It’s remarkably easy to overspend.
Not only are we surrounded by enticing things to buy, but they’re at our fingertips with the swipe of a plastic card, leaving us with thinner wallets and a bunch of unnecessary stuff and services.
Here are 15 things you can stop wasting your money on today:
Mandi Woodruff contributed reporting to this post.
Retailers push hard to sell you extended warranties -- and conveniently pump up their sales figures at the same time.
Don't do it, Schrage warns.
'The only instance I'd recommend a warranty is in the case of a laptop. Otherwise, the warranties themselves can often cost as much as simply buying a used or new replacement for your item, or repairing it,' he adds.
If you're blowing most of your income on a loft in Midtown, you're making a big mistake, says Jeremy Gregg, executive director of the PLAN Fund.
His organisation provides loans to low-income entrepreneurs, who Gregg says he often sees spend more than half their income on rent and utilities.
The U.S. Department of Housing & Urban Development recommends spending less than one-third of your income on housing.
You're only hurting yourself (and your wallet) if you're feeding yourself out of the bodega around the corner from your home or office.
'I am shocked at how many people live paycheck-to-paycheck and yet routinely spend $US10 per day on fast food and convenience store food,' Gregg says.
If you're looking for an alternative to brown-bagging it, check out how to shop for the healthiest foods at the grocery store for the least amount of money, and start preparing your own food.
Weight loss pills and supplements marketed as miracles for overweight couch potatoes are most likely traps.
'Not only are there enough pills and potions that you could start a new one each week, but the negative effects on your health outweighs the money you will waste,' says nutritionist Rania Batayneh.
'This is a billion dollar industry and the truth is that a lean body does not come in a pill,' Batayneh says.
'Sure, you can (buy a lottery ticket) every once in a while just for fun, but never make a lottery purchase with any real expectation of winning,' Schrage warns.
'The odds are significantly stacked against you, and why waste your hard-earned money on lottery tickets when you could be saving for retirement or treating yourself to a nice meal?'
Author of 'The Automatic Millionaire,' David Bach, coined the term, 'The Latte Factor,' which basically says that if you ditch your $US4 latte every morning, you'd have quite a bit of money to contribute towards savings -- about $US30 a week, or $US120 a month). Over the course of a few decades, that money could grow substantially.
Rather, invest in a nice coffee maker, even if the price tag is a bit steep. Oftentimes, spending more on high quality items can help you save in the long run.
It can seem counterintuitive to make purchases to save, but that's what some of the most successful money-savers do. They're not just buying things, they're investing in things -- tools and services -- that will eventually save them money over time.