In today’s economy, it is very important to be able to save money, but many people find themselves living paycheck to paycheck because they are wasting the small amount of additional money that they have. There are thousands of ways that companies entice consumers into wasting money, but a few seem to be consumers’ favorites. Here are some of the most common ways that consumers waste money.
Convenience Store Purchases
Many people do not realize that purchasing food and drink products from convenience stores are a waste of money. The mark-up that you pay to purchase items from a convenience store is way more than you may think. Convenience stores know that their customers will pay for convenience and the prices that they charge are often triple or more than what you would pay for the same item in the same quantity at a grocery store. Unless it is an emergency, stay away from purchasing food and drink items from a convenience store.
Cell Phone Contracts
You may be paying far more than you need to for your monthly cell phone bill. Compare your cell phone company’s offerings and determine which plan provides the most value before making any changes to your plan. Upgrade to a higher minute plan if you are using more minutes than your monthly plan allows or switch to a lower-rate plan if you are using fewer minutes than your monthly allotment. Get rid of any additional features, games, or apps that you are paying for and not using so that they will stop costing you money.
Fees For Banking
Banking institutions have found numerous ways to charge consumers for doing business with them. There are fees for using different ATMs, fees for using a teller too many times, fees for going over the balance of the account, and fees for not having enough money in the account, among others. These fees, while providing you with no benefit, can end up costing you hundreds of dollars over the course of a year. Examine the rules governing your checking and savings accounts so that you know which banking actions will trigger fees on your accounts.
Purchasing your favorite magazines from your local newsstand or grocery store a few times per year can cost you as much as an annual subscription to that magazine through the publisher. Most magazine publishers offer a percentage off of the newsstand price to consumers as a way to entice them into subscribing to the magazine. If you read the magazine more than twice per year, it would be more cost effective to purchase a subscription and have it delivered to your home.