I shall answer with a different perspective , hope fully different from other answers.
- To me a true waste of money is buying cheap stuff to save money!
- Never compromise on quality. Choose the best product and then fight for the best price. You may yourself realize with me that when ever you bought cheap stuff, it worked like a quality stuff in the beginning but after a while it started sucking and sucked last blood drop of yours till the cheap I do not mean discounted but ‘low quality’.
- You remember the quality when you forget the cost.Cost hurts a lot in the beginning but you will never regret it if you decision was based on research and quality.
2. Penny wise pound foolish
- Saving 20/- on that auto taxi and taking a 20 min walk is as foolish as it gets. Unless you are on a weight loss regime and hard pressed with time to take a morning walk,it makes little sense.
- Saving few bucks on food items and get bad quality stuff along road side stalls (Some are really good but many are unhygienic).
- Many other examples can be quoted like saving 500/- on a Ist class monthly pass and suck with sweat laden commute.Saving 5/- on a bad pen rather than choosing a good pen worth 20/- more.We are often penny wise and pound foolish. We can spend 400/- on that damn pizza but save every where else!. 8000/- bucks RayBan is fine but that 20/- bucks to take auto rick ride sucks!
3. Saving money on taking services of experts : We tend to fill our IT return our selves, do self medication, do self repair our selves and many other expert oriented work which save a lot of hustle and effort in future. A accountant can do the job in ten minutes which we will take a week to do. We don’t value our time in terms of money and hence waste a large portion of our time doing meager senseless jobs instead of developing our skills and earning potential.This has been demonstrated as a major differentiator between rich and poor people that rich people take help from experts and poor people do every thing themselves. We leverage money and they leverage time. A expert saves your time and nothing else, but time is priceless you know.