Wasting Money: Danger Zones

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Here are 6 'danger zones' where it's incredibly easy to waste money. If you follow these tips, wasting money in these areas can be a thing of the past. The difference to your bank balance will be nothing short of revolutionary.

1) Brand name groceries

Even though our heads are saying 'there’s little or no difference between supermarket own and brand products', we still often spend that extra cash on brands. Why is that? It’s the familiarity. When you have to make that split-second buying decision you feel just slightly safer with the brand, slightly warmer towards it - you decide to part with the extra cash. The vast majority of the time there really is absolutely no difference whatsoever. For example with painkillers, 16 own brand Ibuprofen cost 30p from a well known supermarket. 16 branded Ibuprofen cost £2 from the same store. You can also save at least 70p by going for the supermarket's own brand when it comes to Rich Tea biscuits!

2) Unused memberships and subscriptions

Paid memberships and subscriptions can often be great money savers - the gym, magazines or music. However, when reality sets in and you’ve stopped going to the gym regularly, your credits are running out and you are spending them on stuff you don’t really want, then it’s time to stop the membership subscription. Go onto the pay as you go option. And if the reality changes you can always start up your membership again.

3) Buying rounds

It’s a very British tradition buying rounds. It’s a lovely communal thing, it saves bar queuing time and long may it continue. However it’s also a top money wasting danger zone and we all know why. If there’s 4 of you and you plan on having 4 drinks (or more), sure, go for rounds. If you're only planning on having one or two, you’re leaving early or taking it easy, then the round is a dangerous expense - and it can suck you in. So don’t be polite, tell your friends you are just planning on staying for one or two and don’t get locked into paying more than you really want.

4) The Habit Purchase

This is simply whenever you buy something out of habit instead of actually wanting or needing it. Anything you buy repeatedly in certain places and at certain times are habit buys (often food and drinks, e.g. ‘a latte’, but can be anything) - you buy them because ‘that’s what you do there’. You've enjoyed the purchase in the past and you just go on autopilot and purchase again. It's at these times the purchase can be a complete cash waste. How many times have you thought ‘I didn’t enjoy that’ or ‘I don't really know why I bought that’? Just remember to think ‘is this a habit buy? Do I really need or even want this?’.

5) Buying ‘Hot’

Maybe your blood sugar’s a bit low or you’re feeling a bit drifty. Maybe you’re in a great mood because it’s the weekend or you're still a bit drunk from last night. Often, what seems like an excellent thing to buy at one time can seem like a completely unnecessary, or even rubbish, purchase at another. The thing to do with any unusual or large purchases, or if you’re feeling any doubt at all, is to avoid buying it first time, or ‘hot’. Leave it for a bit, let your mind come back to it another day, and then you can be sure it’s something you really want.

6) Night outs with your bank cards on you

Taking cards on a night out can blow huge holes in your cash reserves, often without you even knowing (well, remembering). Leave the bank cards at home and take enough cash out with you to enjoy your night (and for a taxi home).

If you can combat all these money wasting danger zones your bank account will literally be singing and dancing for joy.

Check out these Top Ten Brilliant Money Saving Tips too: http://www.studentbeans.com/tenofthebest/i/top-10-brilliant-student-money-saving-tips/freecycle-1493.html

studentbeans.com helps over half a million students save money every month. You can see their latest deals and discounts here and read even more fun and easy ways to save money here.