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Are You Wasting Money? 5 Common Ways You May Be Wasting Money- Credit Law Center

If you actually took the time to add it all up you would be in awe of how much you have wasted.

Here is a list of the most common ways Americans waste money.


How many times a week do you stop and get a coffee from a high-end coffee shop? Even if you spend on average $4 per cup 3 times a week, that equals $12 a week, dig a little deeper, and that equals $624 a year! Imagine if you made your coffee at home and put that extra $624 into a savings account.

Eating Out

With our busy lives eating out at a fast food restaurant can be very convenient, but also a huge waste of money. For a family of four, the average cost for eating at a fast food restaurant can be about $25 per visit. If you do this two times a week that comes to $50 a week if you stick with this weekly pattern that may cost you around $2600 a year!!!! Just cutting it back to once a week would save you a significant amount of money.


Grocery Shopping When You are Hungry

Have you ever went to the grocery store hungry and you spent a considerable amount more than you had budgeted? The grocery store is notorious for putting things at the end of aisles to catch your attention and increase impulse buying. Going to the grocery store hungry may be harmful to your budget, try eating before you go to the store. If you have a budget that you have decided on and if truly need to stick to your budget, you might consider ordering groceries online and having them delivered to your home. Ordering online will stop impulse buying and helps you stick to your budget.

Cellphone Data

Cellphones are the norm in this day and age, and having one is no longer just for emergency situations. Having a cell phone with us now takes the place of bringing a camera along, we use the phone to look up directions, and anything else we can think of. An important money saving tip is to ensure you have the appropriate data plan from your cell phone provider. You may not be using the amount of data you have on your plan, or you may be going over the data and racking up astronomical charges per month. Be cautious and review your plan, so you get the biggest bang for your buck.


Gym Membership

At the start of every year, Americans rush to the gym thinking this will be the year you get fit. You get the gym and the enthusiastic representative signs you up for a yearly or monthly fee. Fast forward 2 months and you are sitting on your couch each night and not attending the gym anymore. What a waste of money! Gym memberships can be great for those of you that actually use them, however before joining a gym set a goal to work out on your own for a period of time. If you meet that goal reward yourself by joining.

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