Habits that are costing you a lot of money

There are a number of things that we often tend to ignore when it comes to handling of our finances. These could be small things but tend to accumulate and cost you a lot. A research has found that an average household tends to waste 10 to 15 percent of their income every month. Now that could be a lot of money for people who earn well.

1. Using ATMs of other banks – You could be in a hurry and use any ATM nearby to withdraw money. Although it costs a few extra dollars but that could accumulate every time you use other bank’s ATM. For some banks the fee is higher, so it is better to use you own bank ATMs.

2. Letting the food spoil – it has been noticed that the US alone wastes 1,249 calories per capita per day. This marks more than 100 billion pounds of food per year. In monetary terms, it has already cost you a lot of money. It is wise to cut back on food waste.

3. Avoiding late fees – When you don’t pay the fee on any of the services, it soon begins to rack up and gets accumulated making it tough for you to pay. Do not be casual about it and make sure to avoid late fees.

4. Buying expensive brands – Products with brands are surely expensive. You might have your favourite, but there are always generic options. Make sure that you swap for the generic version of the products as they don’t make much of a difference and save a lot of money.

5. Drinking bottled water – Installing an in-home water filter could be a little expensive but is much better than spending more on the bottled water. It is better to refill reusable bottles with water from your home filter than the bottled water. It also helps to save the environment.

6. Buying fancy beverages – Now this could be done once in a while, but making it a regular habit could cost your pocket a lot.

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