Outline 5 ways which people can misuse money in the community​

Taking Advantage of Special Deals. ...

Buying Impulsively. ...

Forgetting About Subscriptions. ...

Using Your Card Too Much and Paying ATM Fees. ...

Eating Out and Buying Too Many Drinks. ...

Buying Too Cheap or Too Expensive Products. ...

Paying for Things You Can Do Yourself. ...

Buying too much in bulk.

1. Paying for insurance you don’t need

“This is one that often goes overlooked because many often think the more insurance, the better,” Tayne says. “But certain forms of insurance are just not necessary for most people and can lead you to spend unnecessarily.”2. Refinancing your home too often

Calculate what your monthly savings would be with the new loan by inputting the details (current loan amount, current interest rate, remaining term, new interest rate, new term) into a mortgage calculator like this one.

Calculate what you would pay in total for refinance fees. Review the loan estimate your lender provides you and ask about any additional costs to expect.

Divide the total loan costs by what your monthly savings would be. For example, if refinance fees cost $3,500 in total and refinancing will save you $100 each month, it would take 35 months (almost three years) to recoup the cost of refinancing.

3. Making minimum credit card payments when you can afford more

you can afford to make larger payments toward your credit card bills — or even pay your balances off in full — you should. By making only the minimum payments and carrying a balance month to month, you end up paying a high rate of interest, and your credit card balances quickly balloon

4. Giving too much power to emotional spending happens on occasion, especially during times when we are seeking comfort. “But making a habit of it — whether it’s positive or negative emotions or both — can be disastrous to your financial situation,” Tayne says.

Of course, there are going to be times when you want to treat yourself and buy something new — that’s human nature. But emotions change all the time, and you shouldn’t hand over the wheel or let them pull you in too many directions. That’s a surefire way to drain your resources, according to Tayne.

5. Paying for unused memberships and subscriptions

Free trials for a new fitness app, streaming service or subscription box can be a good way to check out a new product or service without having to fully commit upfront. But just as easy to sign up for, a free trial is also easy to forget, especially if you use the new service only for the first few months. Check out apps like True bill, which can help you identify subscriptions you’re paying for but not using.

6. Paying for convenience

Look up gas prices online to find the cheapest prices. Gas stations very close to highway entrances and exits often charge much more than gas stations further away, Tayne says. Just make sure you don’t drive too far out of your way to get the cheaper prices and waste fuel in the process.

Pay checked bag fees on budget airlines, such as Frontier or Spirit, in advance. Paying to check bags after booking the flight can be significantly more expensive.

Book any service or travel plans directly through the provider, rather than through a third party. “Third parties may allow you to compare rates easily but may charge other fees during the booking process,” says Tayne.

Sign up for an expensive meal kit instead of just buying groceries.

7. Keeping up with the Jones  

Keeping up with the Jones ,” or living beyond your means as a way to gain status, is an incredibly common way people waste money, Tayne says. It’s easy to feel pressured to buy certain things because others around you have them.

She admits that this “lifestyle creep” and comparing oneself to another happens all the time with her clients, and is a big reason they get into debt.

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