Why save? 6 ways to waste money now

By Bankrate.com

Need a reason to blow your money? We offer six ways to help you squander instead of save.

Don't have a budget

Walk on the wild side and squander every penny that finds its way into your grubby mitts.

After all, you might be squashed by a falling piano tomorrow as you walk down the street, and then all of this hypothetical hoarding and penny-pinching would have been wasted. So why start?

Of course, you could accidentally live to a ripe old age or maybe even start a family, buy a car, break a leg or catch a cold. But why plan for the unexpected? There's a lot to be said for spontaneity.

Indulge your whims

Shopping sprees don't have to involve a pair of astronomically expensive, anatomically implausible shoes or a really spectacular watch that you promise you'll wear every single day for the rest of your life.

The more insidious savings-sucking culprits masquerade as purveyors of common items, such as Costco and Sam's Club. Strolling through a warehouse-size storeroom full of practical items at low, low prices all but guarantees a spending bonanza.

• Talk back: What are the best ways to squander your hard-earned cash?

In an informal poll of visitors to its Web site, Consumer Reports found that about half of warehouse club shoppers spent more than they intended.

Splurge on gifts

What better way to celebrate than by going into debt?

Forget gifts from the heart. Never mind deep, meaningful sentiments. Presents should reveal how much extra dough the giver has to throw around.

If holiday bills aren't still rolling in come July, you didn't do it right. According to Unity Marketing's Gift Tracker survey of more than 600 consumers conducted in January 2006, holiday gift givers spent nearly 20% more than they planned buying Christmas and Hanukkah gifts.

Buy a gas-guzzling SUV

When some cars on the road can travel more than 35 miles on one gallon of gas, it seems almost like a waste of money to roll around in a vehicle that sports a fuel economy in the low teens. An equally effective method of getting rid of cash would be to set fire to it straightaway rather than going through the hassle of getting out of the car to pump gas.

According to the U.S. Environmental Protection Agency, the car with the lowest fuel economy for 2007 is the Lamborghini Murcielago at 9 miles per gallon in town. The Jeep Grand Cherokee fares a little better at 12 mpg.

Rely on credit for emergencies

Instead of paying yourself back after a crisis drains your emergency fund, pay a credit card company instead.

Not only will you get to pay for the privilege in interest charges, there's also the fun of risking a good credit rating, should anything happen to delay a payment or, even better, prevent it from being made at all.

Skip routine maintenance

Remember that old saw about an ounce of prevention being worth a pound of cure? Forget it.

Don't waste time and money eating apples, exercising or having your car's oil changed regularly. Wait for something to go catastrophically awry and then figure out the problem from there.

This advice goes for everything that requires routine care and upkeep -- children, pets, pools, computers -- you get the idea.

This article was reported and written by Sheyna Steiner for Bankrate.com.

Published Aug. 21, 2007