9 Things to Stop Wasting Money On

posted 1/22/2015 in General

As we’ve discussed numerous times on this blog, poor spending habits are a real problem in our country. Wasteful spending contributes to both the billions of dollars we’ve amassed in credit card debt and the shortage of money in our savings accounts. So how can it be stopped?

As a good way to start 2015, we’ve compiled a list of things to stop wasting your money on.  We’ve covered some of these before, some are new, some are bad for your health and some are simply downsizing your life a little bit. Take a look to see where you can improve.

  1. Cable packages with 500 channels- let’s be honest, you watch shows on maybe a dozen to 15 channels. If you can downgrade your cable package and keep your favorite channels, do that. If not, Hulu Plus, Netflix and Amazon Instant are great ways to watch your favorite shows and movies.

  2. More apartment or home than you need- if you’re spending more than a third of your income on your home/apartment and utilities combined, that’s too much.

  3. A huge data plan for your smartphone- Wi-Fi networks are everywhere, so you shouldn’t need a 5 gigabyte data plan. If you’re using that much data, perhaps you need to spend a little less time attached to your phone.

  4. Lottery tickets- Your odds of winning the Powerball jackpot are one in 175,223,510. You have a better chance of getting struck by lightning (1 in 134,906). Save your money.

  5. Carrying over credit card balances- we know that sometimes it’s not possible to pay off your credit card balances each month. However, you need to make that a priority this year so you can stop paying interest on those balances.

  6. Buying name brand everything- we understand purchasing quality goods, but that doesn’t have to apply to everything. Look for less expensive options on smaller items like gloves, hats, underwear and other smaller goods that don’t show a lot of difference from brand to brand.

  7. Cigarettes- they are awful for you and they can be expensive. Cigarettes average $6 a pack in Iowa. A pack a day means $42 a week, $168 a month and over $2,000 a year spent on something that is killing you.

  8. Buying new vs. used- some things are good to buy new (ahem, like undergarments). Used items like shirts, electronics, household items and vehicles can still be great when bought used.

  9. Food and groceries- do you really need Brand A of black beans for $1.19 when the store brand costs $0.79? A small difference, but if you save 50 cents on everything you put in your shopping cart at the grocery store you will walk out with a noticeably lower bill.

Where can you make cuts in your spending? Let’s make 2015 a year of better spending habits where we aren’t wasting money on things we don’t need.

If you need help deciding where to put all the money you are saving, Lincoln Savings Bank can help. Just get in touch with us today at any of our offices throughout central and northeast Iowa.

Lincoln Savings Bank, member FDIC

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