10 ways to stop throwing your money away
What have you wasted your hard-earned cash on this week?
I'm not talking about a pricey pair of shoes or a couple of lunches out, but the sneaky things that slyly suck the zeroes out of your bank account.
Here are 10 of the biggest offenders, and some tips on how to avoid them.
1. Paying too much for power
If you haven't checked whether you could get a better deal from another power company, now is the time to do it.
Electricity Authority figures show New Zealanders missed out on $281 million in potential power savings last year because they did not switch to the cheapest provider possible.
That equates to about $162 for every Kiwi household.
In central Wellington, the difference in price between the cheapest and most expensive of the main providers is more than $700 a year for a four-person household. Flick offered the cheapest rate - it passes on wholesale price movements to consumers.
While you are at it, set up a direct debit so your power bill is always paid when it is due and you do not miss out on the discounts available for paying on time.
2. Extended warranties
If you have bought whiteware or electronics lately, you have probably been on the receiving end of a fairly hard sell for an extended warranty.
Don't buy it. Extended warranties can cost hundreds of dollars and in most cases do not provide you any more protection than you are already entitled to under the Consumer Guarantees Act.
Retailers now have to make it clear what your CGA rights are and how their warranty is better but last time I was shopping, I did not notice any improvement.
3. Pricey sunscreen
The sun's out, so we should all be stocking up on sunscreen. But which to buy?
Depending on where you look, you can find sunblocks that retail for more than $100. But generally they do not offer any better sun protection than your stock standard supermarket variety.
The key here is how much you use. Most people do not use enough sunscreen so you can quickly improve the performance of any brand you buy by slathering on a bit more.
4. ATM fees
Is there anything more boring to spend money on than bank fees?
Keep them down by not using other banks' ATMs. All the major banks charge a fee of $1 every time you withdraw money from a competitor's machine - and several times that if you do so overseas.
5. Bottled water
In New Zealand, there is really no need to buy bottled water. Studies have shown New Zealand tap water is some of the best in the world and Christchurch residents in particular rate what comes out of their taps.
A Ministry of Health study showed more than 97 per cent of New Zealanders have access to water that meets bacterial standards, and slightly more had access to drinking water that met chemical standards.
Ditch all the excess plastic (and concerns about chemical leaching and microbiological contamination) and fill a stainless steel drink bottle from your tap - buy a water filter if it helps. You'll save heaps.
6. TV subscriptions
You can save a lot by replacing your pay TV channels with an online alternative.
Netflix offers a standard subscription for $12.99 a month, which includes unlimited movies and TV shows. Mix that with a bit of local TV on demand and you could have most of your viewing covered.
Netflix also offers a free trial. Give it a go and see if you could save $100-odd a month. Other options are Neon and Lightbox, which are available for $20 and $12.99 a month, respectively.
7. Antibacterial handwashes
You think you're doing the right thing for your family with "antibacterial" handwashes on your basin.
But Consumer NZ says research shows these are no better than the products without antibacterial chemicals and are usually more expensive.
In the US, manufacturers of antibacterial products containing triclosan have until next year to prove they are more effective than soap and water, and safe, or must pull them from the shelves.
Opt for a bar of soap instead of the liquid stuff if you really want to save cash.
8. Chucking food out on its "best before" date
Ignoring "best before" dates will save money and cut food waste. The dates are just an indicator of when products will be at their best. In most cases they'll be fine for weeks longer. Things like pickles and jams never go off.
If you check the milk tomorrow morning and find it's a day or two out, but it smells okay, don't rush down to the shop to replace it.
But don't ignore use-by dates. These are a much stricter indicator of food safety, particularly on products where you might not be able to tell if they had deteriorated beyond the point of being safe to eat.
9. Vitamin C supplements
Popping some vitamins feels so virtuous. But in most cases, it's a waste of money.
Vitamin C is easy to get through food, so you are much better to eat a piece of kiwifruit than pop a pill.
Because it is a water-soluble vitamin, taking more than you need will just mean literally flushing your money down the toilet.
10. Kids' cough liquids
New Zealand's Best Practice Advocacy Centre says there's no evidence cough and cold medicines make any difference to kids.
"Infection with the common cold affects children and adults differently. Therefore, products that may be effective for adults do not necessarily work in the same way for children."
BPAC says, if you have noticed an improvement while using them, it is likely just the placebo effect.
Written by Susan Edmunds. First appeared on Stuff.co.nz.
Related links:
5 ways to reduce everyday bills
12 quick ways to save money before Christmas
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