Top ten money drainers

How to Spot Money Wasters in Your Monthly Budget

One person holding money in both hands

Borrowers who depend on quick online payday loans frequently squander their money in ways they may not realize. If your paycheck seems to disappear before you know it, you probably have this problem as well. We've listed the top ten biggest money wasters below to help you stop profligate spending.

  1. Unnecessary gadgets. Technology has convinced us that we can't live without certain services and gadgets that make life easier. This has gone overboard in recent years, bombarding customers with activation, download, usage, and other fees. Think about your state-of-the-art cell phone, your call forwarding, and other services or products and ask yourself what you really need and what just costs more money.
  2. The bait and switch. Falling for companies' bait-and-switch tactics is another way borrowers of quick online payday loans get into trouble. For instance, you might get a great deal on a hotel room online, but the hotel tries to up-charge you $50 when they present the bill. Stick to your guns and ask for the original price.
  3. Dormant memberships. If you have a $40/month gym membership, you are spending almost $500 per year on something you probably never use. Canceling dormant memberships can help you avoid the need for quick online payday loans.
  4. Desperate retailers. Once you donate to a charity or subscribe to a magazine, it's a strong possibility that the organization or company will never leave you alone again. Resist solicitations for more money or subscription renewal offers.
  5. Buying the whole package. Businesses love to plug the package deal, claiming that consumers get a bargain by bundling all of their services together (e.g., the phone and cable companies). However, you probably don't need all of the services that come in the bundle, and you will only be wasting money that you will later have to borrow with quick online payday loans.
  6. Shopping fantasies. Have you ever decided to take up a hobby, such as golf or skiing, that requires a massive investment in equipment up front? Have you ever been shopping and bought an overpriced outfit because it was 50% off? Though these items may be exciting, they are colossal money wasters.
  7. The enticing upgrade. You can hardly order food these days without being asked if you would like to supersize your meal. Likewise, "unlimited" packages are everywhere, from cell phone plans to spray-tan salons. You know you likely won't use the item/service enough to justify the unlimited plan, so resist the upgrade to help break your dependence on quick online payday loans.
  8. Turning down freebies. If your employer offers a matching contribution to your 401(k) plan, take it. Not taking advantage of these kinds of benefits is like turning down free money.
  9. Buying in bulk. Buying in bulk is extremely expensive unless you consume items in bulk. Buy smaller portions to save money.
  10. Avoiding returns. Returning a shirt that doesn't fit or an item that was broken when you opened it is much easier than having to take out a quick online payday loan later for the money you threw away by not doing so.
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Life happens and a payday loan may help Payday loans are easier to qualify for than other types of loans but that is not a guarantee that you will be approved