Money wasters are things we throw money at, without regard for use or purpose, essentially wasting our money.

Here are 5 examples of how we throw away our hard-earned money.

  1. Buying cheap cookware: These could potentially be toxic especially for non-stick cookware. This is because it is not clear what substitute materials have been used to replicate Teflon, which is the main material used in non-stick pans. Additionally, cheaper quality tends to deteriorate  faster, requiring regular maintenance or replacement. In essence, buying cheap cookware will have you spending more money than you would have originally spent if you had bought good quality cookware to begin with.
  2. Chasing bargains: The word sale invokes some ancestral spirits that possess our bodies and minds to shop. These spirits impair our rationale and compel us to buy things we do not need and may never use. For instance, buying blueberries just because they are half off, yet they were never even on your grocery list. You might not have a use for them, they will end up going bad and you will have wasted money.
  3. Buying specialty items: Specialty items like waffle makers, bread makers, smoothie blenders, egg cookers, pizza makers, coffee makers have one specific use and if you don’t plan to make any of these items often, there’s no point spending money on them. Well, unless, you can find another use for them. In addition to this, they take up a lot of space. Sure, they are super convenient, however, if you’re not using them frequently, what really is the point of having them. Go for multi-purpose items that can be used for a variety of things, value for money.
  4. Renting out a big house, when you are alone: Once we are ready to move out, we tend to prefer two bedroom houses, because we think they are cheaper (in some cases this is actually true), if you compare the square footage and the rent, it ends up being true. The real struggle comes in when you have to furnish the house. You will always be buying things because you know you have the space for it. So how much cheaper is it really? Let’s evaluate this simple scenario; let’s assume the difference between a one-bedroom house and a two bedroom house is, KSh. 5,000. If you move into the one-bedroom house, you may feel constrained in terms of space, but this also restricts you from buying unnecessary things and on the plus side you save Ksh. 60,000 in a year. If you move into the two-bedroom house, you get lots of room, but you lose out on Ksh. 60,000 in a year and also have to spend to fill in the room.
  5. Skin and personal care products: There is a superfluity of skin and personal care products, with varying prices and purposes. We have to understand that the impact of products and routines also varies widely, in that what works for one person might not work for you. Before we go out to buy all these products based on a review, we need to first know what works well for our skin by doing a skin test or going to the actual experts (dermatologists, estheticians & gynecologists). Based on that you can find cheaper alternatives! We also need to remember that the skin is the largest organ of the body and there are foods that we can ingest to make it sturdier and healthier. For example, would you believe dark chocolate contains antioxidants which protect your skin and improves blood flow?

These money wasters can be a hindrance to financial success and we may not realize the significance of that hindrance until it is too late. So let’s make a conscious decision to be wiser in our purchases, it may be a temporary inconvenience but the future will thank you for it.