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There’s always a lot of focus on ways to save money, stretch your budget, etc. But what about things you’re spending money on that you could allocate more effectively elsewhere? Not surprisingly, there’s some commonalities for most people’s biggest money wasters. How many of these are part of your current spending habits?
According to a calculation on Credit.com, making oatmeal for breakfast at home 3 days a week for a year costs about $25. Buying that same amount of oatmeal from McDonald’s will set you back over $300! Or if you prefer Starbucks, you’re looking at a whopping $539! And that’s just breakfast. Think about the savings with pricier meals like lunch and dinner. You don’t have to be an amazing chef to make a sandwich, salad, or put something in a crockpot. Your wallet will thank you!
Credit cards and other loans typically charge a late fee on top of any annually accruing interest. For credit cards, late fees are capped at $27 for the first late payment and $38 for any late payment in the next six billing cycles. If you’re late even twice, that can add up quickly. Thankfully, you can easily avoid late fees by organizing your budget and paying on time.
Buying Stuff on Sale
Sure, if you NEED it, buying on sale is ideal. But if you buy something on a whim simply because there’s a sale, that’s not helpful. Before making any impulse purchases ask yourself if you really need it and if it will make you happy. If the answer is no, keep your money in your wallet for something else.
Simply changing these three spending habits can add up to hundreds, even thousands, of dollars in savings over the course of a year. While you still want to have a solid savings plan and budget, that extra money will make saving for a new car or that big vacation a lot easier.