Many consumers (including me!) overspend on a majority of products and services that just really aren't worth it! We could easily avoid overspending on these items, but sometimes it's easy to forget that we might just be overpaying for something. And during this a downward economy, it's essential to cut costs in order to maintain a healthy budget. These items are things that we can completely cut out of our budget! Are you guilty of wasting your money on these products or services?
- Bottled Water. Spending $2 on a natural resource that you can get from your kitchen sink is a bit much, don't you think? If you're worried about the quality of the water, invest in a water purifying filter.
- Overdraft Charges. An overdraft fee can take a huge chunk of money from your bank account, and this is a highly unneccessary charge. Unfortunately, we can all make calculation errors. To avoid overdrafting, check your online banking statement daily, keep up with your charges, and always keep a minimum of at least $35 in your account. This way, you'll never come close to pushing over your limit.
- Prepackaged Food. There is no need to buy a prepacked sandwich or meal from the grocer when you can easily fix it yourself. If you buy bread, condiments, your choice of meat, and cheese, you'll have enough sandwiches to last a week and save money!
- Going Out to Eat. This is my biggest weakness--I absolutely love going out to eat, especially after a long hard day. But after reviewing my banking statement from last week, I spent $9 a day on just lunch. That doesn't even include the breakfast on-the-go from McDonald's or the fancy dinners I bought.
- Letting all of your money sit in a checking account. Does this one surprise you? Yes? Well, if you leave a large sum of money to hang out in your checking account, you could actually be earning interest with an online savings account! Doesn't that sound better?