5 Biggest Wastes of Money

Saving money is easy when you don't spend it on unnecessary things. 

My 5 Biggest wastes of money are:

1. Eating out

We used to eat out 2-3 times a week, simply because we were too tired and thought that we’d deserved it because we were both working full-time. Cutting back on that meant we could throw more money at our mortgage – we paid the bank back on our first mortgage in full in only 2 ½ years.

2. Phone upgrades

I bought my last phone in 2016 and guess what? It can do all the things that newer version phones can do. There hasn’t really been any significant advancements since then and my battery still keeps charged all day and my screen is still in top condition. I’ve saved at least 3’500 CHF by not changing my phone every year since then.

3. Designer Clothes

Buying clothes with brands is such a huge waste of money, especially when you buy them with Swiss prices. If you really want brands, head to the outlets in Foxtown or head to London where there are much lower prices. If you children want branded clothes they should be buying these with their own allowance. A friend of mine bought a Supreme hoodie for £185 for her teenage son – that is a serious amount for a hoodie!

4. Lottery tickets 

We all know that the chances of winning are tiny but many people still do it. There were even lines at the Kiosk when the Euro millions was hitting another jackpot and the sheer number of scratch cards available at the counter is vast. In fact, the chances of winning a first division Lotto in Switzerland is 1:31,474,716 (Source: https://www.thelotter.com/lottery-numbers/switzerland-lotto/)

5. Cars

We kept the same car for many years in Switzerland. I was reliable, started every time and still had under 100’000 kilometres on it when it hit 10 years old. With average wear and tear, a new family car today is only worth half its value in 4 years. (Source: https://goodcalculators.com/car-depreciation-calculator/)