Stop wasting money
There’s an age old saying that a penny saved is a penny earned. This statement was made famous by Benjamin Franklin, but was coined some 100 years prior. Needless to say, the idea of saving has always been a profitable endeavor.
As a matter of fact, when accounting for inflation, the dollar you save today is worth an average of a few cents more every year. Over a 10 year period, your saved dollar could be worth about 50% more than when it was first tucked away.
If you’re running into issues meeting your spending or saving goals or needs, it’s time to take a look at your current spending habits and consider eliminating unnecessary costs.
6 big money wasters
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Bargain shopping & impulse buying
It is incredibly important to be aware of fire sales and impulse buying. Just because a product has an exciting tag with the words “Sale”, “Reduced Price”, etc. doesn’t mean you need it. These items, specifically those sold on infomercials, can be the biggest money wasters — especially if they just collect dust in a closet or drawer.
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Unused / forgotten subscription services
Forgotten subscriptions are the bane of modern bank accounts. $12 a month here and $15 there doesn’t seem like much at first, but they start to add up. In addition to this, most people put subscriptions on autopay to avoid the hassle of taking out their card month after month. The dangers here lie in the fact that most people forget about the different subscriptions they set up. It might not seem like too big of a deal, until you realize that just four $12/month subscriptions add up to $576 a year.
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Cell and internet plans
Cell phone and internet plans are always changing and being improved. Give your network provider a call and see if you can negotiate for a cheaper, better plan. If there isn't a cheaper plan, then check to see if you can find a plan that at least gives you more bang for your buck.
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Save on water
If you find yourself purchasing a water bottle from your local cafe, then that’s a financial red flag. Save yourself up to $1.50 a day by purchasing a reusable water bottle and filling it up as needed.
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Daily coffee shop stops
Stopping by your local coffee shop and getting a morning coffee may feel harmless, but your $5 daily treat can add up fast. Consider brewing your own coffee at home — you can save yourself some time, money, and experiment with different blends every day!
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Dining out
Eating out may be a fun convenience, but like daily coffee it can add up fast. Try to limit yourself and save eating out for special occasions or socialization opportunities. Not only will you save money, but you can pick up a fun hobby and eat healthier too.