Almost everyone wastes money each week. If that’s not enough, many of those don’t realize how much they’re spending from habit and how much it’s costing them. Review just a sample listing of some of the costly habits people have, below, and compare with your own life? Do you have some of these bad spending habits that with awareness can be changed?
If that’s not enough, many of those don’t realize how much they’re spending from habit and how much it’s costing them. It’s not all as obvious as losing coins in the cushions of your couch or noticing that you’ve developed a slightly self-destructive online bingo pattern. Review just a sample listing of some of the costly habits people have, below, and compare with your own life.
We like to be unique, and when applied to us, that’s a good thing, but when we spend approximately 30 percent more on per-unit purchases than we would if we bought in bulk, that’s 30 percent that should remain in our pockets.
Cigarettes, gum, magazines and water top the list of costly spending items
1) If you’re lucky to smoke a brand of cigarettes that costs you only $3.50 per pack, without tax, you’re spending $35 per carton. However, if you bought per carton, your cost would drop by $3 to $4 at $31 to $32 for the same number of packs. Pocket the difference instead.
2) Individual packs of gum might run $0.90 per pack if you’re very lucky. 10 packs total $9.00. Buying a 10-pack costs half that or less. Pocket the $4.50 difference.
3) Magazines purchased at a newsstand each week might total over a year approximately $200 for a mid-priced rag. However, if you purchased a one-year subscription, your cost would drop by $25 or more. Pay yourself that $25 and deposit in your savings account.
Okay, everyone has read extensive messages about designer coffee spending. But what about that designer water you reach for several times each day? Referring to that designer coffee shop, if you purchase their designer water—not the overpriced, flavored kind, but just plain water, you’d pay just under $2 for a 20-ounce bottle. Take that 20 ounces and divide it into the 128 ounces in a gallon: You are paying 6.4 times what you should be—for water you pay for at home anyway. Buy a faucet filter and fill those empty plastic bottles with filtered water and keep them in the refrigerator. Instead of spending $12.80 for every gallon of designer water, you pay a one-time price for the filter. Period. Even if you opt not to purchase a filter but prefer to still pay for drinking water, go to the grocery store but continue past all those individually packaged bottles and look for the one-gallon containers. Yes, those, right there. They cost—what?–$2 or less per gallon. That’s $2 per gallon of clean, potable water instead of the $12.80 per gallon. Pocket that $10 per gallon instead.
Instead of buying smoothies and soft drinks “to go” at stores and restaurants pack a few from home in a 6- or 12-count travel cooler. Many come with ice packs that can be refrozen each night; others are capable of storing baggies of ice. Some even plug into the 12-volt power outlet in many vehicles. Cost savings per 16-ounce or medium soft drink: $1.59 at fast food places; $0.58 per unit in 12-pack purchases. Pocket that $1 savings per drink. Make smoothies at home for pennies on the dollar, and save on those as well.
Lots more improvement can be made in costly habitual spending. Look at your own habits and find more ways to save.
This article was contributed by Holly Miller from Coupon Croc, where you can find savings on all of your monthly expenses, even your TV service package with a Virgin Media discount code.