6 Big Time Money Wasters

Clothes do wear out and need to be replaced, so you must include that in your budget, but those spending decisions should be practical.

Plus, you don’t want to participate in something that disproportionately hurts the poor. A Bankrate report found that low-income households spend as much as 13% of their income on lottery tickets.  That’s far more than higher-income earners.

Instead of buying an extended warranty, do your homework to make sure you’re buying a quality item to begin with. Most will have an adequate manufacturer’s warranty anyway. And then make sure you have enough money in your emergency fund to cover any repairs you might need to make.

More and more folks are dropping cable and satellite TV and using only streaming apps, but even there, you can waste a lot of money.

A new survey by FinanceBuzz showed that a quarter of households have at least 3 more streaming apps than they had a year ago, and 1 in 10 reported they have no idea how much they’re spending on streaming.

So keep track of what you’re watching and if you’re not getting your money’s worth from an app, drop it. That’s one great thing about streaming apps — no service contract. You can drop it any time you like.

Those are your 6 big-time money wasters. We hope you find this helpful.

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