4. New car

Buying a new car is everyone’s fantasy but think before you buy a new one as this one of the biggest money water. Yes, indeed a car is means of transportation to get you from one place to another. But a true fact is that cars lose their value as soon as they leave the factory floor, so even if you buy a new car after two days its resale value will be less.

It is better to go for a second hand car as it will save you from paying installments, EMIs, initial cost and insurance. The only thing you need to do before buying a second hand car is just accompany a driver and check it overall to make sure that it doesn’t need a major repair.

5. Buying branded stuffs

Starting form groceries to clothing to prescription drugs, you could save money by choosing the off-brand over the fancy label, in many cases, you won't sacrifice much in quality either. Remember clever advertising and fancy packaging will not make brand-name products better than lesser-known brands.

A purse that holds your personal belongings, a pair of sunglasses shades your eyes from the sun or a shirt that keeps you warm.  If you’re paying premium prices just to get a fashionable brand name labeled on each these products without even realizing that how efficiently the products actually serve their practical purpose, then you are wasting your money.