Your First Quarter Financial Plan: Money Wasters

posted 1/22/2014 in General

In our last post we identified the process for setting up an easy to follow budget. However, whether you’re trying to cut expenses or just trying to follow your budget, there are certain things that can really throw a wrench into your plans. 
These common “money wasters” do nothing but burn a hole in your pocket and cause you stress. Which of the following can you identify with?
Carrying a credit card balance- this means you’re paying more in interest every month than you should be. It’s time to start making more than minimum payments.
Buying brand name over generic- can you really taste the difference? Most stores carry their own brands of popular grocery items, and saving a dollar or two here and there can add up over time.
Unhealthy habits- smoking cigarettes and indoor tanning are two of the main offenders.  Eating out all the time or eating fast food regularly can also be expensive and unhealthy, depending on your food choices. Finally, take a look at how much you are spending on designer coffee and drinks – water is available for free and it’s healthy!
Crazy couponing- using coupons only saves you money if you use the things you purchase. You don’t need 6 bottles of ketchup for $6 if you only go through one a year. 
Not unplugging electronics- a study by Energy Star estimates U.S. households waste an average of $100 a year on electronics that are plugged in but off or in standby mode. What could you do with an extra $100?
Going new vs. used- sure, that new car may look awesome, but you won’t think it’s so great when you’re still making payments on it years down the road. Buying used can saved thousands over new.
Eliminating these items from your budgets allow you to save more money and give yourself a few extra dollars in your pocket. Lincoln Savings Bank’s next post will be all about sticking to your new found financial freedom.  Be sure to check back next week for that article!
Lincoln Savings Bank, member FDIC
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