler.

I’m sure there will be a post on this topic coming soon.

If you have any tips please leave them in the comment section today.

I may quote you in an upcoming blog post.

If you haven’t heard I added a “Money Confessions” tab on my Facebook page.

The point of this tab is to encourage people to share their money confessions or ask questions without anyone knowing who they are.

I don’t even know. I then moderate and post the money confession on Facebook for fan feedback to help the person.

Happy 5th Birthday to CBB! Stick around Facebook for a contest coming up shortly to celebrate.

Have a great week everyone,

Mr.CBB

CBB Published Posts

If you have a question that you would like to ask me fill out the Contact Mr.CBB form on the blog home page and I’ll do my best to reply to each question.

If you would like to share a story via a Fan Question please ensure that there is minimum 500 words and lots of details…we love details!

Contact me for more info at canadianbudgetbinder@yahoo.ca

Top Post This Week: 11 Habits To Help You Budget Better in The New Year

Weekly Fan Brag

If you have a brag that you want to share email me at canadianbudgetbinder@yahoo.ca with a photo and small write-up of your deal.

It can be anything you saved money on that you are excited about.

If your story gets featured you get two ballots in the yearly draw for a PC Financial Gift Card and at least one ballot for emailing me your entry.

Either way, you get a ballot in the draw.

payless shoes discountHey Mr. CBB Fans,

It was time that I needed some new footwear for work.

I stopped in at Payless on the weekend as I received a rewards member email with a 30% off coupon.

On top of the 30%, I received another $10 since I am a CAA member. 

I saved $50!!

– Jen Peacock.

Way to go Jen~ Is the CAA savings a one-time deal?

We are CAA members so I’m going to remember this for the next time we go looking to buy shoes at Payless Shoes.

I’m pretty sure Mrs. CBB has purchased shoes at Payless in the past and didn’t have her Payless Savings Card so they looked it up using her phone number.

Another way to get savings is by allowing Payless to text your mobile.

They offer some great deals for those that sign up as Jen has here today.

 

CBB Finance Tip

you dont have to look rich to be rich

Top Finance Post

I read lots of finance posts from all over the world every week and I learn something new from each one of them.

This week I stopped by the personal finance blog, Mad Money Monster about Using the Rule of Half.

What an interesting post because Mrs. CBB and I do just that. Just because the instructions on products say to use x amount doesn’t mean you have to.

I loved the part where they talk about adding more milk to cereal than is necessary.

This is true as most people have leftover milk when the cereal is gone.

Most people might drink it and others pour it down the sink which is a big money waste.  Great post.

Frugal Recipe Of The Week

heart shape peanut butter cookies valentines day recipe

Food is a big part of any budget and a struggle for so many people which is why I’ve created frugal recipes for my family and yours for many years.

I have a second Facebook page called The Free Recipe Depot where I exclusively share recipes from Food Bloggers around the world.

Check out the Free Recipe Index on CBB compiled of frugal recipes that are 100% tested and accepted by family and friends!

This week I was over at The Semisweet Sisters blog to check out this simple Valentine’s Cookie idea for Heart Shaped Peanut Butter Cookies.

If you’ve been tasked to bring cookies for heart day these cookies you can bake with your eyes closed.

Well, maybe not but if you struggle for time this is the recipe you will want to make.

You’ll love how easy it is to create the heart shape without a cookie cutter.

If you have a cookie-cutter you could certainly use it but I think the way this baker has gone about shaping the cookies with a knife will cut down on prep time for this recipe.

Another thing I love is the design marks on these heart shape cookies which can be hard to achieve if your cookie batter is too wet.

I tend to refrigerate the batter first to make it cold and easier to work with. I’m not sure if that would work with this recipe but worth a shot if you are struggling to get it right.

Top Money-Saving DIY

gardening secrets the experts don't tell you about

Gardening season is fast approaching so Mrs. CBB and I have chatted about whether we will be growing much this year since we are going on vacation for a few weeks. Over the years our vegetable and herb garden has gotten smaller but the savings sure add up.

While visiting Den Garden I came across a post about 101 Gardening Secrets The Experts won’t tell you that I know you will love.

Save all your banana skins and let them dry outdoors. Plant them at the base of your tomato plants: It’s like giving your tomatoes a pick-me-up and will encourage growth.

You can speed things along by pureeing the banana peels with water in a food processor or blender and then pouring this around the base of the tomato plants.

Will you be planting a garden this year?

If so take photos… there will be a photo contest again!!

Saturday Search Term Giggles

kermit the frog

Always begin and end your day with a SMILE!- Mr.CBB

Every week I get thousands of people visit Canadian Budget Binder because they did a search online and found my blog.

  • Rogers Canada Deals for Disabled– I might have to look into this to see if it exists.
  • Monthly Grocery Costs Dublin– Monthly Grocery Costs “doubling” or Dublin, Ireland? This is one for Jeff Foxworthy, I’m sure of it.
  • Two-Ingredient Banana Oatmeal Cookies– Haha, bananas and oatmeal, mix, bake, enjoy.
  • Tim Horton’s Chocolate Glazed Donut Recipe– It’s not worth the trouble…
  • www.tipsonlowincomebudgeting.com– Haha… must be an internet newbie.

Most times funny, Sometimes serious.

That’s all the fun for this week, thanks for dropping by and we’ll see you all again next Saturday.

Mr.CBB

Don’t forget to follow me on Social Media and Subscribe to the blog.

Save

Save

Save

Save

Save

Save

Save

Similar Posts

4 Comments

  1. Yes I will be gardening again this year…but…after learning what works and doesn’t work so well in my pallets and tubs last year there will be some changes as to what I plant…

  2. Teamwork really helps to avoid these eight ways to waste money. I and my wife have a good teamwork as we most of the time ask each other’s opinion, but most of the time we are on the same page on most of the eight ways, We barely eat out, have less or no food waste, and others.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.