Small expenditures are adding up and creating financial stress for many Americans. Don’t be one of them.
Both wealthy and working class Americans are unknowingly blowing surprising amounts of money every year in a variety of ways. Fees, indulgences, and a variety of small behaviors cause us to waste money and create bad habits. These are just a few of the most popular things that Americans are blowing their money on.
- Wasted food – According to the National Resources Defense Council, each American wastes about $529 each year by throwing out unwanted food.
- Expedited shipping – Paying the extra few dollars to get your purchases faster is a habit that can quickly add up.
- Tobacco – Americans spend an average of 14 percent of their income on cigarettes. That is about one-seventh of their total income! This number only increases in states where tobacco taxes are higher than average.
- Daily coffee trips – A survey conducted by Accounting Principals concluded that Americans who regularly buy coffee during the week spend an average of $1,092 on coffee each year.
- Poor health habits – Junk food like soda and candy not only lower your quality of health but they are also non-beneficial and costly. The National Retail Federation claims that Americans spend $2 million on candy during the weeks leading up to Halloween alone.
- ATM fees – While different bank ATM fees are unavoidable at times, it is still a good idea to know the average cost that comes with this convenience so you can prepare ahead. If you are in a crunch, many convenience stores will allow you to use a cash back option when you make a small purchase.
Do any of these expenses sound familiar?
Even the smallest cutbacks could save you money and ease your financial stress. Make it a challenge! Pick one item to try and cut back on this month. The savings might surprise you!
Milledgeville State Bank can help by offering various accounts to make your savings work for you. Start a conversation with us to find the right one for you!