5 Things you Waste Way too Much Money on Every Month
The sheer amount of expenses you have every month can be overwhelming to the point where managing your money can seem almost impossible. However, one of the best ways to cut down on your expenses is to cut back on your spending. There is a slew of things that the average person overspends on, and so cutting down on just a few of these can save you a substantial amount every month that you can allocate towards more important things such as a savings account or paying down your debts. Here are five things that you likely waste too much money on each month.
1. Car Insurance
Everyone is well aware that they need car insurance because the law mandates it. However, there is nothing written into law that says you have to spend money on overpriced car insurance. Despite this, millions of Americans over-pay for their car insurance each month and may not even realize they are doing it. You should comparison shop for insurance rates to find the best deal out there. Otherwise, you could be wasting away money every month. Check out websites like Esurance.com as they make it extremely simple to compare a multitude of car insurance quotes in only a couple of minutes.
2. Brand-Name Pharmaceuticals
The world is so filled with brands that people think that have to have brand name everything from their clothes to their prescriptions. Although brand name products tend to be associated with higher quality, when it comes to medicine, this is far from the case. Generic prescription drugs have to go through the same FDA testing that the brand-name versions do. Additionally, there have been multiple studies that have shown that generic medications work the same as the name brand ones. However, the difference is that generic medications are much cheaper, in fact sometimes hundreds of dollars cheaper. If you are paying for brand name prescriptions, then keep in mind that you are paying for the name and not the quality. Switch over to the generic version to save money.
3. Bottled Water
Water manages to be both the most precious resource and the most abundant one on this planet. However, that does not stop companies from charging way too much to purchase a single bottle, especially designer water companies. They do this by tooting their water as coming from natural springs when the fact is that most of the time they are selling tap water that is filtered through a device similar to the inexpensive one you can easily purchase for your home. Stop spending money on your bottled water by buying one of these at-home filters and you’ll save a substantial amount each month.
4. Premium Gas
The fancy name and the higher price that comes with purchasing premium gas have convinced many people that a higher-octane gas will reduce their engine’s wear and increase their car’s fuel efficiency. Though, this is not the case. High-octane gas only helps those vehicles that have a higher compression ratio, which means mostly only high-end sports cars. These kinds of vehicles require premium gas. On the other hand, the majority of cars on the road will see no benefit from using high-octane gas. As long as your vehicle’s manufacturer does not require premium gasoline, going with the regular gas is the best option.
5. Health Foods
Just because a certain food product insinuates that it is healthy but doesn’t outright claim that it is, does not mean that it actually is. For example, many “healthy” nutrition bars that cost as much as ten times the amount as a regular candy bar contain just as many additives and sugar and don’t taste nearly as good. Additionally, supplements like protein powder can burn a whole in your wallet, especially if you get the premium kind. However, you can get enough protein from a normal healthy diet. Consuming too much protein is bad for your health anyhow.