The Top 10 Money Wasters That You Do Everyday
By Jason Weintraub
May 22, 2011, 9:54am
CNN Money has recently released a list on the top 10 money wasters from the average American.
While some of the things you waste money on are very obvious and
predictable, you will be greatly surprised of how much you will ave yearly by
cutting down on bad habits.
1. ATM Fees Using the closest ATM, rather than the one at your own bank will
typically costs you about $5. The average American makes anywhere
from five to 10 unnecessary ATM withdrawals a month, adding up to around $40 or
almost $500 a year.
2. Lottery Tickets Consumers bought more than $70
billion worth of lottery tickets last year, according to the North American
Association of State and Provincial Lotteries. About $38 billion was awarded in
prizes.Most players spend between $10 to
$20 a week on lottery tickets, mostly on the scratch-off variety. That adds up
to a whopping $520 to $1,040 a year.
3. Gourmet Coffee Americans spend an average of $8.43
each time they stop at a coffee shop, according to data compiled by Mint.com. With
caffeine fiends filling up an average of 46 times last year, this adds up to a
total annual bill of $385.97.
4. Cigarettes Americans spend $80 billion on cigarettes per year, according to the U.S. Centers for
Disease Control and Prevention. Many smokers spend about $70 a week, or $280 a
month, on packs of cigarettes.
5. Infomercial Products The infomercial industry brings in about $400 billion a year, according to the
Electronic Retailing Association. But it’s no secret that many impulse
purchases go unused. Several spenders who spend around $200 a month purely on
infomercial purchases, most of which they admit go completely unused.
6. Brand-Name Groceries While a 9-ounce box of Rice Krispies costs $4.79 at one New York City grocery store,
its 12-ounce generic brethren costs only $1.99, with an identical list of
ingredients. And a $2 or $3 price difference can add up. You could save at least $50 to $75 a month if you’re
spending $500 to $600 a month on groceries for your family.
7. Eating Out Consumers spent an average of $28.47 on each restaurant meal in 2010 and averaged 82
restaurant visits during the year, adding up to $2,341, according to Mint.com. When
you realize how much the habit is costing you, brown-bagging lunches could end
up saving more than $2,500 a year.
8. Unused Gym Memberships Some have been spending $75 a month on a gym membership they have
never used. It would be cheaper to just buy a bike or treadmill for your home.
9. Daily Internet Deals Lifesta, a site that will buy back your unused deals, estimates that 20% of all daily
deals go unused. That’s a whopping $532 million wasted, based on the Local Offer Network’s estimate that the daily deal
industry will grow 138% to $2.66 billion in 2011.
10. Bundled Cable or Phone Services You might be paying for the silver
or gold cable package with lots of channels when you’re only watching the same
10 channels, and the same goes for cell phones. You could be paying $100 a
month for your cell phone plan and only using $50.