Five Ways You Might Be Losing Money & How to Fix It

You may be losing money without realizing it. The New Year is a time to
evaluate money drains and to put a stop to them. It’s easy to fritter away
money on daily expenses.

1. Brown Bag It

$9 will generally cover a decent lunch most work days. If you or your spouse
buys rather than packs a lunch five days a week for one year, you’re shelling
out about $2,350 a year. So you’ll save $40 a week and $160 per month if
you just bring your lunch.

· Taking your lunch also ensures that you’re using the food you buy from
the grocery store.

· Plus, it’s healthier to eat what you bring and cook yourself instead of fast
food or prepackaged frozen food.

· You can even buy great lunch and sandwich items, such as the highest-
quality deli cuts and cheeses, hummus, and other ingredients and you’re still
saving.

2. Interest charges on credit card bills.

According to a recent survey, the median amount of credit card debt carried
by Americans is $6,600. Making the minimum payment each month at a 13%
interest rate, it will take 250 months (almost 21 years) to pay off the debt
and cost $4,868 in interest. Ouch!

· Use the ladder – pay more each month on your smallest credit card until
it is paid off. Then take that payment and apply it on the next card.

· Pay on time – being even one day late on a credit card payment can cost
you $30-$40 – yikes!

3. Unused memberships.

Costhelper.com reports that the monthly service fee at gyms averages
between $35 and $40. At $40 per month, an unused gym membership runs
$480 per year.

· Don’t forget about magazine subscriptions. Do you read them all?

4. Review your monthly subscriptions.

Do you really need 400 channels on satellite or cable TV or does it make
sense to downgrade? Look at your cell phone bill to see if you’re in the right
plan or if you can get into a less expensive option for fewer minutes. Lots of
people are also moving away from home phones and just using cell phone
packages for families. That’s a cost saver right there. Finally, look at
newspapers and magazine subscriptions to see if you can cut some expenses
there. Can you find the publications online for free?

5. Paint your own fingernails and toes!

One national survey found that the average cost of a manicure is $20.53. A
weekly manicure sets you back about $1,068 per year. C’mon, this is
something we can all do.