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Is Your Laziness Costing You Money?

BY Michelle Schroeder-Gardner - 75 Comments

This post may contain affiliate links. Please read my disclosure for more info.

Lately, I feel like I haven't been as frugal as usual.

I've been letting little things slip and it's mostly because I've been more lazy about being frugal.

After adding up how much money I've wasted over the past month, I've realized that the amount has been a few hundred dollars already!

I have been blaming this on the move and the fact that we're still settling into our new town, but in reality it's just been because of laziness.

I can't be alone when it comes to wasting money due to laziness though. I'm sure there are many ways that even YOU may waste your money by being lazy if you think hard enough.

However, let's change that today!

Below are nine ways you may be wasting your money by being lazy.

 

1. You waste your money by not negotiating.

You are definitely wasting your money if you do not negotiate any of your expenses. Many things are negotiable. Like I always say, the worst thing that can happen is that someone might say no. However, most of the time they will say yes!

You can most likely negotiate your cell phone bill, your cable bill, hotel fees, medical expenses, furniture costs, insurance rates, and more.

Many things can be negotiated, and many times companies are expecting someone to haggle.

Many people are too scared to negotiate or they just simply forget. You are throwing away hundreds of dollars by not negotiating! Once you get into the habit of negotiating, it gets easier. My top tip is to always remember to be nice. There is no need to bully someone into giving you a discount.

If you don't feel like negotiating, you could always search for cheaper pricing through other companies as well. An example of this would be to search for a cheaper cell phone plan. There are companies out there such as Republic Wireless where you can get cell phone plans for as low as $5.

Related article: Saving Over $2,000 A Year With Republic Wireless Review – How Much Money Could You Save?

 

2. You aren't trying to improve your credit score.

Improving your credit score does not have to feel like an impossible task. I believe that a person should try to improve their credit score because it can impact so many parts of a person's life.

Whether you want to buy a home, obtain a job, rent an apartment, sign up for utilities, or something else, your credit score can make a big impact.

If you are lazy and don't care about your credit score, it can make things much more expensive. You may have to pay larger fees so that companies are comfortable working with you, you might have to pay higher interest fees, and more.

For example, when I was signing up for utilities for our current home, every company told us that we didn't have to pay a deposit and certain fees because we had a good credit score. This saved us a few hundred dollars!

Related article: How Your Credit Score Affects Your Life + Credit Sesame Review.

 

3. You don't care what your money is earning.

Many people don't think twice about where their money is, especially if you've belonged to the same bank for several years. However, by searching around, you could be earning more money if you placed your money in an account that has a higher interest rate.

One thing I have been completely lazy about and too embarrassed to admit is that we have been putting off looking for a better place to put our emergency fund.

While I am all about an emergency fund being in a liquid and low risk account, I know that if I searched around that I could possibly find something with a somewhat better interest rate.

I don't even know what the interest rate is for the account that our emergency fund is in. All I know is that it's very low and that I earn very little on it.

Now, I know we won't get rich by switching the account that our emergency fund is in, but we could possibly be earning a few hundred dollars extra each year. That's just free money that I have been too lazy to search for!

 

4. You waste your money by not checking anything.

Making sure to double check financial documents is very important. There might be a mistake that is costly, and who wants to pay for a mistake?

Some places you should check for errors include:

  • Your credit report. Credit reports sometimes contain mistakes and this can lower your credit score. This can cost you money in that you might not get the lowest interest rates available. You should check your credit report at least one to two times a year.
  • Refunds. If you ever ask for a refund, you should make sure that the refund is actually given.
  • Credit card and bank transactions. You never know if there might be a duplicate transaction or if someone might have stolen your credit card. Checking your transactions regularly can help you catch errors quickly so that you can get your money back.
  • Bills. You should check utility bills, medical bills, and more on a regular basis. There are errors on bills all the time, and you might be losing out on money that is yours.
  • Automatic payments. While I try to set everything to be paid automatically, I still check to make sure that the correct amount was taken. If anything is off then I will look at the bill to see what was wrong.

 

5. You are lacking organization skills.

When we moved, I threw all of our important financial documents and bills into one big box. This was a big mistake because everything somehow got disheveled in the move and now everything is a huge mess.

While this didn't cost us money, it almost did. I almost forgot about a few bills and if I didn't have email reminders set up then I most likely would have forgotten about them. Like I've said before, I have a horrible memory, and with everything in such a huge mess it wasn't a good thing for me.

If your things aren't organized well enough, you may have to pay late fees and/or reconnection fees (if a company turns off any of your services).

This can then impact other areas of your life as well if you forget to pay your bills. It can lead to interest fees piling up and it may even damage your credit score.

I highly recommend that you check out Personal Capital (a free service) if you are interested in gaining control of your financial situation. Personal Capital is very similar to Mint.com, but 100 times better as it allows you to gain control of your investment and retirement accounts, whereas Mint.com does not. Personal Capital allows you to aggregate your financial accounts so that you can easily see your financial situation, your cash flow, detailed graphs, and more. You can connect accounts such as your mortgage, bank accounts, credit card accounts, investment accounts, retirement accounts, and more, and it is FREE.

 

There are many other ways you may be wasting money by being lazy. 

This list could go on forever of different ways to waste your money by being lazy.

I'm not perfect when it comes to money and I know no one else is either. Sometimes going the more convenient way may seem nice, but it can cost you a lot of money over time.

Other ways you may be wasting your money by being lazy include:

  • Skipping routine car maintenance. Many skip car maintenance because they think it will save them money. In the long run though, it will most likely cost you money because you may have to pay expensive car repairs for when things go wrong. Car maintenance is needed if you want your car to run smoothly and reliably.
  • Not searching for coupons. Searching for coupons and rebates is an easy way to save money. I usually just type in “Company Name + coupon code” and find many available discounts. Also, you should check out Ebates if you haven't yet. You can earn cash back for shopping online, and it's FREE! Plus, under my Ebates link, you will receive a free $10 gift card. Before I do many things, I often try to find a coupon online first. There have been many times where I have completely forgotten to use one. In fact, the other day I forgot that I received a Best Buy coupon and that ended up costing me $60!
  • Eating pre-made food. The other day I was really craving watermelon and, of course, this came right after I passed nicely sliced watermelon in a small plastic bowl at the grocery store. Well, for about $15, I could have bought about a one-sixth of a watermelon. That is just INSANE! Someone must be buying it for the convenience though or they wouldn't have it there ready to be bought. If you need to start cooking at home more, I highly recommend that you check out $5 Meal Plan. It's been a lifesaver for us as meal plans are sent directly to me. It saves me a ton of time!
  • Keeping stuff you don't need. By keeping stuff you don't need, you are wasting money because you have to pay storage costs. You also could be making money on the stuff you don't need!

Have you done anything not-so-frugal lately? What have you done to waste your money? What other ways do people waste money?

 

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About Michelle Schroeder-Gardner

Michelle is the founder of Making Sense of Cents, a blog about personal finance and traveling. She discusses how her business has evolved in her side income series. She paid off $40,000 in student loans by the age of 24 mainly due to her freelancing side hustles. Click here to learn more about starting a blog!

Comments

  1. Jayson @ Monster Piggy Bank says

    March 18, 2015 at 5:32 am

    Michelle, being lazy is connected to procrastination. Lately, I have been so lazy I don’t know why maybe because of the cold weather that it makes me feel sleepy most of the time. That being said, I have so much work to do during weekend which I should be enjoying instead with family and friends. I should stop this!

    Reply

  2. Kasia says

    March 18, 2015 at 5:44 am

    I definitely get into lazy binges from time to time and not proud to admit it. Lately, it’s been forgetting to brown bag the lunch to work and instead I opt for the sushi counter or burrito bowls.

    Reply

  4. Amy @ DebtGal says

    March 18, 2015 at 6:46 am

    A couple of these sound familiar, unfortunately.

    Recently, we received a two-page letter from Toyota, which I glanced at, didn’t immediately understand, and put aside for my husband to read. (He only glanced at it, too.) It sat in a pile of papers, until I took our Camry to the dealer for service weeks later. Luckily, the guy at the dealer asked me if we received it, since Toyota is going to be rebuilding the engine in our car for free! (It burns oil, so we have to keep topping it off in between oil changes. Apparently this is a widespread problem.) I would’ve lost out on $2-3K worth of free repairs, plus the several years this should extend the life of our car, otherwise!

    Reply

  7. Taylor Lee @ Engineer Cents says

    March 18, 2015 at 7:09 am

    I’ve totally been wasting my money on food lately, and despite my New Years resolution to do just the opposite! That said, it’s been a delicious waste and I plan to get more thrifty about it in April after the craziness of life dies down a little.

    Reply

  8. Young Millennial says

    March 18, 2015 at 7:20 am

    Wasting money on eating out was definitely the biggest thing for us. We have been trying to cut back on it with some moderate success. Problem is discipline. After a hard day at work, all you want to sometimes do is get something take out on the way home and just veg out in front of the TV.

    Luckily for drivers, many of the cars made in the past decade do come with a maintenance reminder computer telling them exactly what needs to be done and when. My car gives me about 3-4 weeks worth of notices before it is really time to go. That gives me plenty of time to find a suitable day and time to drop off the car. Also, since cars use better components and synthetic oils, I only have to do regular maintenance twice per year.

    Reply

  9. Carly says

    March 18, 2015 at 7:36 am

    I think I’m guilty of all these. I used to be organized (probably over-organized is the right term) and now I catch myself surprised by bills or scattered when I forget to submit certain things like benefit claim forms. I’ve got to work on that.

    Reply

  10. Betsy says

    March 18, 2015 at 7:53 am

    I am definitely being lazy about a couple of the big ones. My grandparents were all about putting their money in the bank with the best interest rate, although that led to mass confusion and a bit of a headache for my parents when my grandfather passed away and they took over. Although they now have it all organized and everything is running smoothly!

    Reply

  11. Thomas @ i need money ASAP! says

    March 18, 2015 at 8:02 am

    Just wait Michelle. If you have kids it only gets worse. When my daughter arrived ~10 months ago we definitely saw a shift in our spending. We’re trying to get it back in line now but it was a clear shift towards convenience. We drove a little more rather than biking/walking. We bought a little more pre-made food rather than cooking. We also didn’t pay as close attention to small frivolous spending. It all added up quickly so now we’re getting back on track 🙂

    Reply

  12. Fervent Finance says

    March 18, 2015 at 8:11 am

    I can’t say I have been getting lazy with my spending lately, but I tend to spend more outside of the winter months. It’s much easier to say no to plans that would cost money when it is 10 degrees outside. Once the sun is out later than 7pm and I don’t have to wear a jacket anymore, I tend to do more things to enjoy the weather and this costs me more money. But it is a trade off I am aware of and definitely think it is worth it!

    Reply

  13. Melane @ Good Job Mom says

    March 18, 2015 at 8:22 am

    Still working on Food Waste laziness! Although it has gotten better, I still find myself tossing rock hard clementines and mushy avocados almost weekly. Peeling a clementine is sooo much more work than grabbing an apple! Right?

    Thanks for a thought provoking list.

    Reply

  14. BE Pennypacker says

    March 18, 2015 at 8:33 am

    I know I’ve been lazy lately with my car insurance. Although, I don’t know if I’d call it lazy or just “busy with other things.” I’ve seen my rates creep up the over the last year by $20. I keep meaning to call the insurance company to see if they can do any better for me, but I haven’t. Maybe I’ll call them today.

    Reply

  15. Chonce says

    March 18, 2015 at 8:45 am

    I’ll admit laziness does cost me money sometimes and it’s really not worth it. Laziness for me occurs when I have a ton of food in my fridge but I still order takeout because I don’t feel like cooking. Also not using coupons for services when I have them. Free oil change coupons and even auto repair discounts should be treated like gold and I kick myself whenever I don’t keep up with them and use them.

    Reply

  16. Aldo @ Million Dollar Ninja says

    March 18, 2015 at 9:01 am

    I’ve been very lazy lately. I really think it’s because of the weather… at least that’s who I’m blaming. But at some point I have to stop blaming other people/things and get off my butt. I think that moment should be right now… in like 10 minutes.

    Reply

  17. Christina @ Embracing Simple says

    March 18, 2015 at 9:24 am

    I’ve been so lazy when it comes to finishing as much work as possible during the week. I’ve just been dragging, and therefore having way more than I’d like to do late at night and on the weekends…..which leaves me feeling burnt out, and then the cycle repeats. Lol I’m determined to end it!

    Reply

  18. Sky says

    March 18, 2015 at 9:56 am

    I’ve been so lazy lately as well. Routine car check-ups is something I absolutely need to start doing. The main way I waste money, though, is that I procrastinate instead of actually getting work done ahead of time (which would allow me to have time to find more work and therefore money).

    Reply

  19. Kayla @ Shoeaholicnomore says

    March 18, 2015 at 10:58 am

    I sometimes get a little lazy, like right now I’ve only been doing the bare minimum on some of my side work. There are writing gigs that don’t have set deadlines and so I’ve been bad about procrastinating on those jobs this week…

    Reply

  20. Sarah says

    March 18, 2015 at 10:59 am

    I am so lazy lately. I think it is due to burn out. We’ve been eating out a great deal and I haven’t been side hustling as much as I should. I think we’re going to do a spending ban in April to help get us back on track.

    Reply

  21. Devyn says

    March 18, 2015 at 11:22 am

    While I have to agree that I fall off of the bandwagon once in a while, I’m not going to call myself lazy. You have to keep in mind that life is a balancing act, and if you swing too far to one side, just compensate and try to stay centered. In my eyes, what you posted, while helpful for some, could be harmful to a lot of other people who are overwhelmed by their finances at the moment. When one becomes overwhelmed, he or she may venture into the avenues that so many are citing (e.g., eating out, or not watching money matters carefully) because to try and keep track of so much information can be exhausting, especially to someone who is already exhausted. To be quite honest, it sounds like what’s posted here is just a list of ways that people who are depressed, anxious, or overwhelmed are failing, which is the last thing anyone needs to read. When you become overwhelmed cognitively, your executive functioning skills start to drop. These are the skills that allow you to remain organized, understand consequences, and achieve goal-directed behavior. Not looking for coupons, buying food that you can microwave or that is pre-prepped, not asking for refunds — these all sound like decreased executive function.

    I’ll be honest, making plans for yourself to get on track, or trying to pay attention to your spending: honorable. But you’d do yourself a lot more good to take up running, which is shown to increase cognitive ability (as it relates to executive function at least) over the course of time. If you are not addressing the root of the problem, then you’ll just keep being “lazy”. In the future, I’d really suggest that you think about your posts from the view point of someone who has difficulty controlling their own mind as opposed to assuming that everyone who comes on your site has absolute control of what they think and do. Sometimes, there’s a bit more — no, a lot more — below the surface.

    Reply

    • Michelle S. says

      March 18, 2015 at 1:00 pm

      Hey Devyn,

      Thank you for your comment. I didn’t realize that the word “lazy” would offend anyone, and I definitely did not want it to come across that way. The post was more to make fun of the mistakes that I have made so that others don’t do the same. I will keep your comment in mind for future posts.

      Reply

  22. Susan says

    March 18, 2015 at 1:09 pm

    I wouldn’t say lazy is offensive – it’s okay to be lazy sometimes when you have a long day, week, or month(s). But, what I notice is that I am the definition of LAZY and want convenience – my days are pretty hectic and I would find myself eating out 5-7 times a week since I’m on the go. Not the most wallet friendly, but sometimes it’s what helping me get through my to-do list. Something I would like to change soon, but sometimes I would change for a day and then I find myself in a take-out joint the next day. I don’t care if I’m being lazy, I have things to get done; but, eventually I know it’s not sustainable and I need to change for my savings account and bills.

    Reply

  24. Jessica says

    March 18, 2015 at 4:12 pm

    I’m pretty bad about being disorganized. I know we’ve spent money on things we’ve “lost” or I’ll forget what food I have at home and buy more. Along the same line as disorganization, I know I have extra stuff that I could sell, but I’ve been too lazy to take the initiative to do so. For me, the worst thing is not really doing enough to increase my earnings. I’m starting to work on that though.

    Reply

  26. Athena says

    March 18, 2015 at 4:37 pm

    Since moving into my own apartment, I have been more lazy than usual. I was indulging in fast food way too much along with Starbucks because I didn’t “have time” to go to the grocery store. I am back to making my lunches and dinners though. My Starbucks habit is still one I’m working on again. 🙂

    Reply

  27. barry @ Moneywehave says

    March 18, 2015 at 5:48 pm

    Laziness is definitely costing people money, especially the ones who are too lazy to read a book about personal finance. Seriously, if you read just one book, there’s a good chance you would know more about money than 80% of the population.

    Reply

  28. Reece says

    March 18, 2015 at 6:00 pm

    Before I even opened this post, I was agreeing with you!
    You’re right. To be fair, I try to pay close attention to a lot of things on the list. There are definitely a lot more things I should be doing, though- one of the big ones that I’ve ‘not got round to yet’ is switching my energy suppliers. I’m pretty sure that would save me hundreds each year.
    And on that note, I’m off to save myself some money….
    Thanks for the great article!

    Reply

  34. Chris @ThriveWP.com says

    March 19, 2015 at 10:10 am

    Great post, great reminders!

    My wife and I have gotten in the terrible habit of eating out all the time. We go grocery shopping and then we go to cook dinner and instead find it easier to order food. We need to stop!

    Chris

    Reply

  35. Jack @ Enwealthen says

    March 19, 2015 at 6:16 pm

    Since our son was born, I’ve been doubly lazy and doubly infrugal.

    With so little free time, it’s been months since I’ve made it to the gym. On top of that, I haven’t called up to cancel or at least suspend my membership. I keep thinking tomorrow’s the day I’ll have the energy to go work out, but tomorrow keeps arriving and the energy doesn’t.

    Think it’s about time to cut that cord.

    Reply

  36. Gary @ SuperSavingTips says

    March 19, 2015 at 10:13 pm

    I’ve been getting a bit lazy lately too, especially around meals. Tonight we grabbed some takeout when we had food to cook at home (at least I used a coupon!). Meal planning definitely helps but we’ve gotten out of the habit recently. Thanks for the reminder to get back to it.

    Reply

  37. Dennis Seymour says

    March 21, 2015 at 3:12 am

    Oh man, I dont know how much I’ve wasted because of procrastination/being plain lazy.

    Probably the weather here…so that’s my excuse to procrastinate changing my habits LOL 🙂

    Love it. Sharing this out Michelle

    Reply

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