Fall is here, and holiday shopping is right around the corner. But, unfortunately, our repetitive daily habits burn a hole in our wallets and drain our bank accounts without us noticing. And with the holidays upon us, how can we save? If you’re looking to be more mindful of your spending, review these five daily habits that drain your savings.
- Buying Coffee
Though dropping $3 bucks (or more) for a coffee may not seem like a lot of money, that expense adds up over time. $3 a day is $15 over five days, or $60 bucks a month.
- Eating Out Every Day
Restaurants are giant budget killers, with the meals costing around $15 plus tip. On average, Americans spend almost $3,000 a year eating out, according to the Bureau of Labor Statistics. The daily habit of eating at home can save people a tremendous amount of money. You can prepare homemade meals for about $3 to $4 a person. Then, to save time, double the recipe so you’ll have leftovers.
- Drinking Alcohol
Alcohol is usually not cheap, especially at bars and restaurants. The Bureau of Labor Statistics estimates that Americans spend about 1% of their gross income on beer, wine, and other hard liquors, which can add up to thousands of dollars every year.
- Using ATMs
Using ATMs not affiliated with your credit union or bank will cost you an average of $4 per transaction. To avoid paying these fees, only use ATMs associated with your credit union or bank. And when you do, take out enough cash to last you a while. Or consider getting cash back at grocery stores and other retailers when using your debit card to make a purchase. That’s a free cash withdrawal!
- Buying Name-Brand
Store or generic brands are often just as good as their name-brand counterparts. For example, with food or medications, check the ingredients list. You might find that store brands include the same ingredients. Generic medicines are typically 80% cheaper than the same name-brand drugs with the same active ingredients.
- Buying Coffee