Eight Everyday Money Wasters

[pennypinch]

I read an interesting article on the top eight biggest money wasters that many of us are guilty of. I must say I agree with most of them.

1. ATM fees. Using an ATM that isn't at your bank will usually get you a fee up to $5 each time! That really adds up and usually isn't worth not going to your own bank.

2. Lottery tickets. Did you know that you have a better chance of being struck by lightning than winning the lottery? Yet we still spend a good portion playing.

3. Gourmet coffee. Going to star bucks everyday can get quite expensive. On average Americans spend more than $8 each time they stop in at a coffee shop!

4. Cigarettes. Guilty as charged. I don't think any explanation is needed here. There are no benefits to smoking including the cost!

5. Infomercial impulsive shopping sprees. You know those late at night product infomercials. Nine times out of ten those must have impulse products go unused!

6. Name brand groceries. For most things you wouldn't notice the difference between store brand and name brand so why pay the extra?

7. Eating out. I know this is true because even for my family of five to go to somewhere like McDonalds it costs at least thirty bucks! I can feed us for two days for that amount!

8. Gym memberships. How many of you have paid for gym memberships and have never used them?

If we all really thought about what we were doing with our money before we did it.... we would be a lot better off!

[moneysense]

Thats a very interesting list you have given. Im not guilty of many of them.

I do smoke and that is expensive but my only vice. I have no gym membership as I can work out at home, and walk and enjoy the great outdoors when it comes to exercise, who needs a treadmill? Just call a friend and hit the pavement.

Starbucks, no way, I dont like their coffee. If I want coffee I take a thermos of coffee with me.

I agree with the grocery shopping too, theres no appreciable difference between the store brands and other cheaper brands except the cost.

ATM fees are something I very rarely ever pay as I rarely use the ATM machines. Its just as close for me to run to the bank as to the nearest machine.

Eating out is a treat for us. Its something we very seldom ever do.

We save money in every possible way at out house. And one day we will save even more when we both quit smoking.

[dimetime]

I am guilty of a few of these that you've listed here. I am also a smoker and that is my biggest problem. Then there is the dining out issue. When I am with my old man we eat out every single day for lunch and dinner as well.

Soon he will be on vacation again, and I have talked him into just getting actual groceries ( other than his usual TV dinners) and letting me cook and save some money. This he has agreed to, but still for lunch every day he will want to go out to eat. I guess as long as it is coming out of his wallet instead of mine it's his choice.

At least he makes sure that he has all he needs for the house and bills paid first. That is what matters most. I thankfully don't drink coffee at all so Star Bucks isn't a problem for me. I don't do gym memberships either and when I buy groceries I look at prices rather than brand names.

I am not into shopping impulses unless I am at a yard sale or something like that where prices are inexpensive. Other than that my money is budgeted practically down to the last penny, so there isn't room for such impules. Another good thing is that I don't deal with banks so there are no worries about those pesky ATM fees that everyone faces.

[moneysense]

Speaking of ATM fees, we were in Pittsburgh a couple of weeks ago and I needed some money so I used the ATM machine that was available.

When we got our bank statement yesterday there was a $5 fee for that transaction and that doesnt make me happy but when there isnt an ATM machine available that is connected to my bank or card or whatever, then I have no choice but pay the higher fees.

But overall, we are doing a really great job of saving money these days. We only buy what we have to have. And doing that helps save a lot.

[dimetime]

It is a shame that banks are like this. I mean there are times when there is an emergency and money is needed right away and they don't have that extra $5.00 to spare, then what happens??

It is just sad that things in this world work this way. I think that ATM's should be available to anyone and everyone with out worry about paying fee's!!

[BSClay]

My bank is the same way because the nearest one to where we live is hours away. So what we do is if we need cash we go to a convenience store or grocery store, buy something small we need and get cash back. Then there is no fee involved.

[dimetime]

That is a very good idea BSClay, but still it is a shame that you have to do all of that just to get a little bit of cash when needed.

Banks need to make things more convenient for their customers instead of finding ways to take our money or raising fees on crap.