You work hard for your money but, unfortunately, financial stress is still far too common, and many Americans feel — with good reason — that they don’t have enough cash to cover an emergency or fund a secure retirement.
One big reason why your money may not be going as far as you want it to: You may be wasting it. The vast majority of Americans — more than 80% of us — are throwing our hard-earned money away on wasteful spending, according to a recent survey of more than 2,000 Americans conducted by Hloom. While survey respondents indicated they were willing to change some of these wasteful behaviors, some habits are hardwired, and people just aren’t willing to change even when they view their spending as wasteful.
The good news is, you don’t have to give up the “wasted” spending that you enjoy to make a difference in your financial life. You can spend smarter, reduce your waste, and still end up with more cash in hand by understanding where your money is flowing out to — and perhaps making a few simple shifts in the way you’re splurging on “wasteful” items.
Top wastes of money Americans are willing to reduce
Just 17.4% of all survey respondents said they weren’t wasteful, but the majority of respondents were willing to acknowledge that they’re blowing their cash on certain items and could make changes. Top money wasters that Americans said they were willing to reduce included: