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Below are some of the more common events that lead to squandered savings.

Not having a budget
Live life on the edge and spend every penny you earn. You can get struck by lightning tomorrow and then you would potentially die with a large amount of money in your bank account. All of that penny pinching would have been a waste. So why start budgeting? There is the chance than you can live to a ripe old age. Or you may start a family in the future, purchase a car, get hurt in an accident, or become ill. So, why plan for the unanticipated? There is a great to be said for impulsiveness.

Spoil yourself
A shopping spree does not mean you have to buy  ridiculously expensive shoes or a really fancy watch that you intend on wearing till the day you die. The more dangerous savings-draining criminals disguise themselves as sellers of common items, such as Costco and BJ's. Walking through a warehouse-sized store full of useful items at inexpensive prices all but promises a spending bonanza. Consumer Reports recently ran a report that surveyed and concluded that warehouse club shoppers spend more than they initially intended when visiting these types of establishments.

Indulging on gifts
Is there any better way to have fun than by putting yourself into debt? Never mind that presents are from the heart and meaningful sentiments. Gifts should expose how much extra money the giver has to toss around. If holiday shopping bills aren't still effecting you come June, you didn't do it properly. A recent survey by the Unity Marketing's Gift Tracker concluded that consumers spent nearly 25 percent more than they anticipated when buying Christmas and Hanukkah gifts in 2006.

Buy a gas-guzzling SUV
Nowadays, there are some vehicles on the road that can travel over 40 miles on one gallon of gas. This makes it seem like a waste of money to cruise around in a car that offers a fuel economy in the low teens. An evenly efficient way of getting rid of money would be to light it on fire as opposed to leaving your car so that you can pump gas. Read more about saving money on gas.

Depend on credit for emergency situations
When you have to dip into emergency funds to deal with a crisis, pay with a credit card instead of your savings. Not only will you gain the opportunity to pay the costs associated with credit cards, you run the risk of damaging a good credit rating if you neglect to make the payments.

Skip routine maintenance
Have you ever heard the phrase 'an ounce of prevention is worth a pound of cure'? Whatever! Don't waste your time trying to be healthy by exercising and eating right. Also, never change your car's oil or your tires. Wait until something very bad happens and then figure out what you are going to do.  This input goes for everything that necessitates an unquestioning dedication to habitual care and upkeep -- kids, pets, computers, pools, etc..




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Managing Money Info: Financial Strategies | Financial Emergencies | Money Issues | Allowances
Teaching Kids Credit | Saving Money | Savings/Investing Calculator | Trimming Expenditures
Cut Grocery Store Costs | Avoid Wasting | Why You Should Budget | Developing a Plan
Mistakes to Avoid | Money Spending Challenge | Checking Accounts Money

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