Wednesday, May 18, 2011

Hello My Name is Katie and I Waste Money!

CNN Money did an article on the 10 Biggest Money Wasters and I just had to see how I compared. Well the results are in and yikes. I think I need a support group! CNN used the data reported by Gary Thurbers with Consumer Credit Counseling Service of New York. So here it goes…

ATM Fees: Thurber’s clients spend $40 - $500 a year. This is just to get money that already belongs to them! I bank with a rural town bank and they have one ATM and it is attached to the bank… This makes no sense to me but I guess they can’t be open 24/7. This bank is 30 minutes away. There is no reason for me to burn fuel just to avoid a $2.00 fee. Luckily more places will take debit cards and do cash back.

Lottery Tickets: HA! The only gamble I take is whether or not the outfit I ordered online is going to look good. I have been to Vegas twice and not once did I put a coin in a slot machine or a chip on felt. I feel pretty good about myself. But not everyone can be awesome like me. Last year consumers bought more than $70 billion in lottery tickets!

Gourmet Coffee: ….ok ya. This is an issue. Last month I spent $30 at our local coffee shop. What? I need my Hot Tea Latte!! On Average, American’s spend $8.43 each time they stop at a coffee shop. That is almost $400 a year!

Cigarettes: I can proudly say I have never smoked a cigarette in my life. But again… I’m awesome. Thurber’s clients spend almost $300 a month on cigarettes! Can you imagine writing a check for $3600 to cancer research every year?

Infomercial Impulse Buys: Ok I am a night owl… I PROUDLY own a magic bullet blender and the salad chef. This industry brings in $400 billion every year. Thurber’s clients spend $200 per month on this late night buys. I knew this was going to make the list.

Brand Name Groceries: I have noticed that when I shop during the holidays or a busy time I tend to buy brand name groceries because they are easily recognized and I feel rushed to get in and out. If I shop during slow hours I spend less because I can take the time to compare prices and use coupons! If you stopped with the brand name items you could save $50 – 75 a month if you usually spend $500 – 600 on your bill. Doesn’t seem like a big deal to me.

Eating Out: I am guaranteed to go out one night a week with my friends. We have dinner, drinks and an all around good time. I am not giving this up. On Average Consumers spent $2341 on dining out. If I include my alcohol, last month I spent $200!

The last three are not an issue for me and there really weren’t any startling statistics. Unused gym memberships, daily internet deals, and tv and phone bundle plans. I do bundle but I actually save. I have been wanting to cancel my Directv for awhile because of hulu then sports come on and I remember why I purchased it in the first place.

RECCOMENDATION: it really is amazing. It’s your entire financial world on one site and organized. It’s easy on the eye and the brain. It even recommends saving and investment options. It tracks trends, loans, budgets, and savings. If you are saving for a project it keeps track of that too! It will send you email updates and if you are getting close to going over budget it will send you a text. It really is a fantastic tool. Check it out. NOW!

No comments:

Post a Comment