The 14 Worst Ways Americans Waste Money — How Many Are You Guilty Of?

It can be hard to save money when you're balancing different bills or expenses.

But sitting down with your budget is a good way to review your costs so you can find ways to stop wasting money.

Check your budget to see if you're guilty of some of these expenses so you can keep more money in your wallet.

You may be excited to buy a new home and don't mind going above your budget to get what you want or the extra space you think you need.

But buying a house out of your budget isn't just about paying a higher mortgage. You may struggle with a big mortgage payment when you factor in additional costs like higher property taxes or unexpected home emergencies.

Americans continue to cut the cable cord and use streaming services for their entertainment needs.

However, streaming services can add up, especially as some are raising their monthly fees yet again. Think about which ones you need, and remember that streaming services are month-to-month, so you can subscribe and unsubscribe as needed to save money.

Timeshares may sound like a good deal if you want somewhere to travel each year, but beware of the contract you have to sign.

Timeshares are notorious for being difficult to unload once you sign a contract, and some can be downright scams. Avoid them if you can.

You may decide a car lease is better for you than buying a new vehicle, especially if you can get the monthly payments down with a longer contract.

Longer contracts are available to lower your monthly cost, but you could end up paying more long-term. Don't let a lower monthly payment convince you the car is affordable.

A credit card can be a good option to pay for things while also building a good credit score.

It's a good idea to pay off the full balance each month or you could incur additional interest on your outstanding credit card balance, racking up even more debt.

Credit cards are just one form of high-interest loans that could drain your savings.

Check the terms of any loan you apply for and try to find different options to pay for something you need rather than taking out a high-interest loan.

Gambling can be a fun time if you're on vacation in Las Vegas, or if you prefer online gambling like sports betting or playing games with a mobile app.

Gambling is also a good way to lose money, as the house (or casino) always has an edge. Sure, you may win some here and there, but over the long run, the house stays in business by taking in more money than it gives out.

Luxury brands usually charge a premium because you're buying the name on the product as well as the product itself.

Luxury brands are easily overpriced and can bust your budget when you could buy a similar product without the expensive price tag.

Smartphones, tablets, and other electronics have become practically staples for many Americans who use them for work or to stay in touch with friends.

Companies release upgraded models regularly, but that doesn't mean you need to get each new upgrade. It's far cheaper to stick with what you have until you really need a change.

Trends come and go, but they can be particularly expensive when they're at their peak.

It's OK to skip a trend if you're trying to save money or find more affordable options for things like fancy tumblers or expensive beauty items.

It's nice not to always have to make dinner at night if you don't like cooking or have to deal with a big family.

However, dining out can add up over time, especially if you use delivery options that make it easy to order from your favorite places.

You may be generous and enjoy buying things for others, but you can also go overboard and bust your budget with things for other people.

Instead, consider more affordable options like having coffee with someone or sending them a card rather than going overboard on gifts.

You may like having the option to go to the gym or work from a shared space outside of your home, but how often do you actually use those memberships?

Evaluate how much time and energy you spend compared to how much a membership costs, and think about canceling a membership that is too expensive.

It can be easy to look around and see other people with a newer car, fancier house, or designer clothes, but trying to keep up with them can bust your budget.

Consider a mind reset to get perspective on what items are important to spend money on, and which items you don't need to spend your hard-earned cash on.

Are you guilty of any of these money wasters? If you're buying just a couple of these things, you're probably doing better than most. If you're doing four or more, then it's probably time for some changes.

The best option is to start with your budget and find ways you can save money. Make the most of what you have before spending it on needless things that won't help you build your wealth.