It has been said that those who would frivolously waste an hour don’t understand the true potential of living a full life. And those who would waste a penny are capable of wasting incalculable amounts of money.
The average consumer wastes over $5,400 annually impulse buying things they don’t need or want.
Keep a budget or purchase diary to identify what you are wasting money on. Make a list before buying things and keep to it. You won’t stop wasting money until you realize you’re doing it.
And stop paying money for these five things. Put that money to use in a bank account or investment instead.
Baby food
The average cost of a package of pureed baby food costs about $1.50. Specialty brand organic baby food can cost double or more than traditional baby food. The average parent spends $500 or more annually on pureed baby food.
And you only buy corporate brand name baby food products, then you will end up paying a lot more than $500 annually.
Additionally, placing too much trust in brand-name baby food can be costly. Multiple corporate baby food manufacturers are facing class-action lawsuits for not disclosing the levels of heavy metals and toxic ingredients in their products.
Babies only eat baby food for the first year or so. Save $500 and just boil and mash organic vegetables and fruits to feed baby.
Bank fees
The average monthly bank maintenance fee is $15.50. And typically, you need a bank account balance of at least $7,550 to avoid maintenance fees.
While $15.50 monthly does not sound like a lot, it adds up over time. You will pay $186 a year, or $1,860 per decade, just for bank maintenance fees.
And that is assuming that the fees don’t increase and don’t include various other bank fees.
Consider opening an online bank account, many of which don’t include fees.
Bottled water
The average cost of bottled water is about $1.30 per gallon. And Americans collectively spend over $16 million annually on bottled water.
And the average American household spends anywhere between $100 to $1,500 annually on bottled water.
You can buy a built-in water filtration system for your sink for anywhere between $200 to $1,300. Or you can just buy an affordable water filter pitcher and reusable water bottles.
Chain coffee
If you are buying coffee at Dunkin’ Donuts, Starbucks, McDonald’s, or some local specialty shop, then you are throwing away good money regularly.
The typical consumer spends $2.76 to $4 per cup on corporate or gourmet coffee from a store.
If you are serious about coffee, then you just brew at home. A cup of home-brew coffee costs 74 cents compared to what you will buy at Starbucks.
Gym membership
The average person spends $60 monthly, or $720 annually, on a gym membership. Unfortunately, most gym members procrastinate and never actually use their memberships.
That is actually how most gyms make money. Most gym memberships come with automatic payment renewal features that must be opted out of. Many procrastinating members won’t out of the feature until much later.
You can work out at home using YouTube exercise video tutorials for free. Or just start playing a sport with a local group.
