ADVERTISEMENT
blog header

10 Worst Things to Spend Your Money On

Whether you work part-time or full-time, love your career or are waiting for your big break, you are best off making wise spending decisions. Avoid these top 10 money pits like the plague.

(Photo Credit: Tax Credits/Flickr)

We all work hard at our jobs with our eyes on the prize: the paycheck. Part of keeping balance in your life is spending that paycheck wisely. These are the top 10 worst ways to waste your hard-earned paycheck.

1. The Lottery.

You are not going to win. Period.

2. Psychics.

Psychics are usually very good at cold reading people. "I sense you are very close to a family member..." Who isn't? Psychics are just people. They are not magic. Save your money. If you really want to figure out the best career path for you, do your research.

3. Credit Card Interest.

Do not put purchases on a credit card and then not pay it off. Thanks to Obama, banks that sell you credit cards must now tell you how much interest you will pay over time, depending upon how much you pay each month. Read your statement. Stop using your credit card; the interest is money down the drain.

4. Hotel Minibars.

This is where they get you when you travel. You arrive after a long flight, exhausted ... and the mini bar is full of expensive sugar, alcohol, and $5 tiny bottles of water. Very tempting when you are at your weakest. Think ahead and pack water and snacks.

5. Leased Cars.

You are better off buying a car you can afford rather than leasing a car and having nothing to show for it when the lease is up.

6. New Cars.

And when you purchase that affordable car, buy a used car and take good care of it so it lasts.

7. Cigarettes.

They are expensive and they are killing you. If you are addicted, you are better off spending money on one of the many methods devised to help you quit.

8. Fur Coats.

These are much more expensive than other winter coats. Plus, they carry the added financial of burden of requiring cold storage part of the year, depending upon where you live. Keep a non-fur winter coat in your closet for free all summer long.

9. Rent.

If you can afford to buy a home, you are much, much better off building equity than paying rent. Obviously, this is something people have to work up to.

10. Air.

Last but not least, this one is funny. Do not purchase canned air from Prague. (Yes, this is a real product.)

Tell Us What You Think

What's the worst thing to spend money on, in your opinion? Leave us a comment or join the conversation on Twitter.

More from PayScale

What's the Dumbest Thing You've Ever Spent Your Money On?

Stop Procrastinating! (Right After You Read This Post)

Will You Be Able to Retire Someday?

7 Comments

  1. 7 Darren M 15 Nov
    The Rent thing is stupid to put on here.  In a career your an employee.  A job is another term for "just over broke".   Homes are expensive.  A new roof can cost $10K.  A new kitchen $25K to $35K.  If you only plan on living in an area for a few years.  Selling a home is expensive. A lot of companies refuse to help with this.  Owing can be really stupid.  The writer is not creditable.  
  2. 6 Diana V. 24 Sep

    Same opinion about renting: new studies show that if you're not rich it is a better deal to rent than own. Especially if you need to be mobile due to career requirements.

    I'd ad: everything you could live without, imagine a disaster scenario, is not worth buying. Computer games or investing in a landscape that does not produce food is a waste for me.

  3. 5 Peter 17 Sep
    Rent is not always a bad thing to spend money on. Running and maintaining a house costs a lot of money. Roofs, driveways, kitchens, bathrooms, air conditioners, heaters, floors -- all these things get old and cost money to repair. Add taxes and other fees and it's almost as much as renting. Unless the value of the property is guaranteed to go up it may not be a good deal.
  4. 4 Samantha 22 Aug

    Gambling. Since when is throwing away money a vacation? 

  5. 3 Marco Ermini 19 Aug

    In some countries it may be more convenient to rent than to buy a house, especially in highly-regulated European countries where you have to give by law 9.5% of the house cost to a notary.

    A friend of mine owns three houses and gives them for rent to make a profit, but he himself lives in a rented house, because it is more convenient than living in a house you purchased. It depends on the interest rates too - of course if you can afford paying it completely out of your saving, it may be worth buying.

  6. 2 Tante Jo 16 Aug

    Fashionmagazines...telling me what to buy & what to wear, now i see it as a form of mind control....big way!!!

  7. 1 Christina Ho 15 Aug

    1) Timeshare programme;

    2) Encyclopedia set of books for children;

Comment




  1. Please prove to us that you're not a robot:
Find Out Exactly What You
Should Be Paid
Job Title:
Years in Field/Career:
Location:
United States (change)
- OR -
ADVERTISEMENT
SEARCH
SUBSCRIBE TO THIS BLOG
subscribe
SOCIALIZE WITH US
Facebook Twitter LinkedIn Google Plus Pinterest
JOIN OUR NEWSLETTER
go!
Compensation Today