Does it ever seem like your money is just disappearing out of your bank account? To many, that money is in fact disappearing… to the world of fees, overpriced coffee, and bad habits.
The following is a list of the top 10 biggest money wasters that CNN Money put together. Make sure you aren’t wasting your family income on these money wasters.
- ATM fees – using the closest ATM as opposed to your bank ATM can cost you up to $5 per use, as opposed to $0 for using your bank’s ATM.
- Lottery tickets – In 2010 over $70 billion was spent on lotto tickets, according to the North American Association of State and Provincial Lotteries. Most of those who participated spend $10-20/week on lotto tickets… that adds up to a wasted $520/year at least.
- Gourmet coffee – Everyone loves the delicious taste and caffeine high that Starbucks brings us, but you can save a ton by brewing your coffee at home. The average American spends $8 each time they stop at a coffee shop, as opposed to the $11 container of coffee you can get from the store that makes upwards of 200 cups of coffee.
- Cigarettes – Not only do they kill your body, but they kill your wallet as well. People who smoke regularly spend a minimum of $280/month on these cancer sticks.
- Infomercial impulse buys – Quick-fix products that you will never use but seem like such a good deal are on TV everywhere. Ignore the impulse to buy the things offered on TV infomericials!
- Brand-name groceries – We hate to burst your bubble, but brand-name groceries are pretty much the same thing as the generic counterparts. A $2-3 difference can add up, especially on medicines and everyday products.
- Eating out – Although it is a fun way of getting out of the house, eating out is one of the most expensive habits you can have. On average, people spend $28.47/meal when they eat out, not to mention an additional $40 on alcohol.
- Unused gym memberships – Everyone needs to stay fit and healthy, whether they’re 18 or 72. However, unused gym memberships can burn a nice hole in your pocket if you aren’t careful.
- Daily internet deals – Although Groupon and LivingSocial offer some fun experiences, many of those vouchers never get used, meaning you waste money on something you wouldn’t have gone to/used in the first place. Lifesta, a site that will buy back your unused deals, estimates 20%, or $532 million worth, of vouchers go unused every year.
- Bundled cable or phone services – Although they spout out the amazing deals bundles offer, it’s only a deal if you use all the services.
