5 Things You’re Probably Wasting Your Money On

5 Things You’re Probably Wasting Your Money On

I may not be completely wise with my financial management, but I strongly believe in spending prudently. Hence, basic finances are focused to ensure a sustainable lifestyle.

It’s not easy to earn nowadays – I bet you know that by now. As prices go up on a rapid basis, our income doesn’t seem to have that similar momentum.

money talk

And that’s when we hear phrases such as, “I don’t have enough money, it’s the government’s fault!” or “My company is not paying me good enough”.

But the question is this – is it possible for us to dictate what the government or the company does? Chances are very, very slim.

So instead of pointing fingers at them, let’s look at ourselves. Are we in control of our money, or is our money controlling us?

malaysia 50 cent coins

Many are oblivious, but here’s the ugly truth – many of us are not spending wisely. We don’t have budgets to begin with, we spend more than what we earn, and we don’t know what the money was spent on.

So in this entry, I’m gonna share 5 basic things that make us waste our money and why we should avoid that.

malaysian money new notes

But wait, if you’re from a well-to-do family and have no issues with not earning big (you have family support, I know heh), what’s coming up is not meant for you. In fact, just continue with your everyday life. ;)

Still here? Ok then, here we go – 5 things you’re probably wasting your money on…

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1) Clothes that you’ll only wear once or twice in a year.

It’s fun to splurge on new outfits. But more often than not, we tend to buy nice and cheap ones from online boutiques. The fact is, these purchases will eventually go “missing” in the closet.

discount rate

We’ve not even gone into the branded purchases yet.

Let’s be practical – we only need clothes for work, recreation, sports, and sleep (unless you sleep naked). There’s no need to be all Barbie or Ken (eh, that’s me!) and buy clothes to fill up the wardrobe.

2) Dine out food and snacks.

This is really common. Eating out is extremely expensive.

dining out restaurant

Doing so once in a while is fine, but learn to cook and prepare your own food at home. It’s both a cheaper and healthier option for you.

Snacks aren’t cheap as well. It’s convenient to get them at the convenience store, but they don’t do justice to both your wallet and health.

3) Frequent dose of coffee and/or cigarette.

We all know someone who complains about not having enough money, yet they go to Starbucks (or any hipster cafe) every other day to get their dose of coffee.

starbucks drinks

I call these people the Coffee Quality Assurance Executive, one of the 10 types of interesting colleagues.

Cigarettes are also another money-spending habit that is slowly killing you, but expect to pay even MORE on medical bills later on in life. Kick the habit, and do yourself a short term favour – saving money, and a long term favour – keeping the body healthy.

4) Gadgets and technological devices.

How fast can you keep up with the constant technological advancements? First, an iPad, then the iPad 2, and after that the NEW iPad. Soon after, you’ll get tired with the big-screened iPad, and get yourself an iPad Mini.

apple new ipad

And what do you do with the iPad? Social Media Management. Yeah, right.

Such instant gratification costs loads of money that could have been used to fuel your daily necessities like food and transportation.

5) Using credit card and paying its interests.

Why pay extra for owing the bank for items you’ve purchase? If you don’t have the cash, don’t swipe that credit card.

credit card wallet

Spend within your means, or better… spend below your means. That’s one of the factors to achieving financial stability.

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There you go – expenses that you may not realize (you should have realized by this point) that could save you some money in the long run. So shut up ’nuff with the whining, and start spending wisely.

On a related note, I’ll keep being a cheapskate, but apparently I have RM2billion in my pocket…

ken holding project

Phew… I feel damn rich now!



12 thoughts on “5 Things You’re Probably Wasting Your Money On

  1. I’m feel a bit guilty for the no. 1 but for the rest, I’m totally agreed with you. I don’t understand why most people like to spend their money on Starbucks lah, Coffee Bean lah, some hipster cafe that cost almost or even more than RM10 just for a cup of coffee when you can have it at coffee shop for less than RM3 or 2, or even better make yourself at home or office (like what I did).

    Same goes for the technological devices as well. I saw some people already have iPhone 5S but still not satisfied with it and immediately get iPhone 6. ==” I prefer same my money to travel around the world cause that’s make me richer.

    Happy New Year to you, Ken!

    1. yup agreed.

      I don’t understand why they likes to spend too much money on stuff like that which cost us too much, the expensive meal, the changing of gadget too requent. Imagine how much money we can save if we avoid them.

      Cheers! :)

  2. Ouch to all of these. haha. I am a very coffee person, and quite more than not I’d find myself sitting at a starbucks with an iced blended cappuccino only to regret later. It really is expensive but somehow it’s so hard to find a coffee that can really fulfill my craving for a good one. and yes, the clothes. They are stacking up in my closest because I tend to wear only a handful of them actually. Time to change! :-D

  3. Different people have different perception of lifestyle spending in their life. If a person dislike travelling like me, i also can label him/her as spending something that not necessary in life by travel around the world.

  4. easier said than done!
    i get rid of my clothes quite frequently on this app called carousell but then i also buy a lot of secondhand clothes off there
    i dont know what is the point anymore

  5. i think spending is a necessity. is a satisfaction/happiness level. in today’s life. there are too much to offer.

    Is about how the coutry works. Malaysia is dying for financially average below. Average people will only get poorer and live a down graded live. expenses are rising, salary is getting competitive.

    Can’t afford good things, but needed to go for cheaper things to save up. Hopefully getting rich later.

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