Like many Americans, are you looking for clever ways to cut corners and save money every month? If you are, there's a chance you've already taken some drastic steps, including canceling cable, skipping the yearly family vacation and spending less on this year's Christmas presents. However, what you might not realize is that despite all your efforts, there are still ways you are wasting money. Here are three of the most common ways many Americans waste money and what you can do to stop these habits:
Do You Really Need That Gym Membership?
According to the International Health, Racquet and Sportsclub Association, almost 70 percent of people with a gym membership rarely or never use them. If you're among this group, you might be wasting several thousands of dollars each year on a gym membership that goes to waste.
If you still want to stay in shape without wasting money, here are a few simple ways you can trim and tone your body for much less than the cost of your gym membership:
Find a fitness buddy, and encourage one another to keep in shape. If you always found the motivation and camaraderie found at the gym appealing, consider asking a friend or family member to go on daily walks or runs.
Skip the pricey, store-bought weights and instead utilize items found around your home. For example, that can of corn that is collecting dust in the back of the pantry can be used as a makeshift dumbbell.
If you are one of the rare people who actually uses their gym membership but can't afford it anymore, look for cheaper alternatives. For example, your local community center might offer inexpensive memberships.
Watch Out For Unnecessary Bank Fees
From your monthly checking fees to those pesky overdraft fees, chances are you are familiar with many of the fees charged by your bank. While securing a payday loan from a place like #1 Cash Stop can quickly prevent you from sinking under the weight of overdraft fees, there might be other bank charges you are not even aware of.
For example, if you open a checking or savings account at a new bank and decide after a few days the institution isn't for you, you may be charged a fee for closing the accounts early. Your bank might also charge you a small fee for having your paper bank statements mailed to you each month.
Speak to a representative from your current bank and ask about any hidden fees and charges. If you're not happy, shop around for a new bank that will be more upfront about what you may potentially owe each month.
Those Occasional Trips to the Corner Store Can Add Up
From that morning cup of coffee to a bottle of sugary soda to give you a mid-afternoon boost, if you're like most Americans, you stop by your local convenience store almost daily. These smaller purchases might not seem significant, but if you're spending a few dollars several times each week, these trips to the corner store can begin to add up quickly.
Look for ways to satisfy your sweet tooth or caffeine cravings without breaking the bank. For example, purchase a bag of bulk, single-serve potato chips or other treats and place a bag in your car every morning. Filling a travel mug with your leftover morning coffee is another way to avoid stopping by the corner store for that one final caffeine fix.
From those sneaky bank fees to wasting some serious cash on an unnecessary gym membership, there are many ways you might be throwing away a lot of money. However, with a few lifestyle changes, and a sturdy travel mug, it is possible to stop being a money waster.
Share11 September 2015
One thing I have always been good with is money. Even in high school, I always had a savings from my allowance and from working for the neighbors. I created this blog to help other young people understand the importance of financial responsibility even at a young age. If we start our adult lives knowing about financial responsibility, we can make it further in our lives before we suffer from the devastation of financial mistakes that can take years and years to pay back. Hopefully, what you learn here will help you avoid those financial mistakes and maybe help you recover from the ones you've already made.