Let’s be honest: we waste a lot of our hard earned money every single day. Whether it is that daily trip to the coffee shop or spending money on a gym membership you’ll never use, consumers might as well throw their money out the window.
Many households are cash-strapped and are living paycheck to paycheck. This is why the national savings rate is a disappointing four to six percent. Many people use the excuse of having a paucity of cash for not setting aside necessary dollars.
But it is easier to save than you realize. You just need to take a look at your daily expenditures.
CNBC put together a great list – one that is obvious to the fiscally prudent – that takes a look at how you can save money by no longer wasting your money on useless things.
Here is the list:
– ATM fees
– Late fees
– Underused subscriptions
– Buying lunch every day
– Unused gym membership
– Bottled water
– Morning lattes
– Cable
– Renting your cable box and modem
– Extra smartphone data
– Excess groceries
– Brand-name products
– Impulse purchases
Once you end these wasteful practices, you’ll begin to notice more money in your pocket.
There are a few problems with the list. –
1. Bottled water – Tell the people of Flint MI that. – In fact, data CNBC obtained from the Environmental Protection Agency reveals that only nine U.S. states are reporting safe levels of lead in their water supply. These include Alabama, Arkansas, Hawaii, Kentucky, Mississippi, Nevada, North Dakota, South Dakota and Tennessee. When I buy bottled water I always make sure it says it has been filtered. Walmart has a cheap 37 cent per gallon water filter machine in many of their stores.
2. Excess groceries – I buy non perishable and frozen food items when they are on sale. Food that you are going to eat in the next several months is not excess. Are a bunch of people buying food that they do not intend to eat?
3. Extra smartphone data – It depends some plans give you more data than you need at a reduced cost. If you go over your monthly data limit 50% of the time it might cost you more in additional monthly fees.
4.Brand-name products – Some brand names are worth paying for, Q-tip cotton swabs are one that I have found to be worth the extra cost. I am sure there are others.