You know what they say, “new year, new you.” One area that likely needs changing is your finances. Where are you wasting money?
Decide every penny counts. Spending even a dollar unwisely should make you cringe.
- Hit the pause button: “Postpone a new vehicle purchase. It’s a big money saver to get another year out of your present car, especially if you own the car. Why take on new debt if it can be postponed a year or two?” says Mark Snyder, a financial adviser in Medford.
- Drink less: “More than 4.5 million of us admit to spending in excess of $200 per week on imbibing. That’s $10,400! Cutting down on your booze will be great for your health and your wallet,” says Jennifer McDermott, a consumer advocate for Finder.com.
- Plan: Little fees add up. Vow to avoid late fees, ATM surcharges, overdraft fees — any unnecessary fees that you won’t incur if you just stay mindful. Monitor your account so you know how much you have, and only use ATMs in your network.
- Forget food delivery: “Meeting minimum order limits and adding on delivery fees is driving the cost of dinner sky high. Pick up your order. Better yet, cook a meal with ingredients you have at home. You’ll save hundreds of dollars over a year,” says McDermott.
- Limit online shopping: Says McDermott, “Impulsive shoppers spend on average $81.65 per session and often regret it. For those who spend monthly that is an estimated $979.80 going to waste per year.”