5 Things You’re Spending The Wrong Money On

5 Things You're Spending The Wrong Money On

These 5 Things You’re Spending The Wrong Money On may surprise you. It’s time to really focus your income to pay off debt, build a vacation fund or invest for the future. If you plan to really make changes in your finances, then you need to make sure you are truly focused and spending money on the right things. Each of these things is something you believe you should be paying for, but may be purchasing in the wrong way.

5 Things You're Spending The Wrong Money On

5 Things You’re Spending The Wrong Money On

Cable or satellite television services. Even if there is that must see show you don’t want to miss, this is often the wrong place to be spending your money. If you already have a good high speed Internet service, then your ability to stream through Hulu, Amazon Prime, Netflix or similar services is great. For an investment of around $100 you can purchase an Amazon Fire, Roku or similar device. Purchase monthly streaming services for around $10-$30 and save upwards of $70-$100 per month while still having all the same shows available. If you think you have to pay for cable to get Internet, you will want to double check because many companies no longer require the combination to have Internet services.

Separate insurance policies. If you have separate health, vehicle, home and travel insurances it may be time to check what policies are available for you to combine. Many vehicle insurance policies are also from companies that have plans for home owners, boats, motorcycles and more. Health insurance companies often also include life insurance, dental and vision insurance all in bundle packages. You may be able to combine multiple policies for extra savings.

Cellular phone service. It has been more common place to find people using pre-paid cellular services to save money. However, you need to do a lot of research since many pre-paid programs no longer allow unlimited data usage. For some individuals, the added cost of a contract is more beneficial to have true unlimited data use. Also, families that like to get new phones regularly may find it more beneficial to use a contract that allows discounted upgrades or trade in for other phones. {get tips on finding better cell phone plans}

A new car. Many people upgrade vehicles every 3-5 years. This may be much less efficient than to simply maintain a quality used vehicle for many years. Weigh the costs of a payment and higher insurance against basic maintenance costs and a savings plan for potential repair needs. Many times you’ll find that your older used car is far more reasonable than a new car would be for your family. { Get some ideas on Car Reviews here}

After school care or childcare for your children. This is one area that you may find yourself spending far more than necessary for. Childcare can cost on average of $80-$150 per week depending on age of child, needs and location. Doing trade off with another local parent for after school care could be easy to barter and be no out of pocket expense. In the summer months, you may be able to work out a trade or lower rate for a part time nanny or sitter in house than taking your child to a day camp or child care center.

These may be things you’re spending the wrong money on. When you evaluate your finances, make sure you are paying for the right things, and in the right ways. You may find small changes like these will have the greatest impact on your overall financial situation.

What are some things you think or know you are spending the wrong money on? Leave me a comment below and let me know!

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5 Things You're Spending The Wrong Money On

Previous Meijer: Vitamin Savings Deal
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  1. Great advice! I couldn’t agree more.

  2. October 6, 2015

    Great advice. We cut our cable bill in favor of hulu and netflix and swapped our cell phone plan for pre-paid, and we save a ton of money each month.

  3. September 20, 2016

    I disagree. Dropping our land line and going cell phone only saves us more money than using a land line. We keep our phones until they die.

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