We make many purchases on a monthly basis, ranging from groceries to clothes and occasional luxury goods. There are, however, several things we find ourselves spending money on that we really shouldn’t.
In this article, we will introduce five things you should never spend your money on when you are on a budget.
In 2015, Australians spent over $2 billion on bottled water.
1. Bottled water
In most parts of Australia, you will find high quality tap water that is safe to drink. Instead of spending $2.75 on a litre of bottled water, fill up your bottle at the tap next time you leave the house to enjoy the outdoors. In 2015, Australians spent over $2 billion on bottled water. This money could have easily been spent on other things, such as the deposit for a new property.
2. Expensive brand products
When you are buying basic foods, toiletries and cleaning products, there is really no need to reach for the expensive branded products. You can easily save over 50% by purchasing the generic store brand instead of fancy branded products when it comes to things like shampoo, soap, cereal, bread, or any other basic goods you usually purchase in your local supermarket.
3. Lottery tickets
The chances of winning the jackpot in the Oz Lotto are over 45 million to one.
The chances of winning the jackpot in the Oz Lotto are over 45 million to one. In other words, it is highly unlikely that you will ever win big in Australia’s favourite lottery. After all, the only way lotteries exist is because it costs lotto players more to play compared to the long-term winnings they make. Hence, it is best to avoid spending money on lottery tickets.
Bank fees really should be a thing of the past as there are enough banks out there offering fee free accounts, free ATM withdrawals and free money transfers within Australia. If your bank is charging you a monthly fee to hold your money, either discuss the matter with your bank manager and get the fee removed by threatening to switch banks, or simply switch to a bank that can offer a fee free account.
5. Newspapers and magazines
Nowadays, we can find any information we want online so that there is no real need to purchase newspapers or magazines anymore. Printed newspapers only ever feature yesterday’s news and your favourite magazines all have online versions too, so why spend money on them?
When you are on a budget, it’s crucial to focus on spending your money on what’s important and to avoid unnecessary expenses.