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How Not to Waste Money

Learning how you spend your money can keep you from wasting it. Stop throwing money out the window with these smart moves.


  • Step 1: Take employer matching Take advantage of retirement funds your employer matches.
  • Step 2: Save money Save your money in accounts that pay high interest.
  • TIP: Call your bank to see what high interest accounts are available.
  • Step 3: Buy appropriate amounts Buy in bulk only if you consume in bulk. You are not saving money if what you buy in bulk eventually gets thrown away.
  • Step 4: Pay in cash Pay in cash. You are wasting money when you spend time cutting coupons only to pay interest when you pay for your purchases with a credit card.
  • Step 5: Resist impulse purchases Stop making impulse purchases. Ask yourself if you really need the item and if you can afford it. If you don't really need it, use your willpower and avoid the unnecessary expense.
  • TIP: Do not buy items that you will not use just because they are on sale.
  • Step 6: Buy generic Buy generic brand items, such as prescriptions and groceries, instead of name brands.
  • Step 7: Cancel gym membership Cancel your gym membership if you are not using it, and walk or bike to get around.
  • Step 8: Quit smoking Quit smoking. Both your wallet and body will thank you.
  • Step 9: Get best insurance rates Make sure you are getting the best insurance rates by calling your current carrier's competition.
  • Step 10: Visit your library Visit your local library to rent music, books, and movies for free or for a minimal fee.
  • FACT: As of 2006, the federal government spent between $15 and $25 billion annually maintaining unused or vacant agency buildings.

You Will Need

  • Retirement account
  • Savings account
  • Cash
  • Willpower
  • Library card

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