We’ve all had this happen: you log in to your Online Banking account to check your balance, only instead of being satisfied with what you see, you are severely disappointed. “Where did all my money go?” you ask in astonishment.
The truth is, there are a few common “money wasters” that are sucking a lot of your money right out of your pocket. Security State Bank wants to help you identify these culprits to help you save more money and stay on track with your financial goals.
Carrying a balance- do you have a credit card? If so, do you make only minimum payments every month? Making minimum payments is a sure way to pay WAY more in interest over time than if you were to pay off the balance every month.
Not buying generic- yes, there are a few times when you must go for quality when at the grocery store. For every other time, going generic is the smartest move. For example, buying 30 items $3 each = total bill of $90; buy the same 30 items from generic brands at $2.50 each = total bill of $75, a $15 savings. Multiply that by however many visits you make to the grocery store and you have yourself a good chunk of change.
Paying late fees- even missing a credit card payment by one day can result in a fee of $25 or higher. Pay your bills on time!
Unhealthy habits- are you a smoker? The American Cancer Society estimates pack-a-day smokers spend $12,775 a year on cigarettes. Stop going to tanning salons too while you’re at it. There’s now a 10 percent tax added to your bill for blasting yourself with radiation.
Leaving electronics plugged in – sure, it can be a hassle to unplug everything when you leave the house. But you won’t think it’s a pain when you see how much you’re saving every month.
Going coupon crazy- couponing for the sake of couponing actually can cost you more money. Why spend $6 on 10 bottles of mustard when you go through only one or two per year?
Cable- do you really watch all 742 channels you get? No, you don’t. Talk to your provider about dropping channels or a la carte options to keep the ones you actually do choose.
Eliminating these money wasters from your budget helps keep more of your hard earned money in your checking and savings accounts. Good luck, and we hope to see you soon!