Moneyadviceblog » Accountstitle_li=Budgettitle_li=Budgetingtitle_li=Money » Top 3 Dumb Ways You Spend Your Money

Spending money is really easy; just look at how much money we spend on eating out, online shopping, and books (this one is for me and all the bookworms out there), and you will realize that you spend money like an expert.

If you are anything like me, you might have a compulsive buying episode where you go on a shopping spree to buy things you don’t need. However, it is easier to say that you won’t spend money on dumb things instead of actually doing it. So, without further ado, let’s look at some of the dumbest ways we spend our hard-earned money.

1. A new car


The minute you buy a new car and drive it out of the parking lot, it starts depreciating. You will never make the money you spend when you sell a car. This is why we don’t recommend buying a new car, sure it might be a big flex, but it is something that you’ll end up regretting because instead of gaining value, it loses value over time.

Some experts even go on to argue that a new car drop as much as 10% of its original price within its first mile. If you ask me, it is not a sound investment and is something that I will never do. So, before you decide to splurge on a new car, think about its resale value, and maybe you will reconsider your options.

2. Online Deals


Most deals, be they online or in real life, are meant to make us spend money, and unless you are an extreme cheapskate, you will never save money will online deals. This is our guarantee, and online deals are just there to lure you and give you a sense of safety for you to spend more than you actually intended.

The deal with deals is that there are really specific and have a time frame attached to them, which means that you can’t think long about this, and this is where marketers get more and more people to spend money. You have to think about all the things you might be losing when spending money or time to get a specific deal to decide whether it’s worth it or not.

3. Gym membership


Now we aren’t telling you not to go on a fitness journey; we are just saying that a gym membership is a waste of money for most people. Let’s be honest with ourselves, according to studies, the most amount and influx of gym membership subscriptions is in January, when everyone has the resolution to stay healthy.

Most people have already forgone this when February comes by and forget about their gym membership. Only invest in an annual gym membership if you know you are going to commit to it and are going to hit the gym at least 4 to 5 times a week. Else it is not worth your money.

To get a better grasp of how much money you might be losing, let’s look at a couple of pretty shocking statistics. According to a survey done by, 7.6% of households with an annual income of 100 000 dollars or more usually spend about $500 to 900 annually on gym membership and private trainers.

According to another study, 25% of people who subscribed to an annual gym membership go inactive within the first 6 months. These are actual numbers that can help you reflect on your relationship with the gym. Again we have nothing gyms, I have a gym membership, but I hit my gym at least 6 times a week and am making the most out of it.

As a recent college graduate who has a full-time job, Let me tell you, spending money has never been easier, and if my partner doesn’t stop me, I think I might be able to spend my entire paycheck within a week. Sound off in the comments section and tell us some of the dumb ways you spend money.