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Do you want to save money, but feel like you just don't have any left after you pay your bills every month? Below are 10 common ways people waste money daily. If we change our ways, a little can add up to a lot!
Do you have debt on a high interest credit card? If so, get in the habit of paying off your balance in full every month. If you have a $1,000 balance on a credit card that charges a 21% rate, you are paying $210 a year on interest! Pay it off and put that money in YOUR Savings account!
Anything from groceries to clothing to prescription drugs, you can save money by choosing the off-brand over the fancy label, without sacrificing quality.
If you find yourself buying bottled water, coffee-by-the-cup, or vending machine soda, you are spending way too much! Instead, drink tap water, brew homemade coffee or buy your soda in bulk and bring it with you.
Letting Uncle Sam have your money:
If you get a tax refund every year, you let the government take too much out of your paycheck. Get a larger pay check all year long by adjusting your withholding. You can file a new Form W-4 with your employer at any time during the year.
It pays to have your finances in order. Lost bills and receipts, forgotten tax deductions and clueless spending can cost you hundreds of dollars a year. Start by setting up automatic bill payments online for monthly bills and eliminate late fees and postage costs. Then get some files and organize your important receipts, insurance policies, tax documents and financial statements.
Return those library books and movie rentals on time. Mail in your rebates. Submit expense reports on time for reimbursement. And if you make a bad purchase, don't just stuff it in the back of your closet, return it and get your money back!
Time is an asset money can't buy. Start investing for retirement as soon as possible. For instance, if a 40-year old saves $300 a month with an 8% return per year, he'll have $287,000 by age 65. If he had started saving 15 years earlier at age 25, he would have had more than $1 million.
Do you watch all those cable channels? Do you need those extra features on your cell phone? Are you getting your money's worth out of your gym membership? Are you taking full advantage of all the technologies you pay for? Take a look at what your family actually uses and make cuts accordingly.
When you buy before you think, you don't give yourself time to shop around for the best price. Take the time to compare prices online, read product reviews and look for coupons. Make it a habit to give yourself time before making a purchase, more often than not you'll decide you don't NEED the item after all.
Spending $10, $20, $30 per person for dinner can be a huge drain on your wallet. Throw in a $7 sandwich for lunch now and then and you have yourself a real drain on your income. Learning to cook at home and bringing your lunch daily can save a couple hundred dollars a month! When you go out, consider getting carry-out instead of dining in, you will save on the tip and beverage costs, skip the overpriced appetizer and dessert, and finally search for coupons ahead of time.
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