What is a waste of money?

[iris lilies]

Catherine mentioned on another thread she doesn't like to waste money. I dont think any of us exactly like wasting moneyy! But, spending money according to our individual values is how we define waste vs not-waste.

For me, one of the biggest wastes of money is interest. Interest is THE ENEMY. I do not feed the enemy.

[happystuff]

Catherine mentioned on another thread she doesn't like to waste money. I dont think any of us exactly like wasting moneyy! But, spending money according to our individual values is how we define waste vs not-waste.

For me, one of the biggest wastes of money is interest. Interest is THE ENEMY. I do not feed the enemy.

I totally agree with you here!! My kids are at the age where they are venturing out into their own with regards to finance. I tell them OFTEN that paying interest on anything means you are paying MORE - especially when, most times(not always - i.e. mortgage), it can be avoided!

[Yppej]

Paying someone else to do something you can do yourself.

I try to do this but some things like changing the oil in my car I do pay others to do. When I got my first car my dad showed me how to change the oil, but shortly after the laws on disposal of the oil changed and it was a hassle to get rid of the old oil and I never have done my own oil change.

The idea of continuing education after I retire - like Rosa did with carpentry - appeals to me. Already I am having to learn to do some things my son used to take care of for me. I have gotten lazy. So this is pushing me to grow.

[razz]

A waste of money - definitely paying interest that can be avoided.

For me, I would add not taking the time to review if I really want something or some service without first doing due research. Do I still need/want it? Is there another way of doing this that will work better?
Groceries - I thought that I needed more olive oil, bought it when not on my list to discover that I had already bought one. and forgotten. Buying too much of something and eventually tossing the leftover like spices. Unless the large package is that much of a saving, I now buy just what I need fresh.
Batteries - technology changes and so do items like batteries so a stockpile unless one has a dedicated regular use, batteries expire like other items. Buy limited number for specific use only.

[LDAHL]

IL is right. Waste is largely in the eye of the beholder. To me, travel is generally a waste of time and money. To others it may be essential. There is an attack ad being run by moveon.org in my State against a Senator for being too friendly to the rich and their “ expensive hobbies” like space flight. I’m not sure anyone has much right to sit in judgment about what others do with their earnings.

[Teacher Terry]

It’s definitely in the eye of the beholder! I like to travel and have spent significant sums doing so and never regret it. It’s important to me that my house feels comfortable and is decorated nicely. My house doesn’t have to be big and fancy but it needs to feel good to live in.

[ApatheticNoMore]

Anything you regret buying and can't return. Anything unused (like food that doesn't get used in time). That's kinda it.

I don't have to (although I might) judge what anyone does with their earnings, to judge collective overshoot.

[catherine]

I agree that interest is a huge waste. I always make a point of telling DH how much money went to debt service each month but his eyes glaze over. He's typically fine with interest as long as he has his whatever-it-is he wants. The concept of interest is too abstract for him.

Not particularly pointing fingers at DH, but just in general, I think smoking is a HUGE waste of money on so many levels. I know smoking is pleasurable to a lot of people, that it's hard to stop, that it's their money and their body, etc etc. but in general, I can't think of a bigger waste of money than smoking. My mother died from emphysema. How much of a waste is that?? But when I see half of DH's social security check going for smokes, I just think it's a waste. I know he does, too.

My own wastes include


forgetting to turn off auto-renew for online subscriptions
the occasional crossword scratch-off
Excessive cable subscriptions
Not tending to the garden and having things die
More than anything, not listening to my gut and throwing good money after bad


In general, a waste of money is ANY expenditure that is not worth your life energy. My son got talked into going to Florida with his brother, and he did it just to please his brother, and now he is bemoaning the money he spent on that trip. If I go out to eat more than twice a month, that's not worth my life energy. OTOH, I spent a few hundred a year on various learning opportunities: permaculture, gardening, "optimizing" (self-development) and I am fine with every penny.

It all goes back to YMOYL--what is it that's worth your life energy? What is not?

[happystuff]

A waste of money - definitely paying interest that can be avoided.

For me, I would add not taking the time to review if I really want something or some service without first doing due research. Do I still need/want it? Is there another way of doing this that will work better?
Groceries - I thought that I needed more olive oil, bought it when not on my list to discover that I had already bought one. and forgotten. Buying too much of something and eventually tossing the leftover like spices. Unless the large package is that much of a saving, I now buy just what I need fresh.
Batteries - technology changes and so do items like batteries so a stockpile unless one has a dedicated regular use, batteries expire like other items. Buy limited number for specific use only.

This actually touches on something I'm trying to change/adjust right now... stocking up. I think I have gone over-board on many items, especially food items. I'm starting to take a good look at the pantry and trying to eat it down.

[GeorgeParker]

Buying the big package of something on the assumption the big size is always cheaper per ounce/unit. Sometimes it's actually more expensive, especially if the small size is on sale.

And on a similar note, don't trust the "per ounce" labels on store shelves. Often they're out-of-date, rounded off funny, or just plain wrong.

[iris lilies]

Buying the big package of something on the assumption the big size is always cheaper per ounce/unit. Sometimes it's actually more expensive, especially if the small size is on sale.

And on a similar note, don't trust the "per ounce" labels on store shelves. Often they're out-of-date, rounded off funny, or just plain wrong.

psychologically those giant packages are bad for me. I see the BIG supply and am not careful in using it. The only worthwhile expense of our Sam’s membership was in savings of giant containers of dried Parmesan cheese. But that caused me to use too much of it. Not good.

[frugal-one]

Buying the big package of something on the assumption the big size is always cheaper per ounce/unit. Sometimes it's actually more expensive, especially if the small size is on sale.

And on a similar note, don't trust the "per ounce" labels on store shelves. Often they're out-of-date, rounded off funny, or just plain wrong.

Wow... I never even thought to question that and "assumed" it was right.

[happystuff]

Wow... I never even thought to question that and "assumed" it was right.

I never really looked at those and always did my own calculations. Let me use some brain cells - LOL.

[frugal-one]

Wastes for me include (among other things as mentioned) ... not returning things I will not use. I have returned unopened duplicate food purchases with no difficulty. I always return clothes purchased that I realize I will not wear. Lottery tickets of any kind have only been purchased as a gift from the dog at Christmas or some such silly thing. I would never spend wads of money on that or gambling for that matter. Buying DVDs or movies are another thing I would not do since I can get for free at the library.

[Rogar]

Buying something that should last years, but it breaks quickly and has to be replaced. Often while trying to be frugal.

[Tybee]

Spending past that point that Amy Dacyzn talked about, where you have met the need but not gone beyond it.

Needs can be very complicated. My mom, for example, still has in her house the towels that I took to college in 1972. There's not much nap left. I would have bought new towels many times and used those for rags. She did not feel that as a need.

I have a need not to feel that I am not worth buying towels for. That was not what she was thinking by keeping the towels, but growing up, that is the message I got.

So I need to take care of myself in ways that I don't feel deprived--but sometimes that can look like a waste of money.

It's a great topic, btw!

[Teacher Terry]

For years I took all the towels and sheets that my grandma and mom didn’t want. They were sick of penny pinching in their later years. I was glad for the freebies when raising the kids. Now I have nice towels and sheets.

[rosarugosa]

I can't think of any that haven't already been mentioned. As a former long-term smoker, I agree with Catherine that cigarettes are the worst, not only expensive but they make you sick and possibly kill you too! It's hard to think of a worse investment, well maybe heroin.
I think food waste is currently the worst waste of money in our household.

[ToomuchStuff]

IL is right. Waste is largely in the eye of the beholder. I’m not sure anyone has much right to sit in judgment about what others do with their earnings.

Except a divorce judge. I have always found it weird, that they can require parents to save for their kids college fund, yet married couples do not, and the kids are "adults" at 18.

I agree that interest is a huge waste. I always make a point of telling DH how much money went to debt service each month but his eyes glaze over. He's typically fine with interest as long as he has his whatever-it-is he wants. The concept of interest is too abstract for him.




More than anything, not listening to my gut and throwing good money after bad


In general, a waste of money is ANY expenditure that is not worth your life energy.

It all goes back to YMOYL--what is it that's worth your life energy? What is not?

The way to get interest across, is it is money he no longer has to put towards the next thing he wants?

The next two quoted sentences are kind of an issue for me. The when I no longer am interested in something, verses, is this temporary, or permanent and the amount of effort to either get rid of it or reacquire it.


Buying the big package of something on the assumption the big size is always cheaper per ounce/unit. Sometimes it's actually more expensive, especially if the small size is on sale.

Same thing with books or the free shipping gimmick. Used books were always better for me (bought several for a penny and $3.99 shipping). Free shipping, doesn't always mean the lowest price. Sometimes (things like Amazon, Petco, etc.) it is convenience (your time picking it up, verses having it delivered and when you need it by). That is the old hardware store verses the big box store thing, you pay for it.

psychologically those giant packages are bad for me. I see the BIG supply and am not careful in using it. The only worthwhile expense of our Sam’s membership was in savings of giant containers of dried Parmesan cheese. But that caused me to use too much of it. Not good.

Ah, the old 4.5# they no longer carry.

A part of me thinks having two houses is a waste of money, however, the other part knows I deal too much with Murphy's law and until the estate is settled, I am covering my rear.

[GeorgeParker]

Used books were always better for me (bought several for a penny and $3.99 shipping). Free shipping, doesn't always mean the lowest price. Sometimes (things like Amazon, Petco, etc.) it is convenience (your time picking it up, verses having it delivered and when you need it by). That is the old hardware store verses the big box store thing, you pay for it.I too have bought used books, and sometimes videos, for a few cents plus shipping because the total cost was significantly less than what I would have to pay locally or the item wasn't available used at all locally. The key is total cost including shipping and how much you trust the dealer to describe the item's condition accurately.

I'm also not shy about walking into Half-Price Books and asking them to order a book/video/cd for me that is in one of their stores in another state. Again the key is total cost including any shipping charges and the fact that I know when I come back to pick up the item I can examine it's condition before paying for it and reject it if it's not acceptable.

[pinkytoe]

Being a frugalite, I often fall for buying the cheaper version of something. Sometimes that's fine, but just as often the item is not worth the money spent and I should have paid a few dollars more for better quality.

[happystuff]

I have a habit of buying things that I think will simplify my life, but then I never end up using. Not sure how to combat that as sometimes it actually works.