As of late, I’ve been thinking critically about how to increase my wealth. Although I’m not a fan of free market capitalism, I do think it is ethical and acceptable to build wealth for oneself in an attempt to better one’s life and have funds to support others who are doing meaningful things that contribute to self-improvement and/or the betterment of society as a holistic entity. With that thought in mind, I think it is important to recognize and cite various behaviors that can problematize an individual’s ability to build wealth. One such factor is wasting money. Here are three ways you may be doing so:
1. Not Reading Return Policies.
This happened to me relatively recently. A while back, I purchased a cell phone cover as a result of encouragement from the salesperson. Nevertheless, I didn’t use the cover because the phone itself had a cushiony lining already. When I tried to return the cell phone cover-which I never took out of its box-I was told that the 15 day time period I was given to bring it back had passed. Had I read the return policy, I wouldn’t have run into this issue. Be sure to read the return policies on the items you purchase so you don’t waste money.
2. Throwing Away Receipts.
These days, many stores require that you have a receipt in order to get a full refund. In some cases, the stores will allow you to make an exchange for an item of equal or lesser value without the receipt, but I have seldom known a store to give you a full refund without the piece of paper. Since this is the case, you should get in the habit of saving the receipt for important purchases. In the event that you don’t and find that you need to return something that you’ve purchased, you could find yourself unable to get your money back. This is a big money waster.
3. ATM Fees.
Unless you use the ATM of your own bank, you are likely to encounter ATM fees when you remove funds from your account. These days, I’m generally charged around $2.50 for each transaction. Although this amount may seem minimal to some, it can add up for those who withdraw funds via ATM on a regular basis. If this is a factor that is causing you to waste money, try getting cash back at the register of a local store by making a purchase for something you need instead. Or simply get in the habit of getting cash back when you make the deposit at the bank.
If you are interested in building wealth for yourself, one of the ways you can make it happen is by considering ways that you may be wasting money. If you find that you’re currently engaging in any of the behaviors listed above, behavior modification is definitely in order. By changing your habits, you can begin to build the wealth which makes life enjoyable. Good luck! :)
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