The 10 biggest money wasters of all time

1. Pets. My cat, which isn't in my good books after bringing me a big fat rat, chomps his way through about $10 worth of food each week ($520 a year) and refuses to eat any cheaper brands. I've read it costs more than $10,000 to keep a pet over its lifetime. The word parasite comes to mind. But before you call me a hypocrite — my kids love the furry fellow, so he's staying for now.

2. Mag wheels. I drove through Otara (one of Auckland's less wealthy suburbs) the other day and I couldn't believe how many cars had mag wheels. A set of mags can cost $3000 a shot — or much more on high-performance cars.

3. Eating out. Personal finance writers like me love to slate takeaways and expensive lunches. A friend of mine takes it a step further and refuses to eat in restaurants because of the cost (which he can well afford). Just last night I took my kids to the local Lone Star restaurant. The food was great and the kids enjoyed themselves. But a quick bite to eat for three of us cost $49. Ouch.

4. Books. Why on earth do people buy books to read just once? That's such a money waster — never mind the environmental cost. Why not borrow them? Most books can be borrowed from your local library or bought second-hand. You'll save loads.

5. DVDs. Check out your local video hire shop and find out what special deals they have. Mine has $1 Tuesday night for back catalogue movies — and they're just as good as the new releases. That's a bargain. We can watch 30 movies before we've spent as much as the cost of buying one full-priced new release.

6. Gifts. If you could see the piles of knick-knacks that make their way into our school garage sale every year it would make you think twice about visiting gift shops. I'd wager that half of the knick-knacks ever bought either never get displayed or last a year before their owner's taste changes. Bite the bullet and ask people what they want, or buy something consumable. Write yourself a present list to give to people when they ask. Whenever my children's birthdays come around I tell parents to visit the local toy store where there's a list behind the counter.

7. Fines. When was the last time you paid a speeding or parking fine, or a late return fine at the library or video store? I learned as a teenager to leave enough time to drive at the speed limit after getting a ticket for running a red light aged 19. What's more, I put notes in my diary to return library books on time, which has got a whole lot easier since I started getting automatic reminders by e-mail from my local library.

8. Electrical goods. Ditching them either before they've broken down or failing to get them repaired is silly. It's very easy to confuse needs with wants — especially when there's a wide-screen television on sale at the local electrical store. Sell off your old one if you really must buy new. And if your electrical goods break down, it's sometimes possible to fix them yourself. I know, I've repaired both my own washing machine and my laser printer at a fraction of the cost of using a tradesperson.

9. Flash cars. Don't fool yourself into thinking that upgrading your car will save you money in the long run. It's a fallacy tied directly to your ego.

10. Brand names. Buying brand names when generics will do is a huge money waster. With many goods the brand name just doesn't matter.

Related links: Are you wasting your hard-earned cash? Ten things you should never buy new Ten ways to outsmart your bank Quit booze: get rich? Tackle your telephone bills

Have your say: what do you think are the biggest money wasters of all time?