Personal Finance Apprentice

How You’re Wasting Money (and Not Knowing It)

How You’re Wasting Money (and Not Knowing It)

How You’re Wasting Money (and Not Knowing It)

How You’re Wasting Money (and Not Knowing It)

Today, we have guest blogger Kyle Kam sharing with us some insights on everyday spending that we should seriously consider before parting with our money.

There’s a quote out that says “I’m having an out-of-money experience.” You will find yourself out of cash, and it’s at least 48 hours prior to payday. You ask yourself how this could’ve happened when you were cautious about spending.

There are many ways you’re wasting money and not knowing it. They’re small at times, but when you’ve only got Php 50 left in your pocket, it’s time to re-examine your lifestyle choices.

Impulse buys

Rewarding yourself after working hard is great. It’s an automatic reaction to having extra cash and financial planners like Ryan De Vera say that it’s “to fill a void”.

Whatever the reason, you spend thousands of money to reward yourself. There’s nothing wrong with it, but your wallet will hate you less if you control the reward-giving. The quick solution is partitioning off your money specific to spoiling yourself once a month.


It doesn’t hurt anyone visibly when you side-load apps or download software off torrent websites. Stronger anti-piracy measures are put in place by a lot of developers to prevent piracy.  Spotify and Netflix have curbed some of the piracy happening.

Why are you wasting money on it? The things you download might be loaded with malware, which can turn your gadgets into expensive paperweights. The ultimate cost of you having to replace it is also a factor to consider. The solution is simple: you can devote your fun fund to this, or in the case of region-locked apps like  Pokemon Go, it’s best to wait for the official release.

Being on trend

Everyone’s talking about an item or a new food place that’s got a waiting list as long as the one for tickets to the musical Hamilton. Because it’s on trend, you’ll go hunting just to have a few seconds of social media buzz for yourself.

It’s a waste of money because most of these trends fizzle out, and you end up with buyer’s remorse, or you’ll find that the money you spent on the food and the drinks just didn’t cut it. Save your cash, and maybe check out if it’s worth it when everyone else has moved on – the lines won’t be long, and it won’t be as pricey.

Branded items

There are certain items that are better if you go for branded items, but there’s a difference between branded items and generic items. Consumer spending expert Andrea Wrooch once said that you can get generic items like baby formula, razors, lotion, and medicine. There won’t be any difference because the high cost of a branded item comes from the marketing cost.

Of course, you go for branded items when you’re sure of the quality you’re paying for. The one way you can get the quality for less is to compare any big-ticket item you want.


Commuting is hassling. You worry for your safety so you get apps like Grab and Uber to help you get around. Can you afford it? If the answer is yes, you’re still wasting money on the extra fees and surge pricing.

Think of ride-sharing apps as a last resort to commute. Save on costs by booking a ride when surged pricing is down.

Final Thoughts

Money wasted is effort lost, so think of it that way when you make your budget. Be determined to make every last centavo count. You worked so hard to earn it all, it’d be a shame to simply waste all the time, effort, and energy.

Author Bio:
Kyle Kam is a Digital Marketing Specialist of, a financial comparison website aiming to help Filipinos save money through diligent comparisons of financial products.

photo credit: Money Down The Drain 1 via photopin (license)

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