10 Biggest Money Wastes to Avoid to Save a TON of Money

People don’t often realize how much money they’re throwing away, and how easy it can be to save money each month. Avoiding these things people waste their money one, can help you to live a more frugal lifestyle!

Hint: the BIGGEST money waste is at the end!

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What’s the Biggest Waste of Money… You Decide!

Name brand accessories

In a lot of cases, it’s true… you get what you pay for. But, often times the name brand product you want is the exact same product as the generic, but it has their brand on it, and that’s why it’s so much more expensive. Read reviews of the off-brand items, and see what people have to say. If people are loving it, buy the off brand! This is especially great for things like beats headphones, Nike tennis shoes, high end make up, etc.

Buying things new

Just because something is “used” doesn’t mean it’s any less high quality. So many times people buy things that they end up not even really using. So it IS still new, but you’re getting it for WAY cheaper because someone else bought it first.

Things you should never buy new are:

  • Cars: buy a car that is one year older, it will save you thousands!
  • Clothes: Don’t buy expensive name brand clothes new, you can go to a second-hand store and get the same thing for a lot less.
  • Books: Whether it’s something you want to read for fun, or a book you need for a college class, don’t buy it new! Check Amazon and Ebay first.
  • Electronics: So often, people get a nice new phone, use it for a month, and then get the newest version that comes out. Buy it off those suckers for half the price they bought it for!

Membership sites

Membership sites will rob you if they get the chance. You know, the sites you sign up for with the seven-day trial, and you forget to cancel and now you’ve been paying for it for months and had no idea. Or the companies that auto-renew and refuse to let you cancel until the subscription date ends. It’s a trap! Only use subscription sites if you are 1000% sure that you will remember to cancel it after the free trial.


Disposables don’t seem like they cost a lot until you add it up and the end of the year and realized you could have paid your car payment with all that money. Don’t buy disposable products such as napkins, paper plates, plastic silverware, plastic straws, makeup remover wipes, etc.

Look into these reusable alternatives:



Cable is starting to become a thing of the past. Why? Because it’s so expensive! And there’s a lot of much cheaper alternatives out there now, such as Netflix, Hulu, and Amazon Prime TV. You can get all three of those for less than half the price of what cable usually costs!


A lot of people keep their landline, just because they’ve always had one. But you can get a smartphone now, for cheaper than what it costs you to have a landline. It’s much more convenient, less telemarketing calls, all around a much better deal.


I know that this seems pretty silly, but people spend SO much money on drinks!

  • Bottled water:

Buy yourself a reusable water bottle, or a pitcher with a filer that you can keep in the fridge. Stop buying things that are already free for you!

  • Soft drinks at restaurants:

Seriously? $4 for this glass of soda? When you can get a bigger one for $0.99 at the gas station, or a whole case at the grocery store for less? No thanks.

  • Coffee from coffee shops:

It’s unreal how much people pay for coffee. $5 a day, 5 days a week adds up to $100 a month… on coffee. Unbelievable.

Late Fees

Late fees suck. Especially when you genuinely intended to pay it on time. Make sure to label it on the calendar, whether it’s on the wall or on your phone, so you don’t forget to pay those bills.

Avoiding maintenance

It can get expensive to maintain your cars and your houses. But if you avoid it, it could cost you SO much money. Avoid getting your oil leak fixed in your car; your engine will blow up. Avoid getting your pipes in your house fixed; your basement will flood. Don’t try to save money in the areas that could end up costing you a TON of money!


Interest is the BIGGEST money waste of all time. You’re literally just giving your money away. There are a few things you will almost always have to pay interest on, like your mortgage or a business loan, because it’s difficult to pay that large of a sum of money.

But, there are ways to save a TON of money on interest: 

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How can I save money on interest for my mortgage loan?

A lot of people don’t actually realize how much they’re paying in interest on their mortgage loan, especially for the first few years. Even with a low-interest rate, such as 4%, if you were to look at your $900 mortgage statement, you would see that about $200 of that goes towards insurance, $200 goes towards the principal amount, and $500 goes towards interest. More than double goes to interest!!!

That’s just insane! Now, this does slowly start to even out over the years. They do it this way, so if you default on your loan, they got as much money out of you as they could.

You can save yourself thousands, and cut years off your mortgage by paying double principal payments. So for the instance above, by paying an extra $200 a month, you can save so much money!

How can I save money on interest for my auto loan?

Simple, don’t get one! Just kidding… But really, if you can buy a car without getting a loan, do it! But, similar to a home loan, paying more than what’s required can save you a ton.

Also, if your loan isn’t a huge amount, you can look into getting a personal loan instead of a auto loan. Often times, the interest rate on a personal loan is lower than that of an auto loan. PLUS, if you don’t have an auto loan, you won’t be required to pay full coverage insurance!

How can I save money on interest on my credit cards?

Credit cards can be great if used correctly! They can build your credit, and help you to earn cash back and other rewards. But, the interest can kill you! The best way to avoid paying interest is to only charge what you know you can pay off at the end of the month. But, I know this isn’t always possible.

You can also shop around for a card that has a lower interest rate. Often times, credit unions offer lower rates than banks.

If you are going to be making a big purchase, find a card that offers an “18 month no interest” or something like that. THEN, set up a plan to have that paid off within 18 months because the interest rates on those cards are often high.

Another helpful tip, don’t use retail cards. Certain credit cards, such as best buy, victorias secret, and other retail stores have INSANELY high-interest rates.

Don’t just keep paying the minimum. Always try your hardest to pay more, because the faster it’s paid off, the less you will be paying in interest.

What’s your biggest waste of money? Let us know in the comments!

Anything on this list of common money wastes stands out? Don’t feel bad. Everyone wastes money on something, and everyone has room for improvement when it comes to saving money on expenses. What do you think the biggest money waste is?


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