Here you will find what we consider to be the top ten ways to waste good money. There are undoubtedly more but these are the ones that can cost you hundreds of pounds each year.

1. Staying loyal to your bank/building society – millions of people stay with their bank or building society because ‘it’s what they know’. They open savings accounts with lower interest rates so they don’t have to find and use another bank and they agree to credit cards with higher interest rates for the same reason. It is really quite easy to open new accounts at a bank/building society today and if you can find one with better benefits then loyalty shouldn’t be a consideration.
2. Impulse Buying – this can be anything from a paper and a can of pop to a new TV because it has a few pounds off. Stick to the 24 hour rule: see it, think about it for 24 hours and then decide. The impulse normally goes when you leave the shop or website.
3. Buying the first you see – loads of people buy the first example of the item they want either because they can’t be bothered to look around or simply because they can’t wait to get it. Checking the internet and waiting a few days for delivery can often save tens or even hundreds of pounds.
4. Using cards instead of cash – credit cards and store cards are easy to use and very convenient when you see something whilst out shopping. You can buy what you want without having to find a cash machine but as we all know these cards charge interest and this is just a waste of money.
5. Convenience shopping – buying your entire weekly shop from the same place may be quick and easy but it can be a lot cheaper if you spend the time to visit a number of retailers. The major supermarkets tend to have offers that differ from those of their competitors so if you shop around you can benefit from numerous different offers in the same week.
6. Keeping subscriptions you don’t use – this can be anything from magazine subscriptions that you never read to the good old gym membership. Another waste of money is the digital channels that you never watch, such as the movies and sports that came in the package. Have them turned off and save pounds each month.
7. Leaving electrical items on standby – standby mode can cost tens of pounds each year and this is especially true for PCs which can use up to £3 worth of electricity per week! Leaving lights on when they’re not needed is also a big money waster – even with energy saving bulbs.
8. Ignoring the financial markets – by this we mean ignoring the current prices for gas and electricity, the interest rates on credit cards, loans and savings, mortgage rates, phone charges etc. Keeping an eye on what is happening and making any changes you need to can save you hundreds each year on bills and interest payments alone.
9. Keeping unnecessary insurances – people tend to insure themselves and their possessions against every eventuality these days but if you look closely you’ll probably find that many of the policies overlap and insure the same things. Stick to the important ones and forget the rest.
10. Holidaying in high season – most people enjoy holidaying when the place they’re visiting is alive with attractions but going a month earlier or later can often save you a considerable amount and the place will still be bustling. Alternatively you can arrange your holiday through a site such as Expedia and forgo the travel agent’s fees.