Ways You’re Wasting Money Without Knowing It

PowerPoint PresentationOverview
Since money was invented, people have been doing their level best to acquire it. And there’s no wonder
why…the abundance of money in one’s pockets equals freedom.
Money has always been difficult to earn, let alone save. If you are an employee, you have to trade off eight
hours each and every day in order to put food on the table. If you do the math and check the latest
studies, 1/3 of your life is spent at work. If you’re an entrepreneur, you might work even more than that.
So, let’s draw a conclusion. Most of our lives are gravitating around money, and without it, we wouldn’t be
able to survive today.
We're always on the lookout for ways to save more money, but sometimes we need to take a step back
and realize ways in which we're actually wasting money.
Airline fees
when you fly these days, from your bags to
your seat, the Motley Fool reports. So be sure
to compare not only the prices of flights but
what they’re charging in extra fees. You may
also want to weigh your bag before you go to
avoid any additional charges.
account is overdrawn.) ATM and other
maintenance fees can also add up to $1,000
over ten years. To avoid them, look for banks
with free ATMs that don’t charge monthly
maintenance fees.
spend an average of about $31,000 on new
cars. But as soon as you drive it off the lot,
the car loses 11 percent of its value. A better
option? Opt for a reliable used car and a
short-term loan you can pay off quickly. The
same goes for electronics. Instead of the
latest Mac, seek out “open box” items at
electronics stores, such as refurbished
computers.
Using a credit card all the time might bring a
tricky and unexpected disadvantage.
you use cash, you feel something different
because you actually feel the trade-off. You
realize that you’re exchanging your hardly
earned money for the product in front of
you.
Eating out and buying too many drinks while can
significantly hurt your budget. Think about it.
When you’re at work, how many coffees are you
buying each week? How about each month? How
about each year?
When you go to a restaurant or at a coffee place,
are you used to ordering bottled water? For
water, $2 or $3 is a heavy price. Instead, you can
carry your own bottle of water, your own bottle
of coffee, and maybe some sandwiches in case you
get hungry. Prepare for these needs at home, and
you’ll save a lot of money along the way.
Buying too much in bulk
Buying in bulk is tempting, and for good
reasons. A lot of bulk items are a smart
purchase because the per unit price is
cheaper, but make sure what you are
stocking up on isn't something that can go
bad. Think, toilet paper, not spaghetti sauce.
Cable TV
Access to hundreds of channels can add up to a
monthly cable bill of $100. (And many people
pay double that.) Fortunately, there are plenty
of options to save money without sacrificing TV
time. Services like SlingTV and HuluLiveTV
range from $10 to $40 a month. Or Netflix is
even less expensive—and commercial-free. If
you’ve already pulled the cable cord, ask
yourself whether you’re subscribing to more
streaming services than you actually need or
use. Unsubscribing from one or two can save
you another $20 or so each month.
Convenience foods
but they can also dent your wallet. Opting
for 20 bags of lettuce over the course of a
year instead of buying heads of lettuce will
cost you about $60. Instead, buy food as
close to its natural form as possible, and
divide it up into portion sizes yourself.
The same concept applies for all those fancy
lattes. Even if you buy just three $5 drinks
each week, that’s $780 per year. Over a
decade, it’s $7,800.
annually, although some people face even
steeper rates. If you carry $25,000 in debt,
paying 20 percent on it will cost you a
whopping $5,000 annually—just in interest.
To avoid paying extra money for old debts,
try the snowball method. Pay off the card
with the lowest balance first, then move on
to the next one.
You may have tried a new streaming service,
or said yes to that caller from the bank that
advised you to insure your credit card and
fast-forward years and you're still paying
those fees, wasting money.
Late charges on your Visa or hydro bill will hit
your bank account hard. Is there anything
worse than having to spend more money than
you actually need to? Automate payments if
you can never remember.
hungry
rumbly in the slightest, unexpected treats
and things that didn't make your list will
find their way into your cart. Trust us:
grocery shop when full, and you'll end up
spending less money.
grocery store per week
A good way to stick to a grocery budget is to
do a weekly (or bi-weekly) big shop to get all
the stuff you need rather than make the trip
whenever you run out of one or a handful of
things. Chances are, you'll end up buying more
than you planned to. When you spend more
money than you intend to, time and time
again, it adds up.
Buying brand name products
generic brands — whether it's food,
household products, and over-the-counter
they're almost identical and all you're
paying for is the brand. A really easy way to
save money is to avoid buying brand name
when possible.
dealership
with the dealership their stiff rates and by-
the-book approach will be pricey. For routine
maintenance work, find a shop or mechanic
recommended by a friend or family member
who, ideally, also uses them.
Not programming your thermostat
sleep each night. It's a small step that saves you
energy and money. Experts recommend using a
programmable thermostat to shut off before
you leave home each day, and turn back on just
before you come home.
This can be a hard habit to break, especially if
you're thisclose to finishing a board on
Candy Crush. But those $2.19 purchases
here and there add up and you'll be hanging
your head in shame when you see your bank
statement. Just one more little thing to stop
wasting money on.
If your heating and cooling bill is atrocious,
it may be due to inadequate insulation. If
you can invest in airtight windows or
replacing doors, it will save you in the long
run.
With the discounts stores often have, you
should never pay the actual retail price.
Check online if you're not feeling the in-
store price tag. Or just wait. That top will go
on sale any day now and you can save money
then.
bottle/coffee cup on hand
bottles when you can just refill them at a
discount or for free.
keys and needed a locksmith to get into your
house or car, bills are buried under one of
countless piles so you forget to pay them on
time, clutter has cost you a chunk of change
at some point. Clean up your act, save some
money.
your shirts in the delicate cycle in your
washer or hand wash them.
Extended warranties
refrigerator or car you bought sounds like a
good idea. But according to the FTC, most
extended warranties aren’t worth the money.
Why? The fine print may not include likely
problems, or you may be buying duplicate
coverage. A better plan? Open a savings
account and sock away money for any repairs
that might come up.
free trials. But, once that trial is over, you could
spend upward of $100 per year to continue
the service, depending on where you live and
which service you select. There are also up-
charges for the groceries. And you really ought
to tip the delivery people.
Phantom electricity
and phone plugged in once they’re at full
power is costing you. Phantom electricity adds
up to $19 billion per year in the United States.
That averages out to about $20 to $30 extra
a month on an average electricity bill. To save
money, make sure to power down your
devices when you’re not using them and use a
power strip to easily turn off several
electronics at once.
Over Internet or VoIP plans can keep you
connected while saving you $20 to $25 a
month. And if you find yourself paying more
than $100 a month for your family cell phone
plan, look into switching to a less expensive
carrier, such as MetroPCS or Cricket
Wireless.
Speeding
but it can also add up. On the highway,
speeding can decrease your gas mileage by
up to 30 percent. That’s not counting what it
will cost you if you get stopped for your
leadfoot or hit another vehicle. So slow
down and save.
$10 and $40 per month, which means you
could be spending well over $100 a year—on
just one service. Think about whether you’re
really using (and enjoying) the majority of the
items in the box on a regular basis. If not, it
might be time to cancel your subscription.
Wasted food
of planning, impulse buying, and cooking too
much food, as much as 40 percent of food in
the United States goes to waste. To save, make a
plan before you go shopping, don’t go to the
store hungry, and eat your leftovers.
Conclusion
If your bank account has a balance that seems way lower than you thought was in there, be prepared
for this rude awakening. Even if you think you’ve got a handle on your spending, you might be slowly
draining your funds without even realizing it. Above are some ways you’re messing with your money
that you’re probably overlooking.