What with recently having written an article on the most common ways businesses waste money, I thought that writing one for MenProvement on the most common ways men waste money, would be an excellent idea. I’m not going to go through all the facts and figures of how much money men waste on average per year and so on, but I will provide a list of 7 things that we most commonly waste money on.
Before you go ahead and read the full list, you can probably guess most of the points if you think about it. So have a go and see how right you are. They’re just that common. Anyway, here’s the list of the 7 most common ways men waste money.
Cars… we love our cars, and a classic way that men waste money is by switching cars more regularly than most people. Money gets lost within each transaction, as well as extra expenditure purely because we want something newer, faster and more advanced.
I know a guy who had 8 cars within his first 2 years of driving, which is a new car every 3 months. That’s pretty costly. He’s also a guy that likes to modify his cars as well, so he was spending money doing up every one of these cars and then losing money when selling them.
I also happen to be one of these guys, and I know many other people who are the same. When you buy a new car, look to get one that will last, in every sense of the word, and not one that you’ll get bored with after a few months.
2) Eating Out
The good thing about getting into the successful frame of mind and becoming the best you can be, which is what MenProvement is all about, is that it also goes hand in hand with discipline and fitness. So the majority of you reading this may find that you don’t eat fast food that often, at least not as often as you used to maybe.
However, it still remains a fact that the majority of guys spend a lot of money eating out. If you’re anything like me, it’s probably because you’re not a very good cook and would prefer something quick and easy. A lot of money can be saved by eating out less, and not only that, but you can also become much fitter in the process. Plus the ladies love a good cook ; )
The price of alcohol varies greatly across different countries, but never the less it’s still incredibly expensive, and that’s why it’s definitely one of the most common ways men waste money. Especially after you get a little drunk and then become even happier about throwing your money around.
This is why pre-drinking exists, but still by no means is it cheap. Cut down on the alcohol consumption for a thicker wallet and a healthier liver.
Come on guys, we’re addicted to sports. And the next point on the list intertwines with this one very well. On average, most of us spend large amounts every year on sports equipment, tickets, clothes and footwear. My brother goes through 3 or 4 pairs of football trainers a year. Combine that with the amount of footballs he buys, the club T-shirts and the season tickets to the games, and you’ve got a fairly hefty bill.
Those football trainers probably could have lasted a hell of a lot longer, but who wants to show off the same old trainers consistently for several years. I’m not saying cut the sport out completely. Most of us probably couldn’t live without it. Although it’s definitely something to think about, since it’s one of the most common ways men waste money.
I mentioned sport above, which pretty much goes hand in hand with gambling. I just thought I’d save this point for a separate heading since it’s a powerful one. If we’re not gambling on sport, we’ll be gambling on something else. The casinos, the lottery, you name it.
Success requires hard work. To win the lottery requires a miracle. More people are playing the lottery rather than working hard. Giving away your money is easy if you think you have a chance of winning millions, but it’s never the right way to do things. Hard work is the true path to success and wealth.
Bonus Article: Is playing the lottery a waste of money? See the facts
When was the last time you went to the gym? I know I’m not talking to a majority of people here, as many guys definitely get there money’s worth from their gym memberships, but do you? Going once a month isn’t exactly going to get you any results anyway, so in that case there’s no need for it unless you start going more regularly.
Even those who do go to the gym regularly, your costs can be cut by working out at home instead. Ever tried body weight exercises? That’s what I’ve been doing for the last year, and they’re certainly not limiting in any way.
The advantages are that they’re free, can be done anywhere, strengthen all your muscles and joints not just the major ones, and you also don’t have to wait 10 minutes for someone to finish using a piece of equipment you need.
Bonus Article: The ultimate guide to working out in the park
Men love new technology and all the awesome gadgets that come with it. It doesn’t matter if we hardly ever use these new smartphone apps, or expensive cool looking gadgets, they’re just a ‘must have’ regardless. We’re proud of the fact that we’ve got the latest and most powerful tech at our disposal, and that it just makes others envy us.
This is also one of the most common ways that businesses waste money. They’ll buy the latest and most expensive stuff, even if it’s not quite the right fit for what they need to be doing. If you’re really interested in saving money, then try and hold off buying the latest technology. Instead of buying every latest version of the IPhone when it comes out, maybe skip every other version and save yourself some wonga in the process.
I know that money is not some precious resource to be stored up and never used. You have to have fun, you have to live life. But this article is perfect for any guys who are finding the need to conserve at the moment.
Maybe your starting a new business, maybe your wedding price tag has put you in a strangle hold. Whatever it is, these 7 things are the most common ways men waste money and the first spots you should look to to save.
For more ways to save money and better handle your finances, check out my website at WealthyGorilla.com