4 Spending Habits That Will Keep You Broke

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There are several bad spending habits that we as Americans quickly turn a blind eye to. In today’s blog I’d like to take a second look.

So here they are – The 4 spending habits that keep Americans broke.

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Lottery Tickets

In 2014, lotteries took in $70.1 billion in sales in the 2014 fiscal year. Yes billion with “B”. Holy crap… that’s more than Americans in all 50 states spent on sports tickets, books, video games, movie tickets, and recorded music sales.

Out-of-Network ATM Fees

Racking up fees by using ATMs that aren’t on your bank’s network? Switch banks or open an account at a bank that’s more convenient to where you live or work. Out-of-network ATM fees average about $2.50 per transaction. That’s more than $250 per year if you use out-of-system ATMs just twice a week! Source

Late Fees

Credit card companies make the bulk of their money from late fees, penalties, and hidden fees. Americans pay more than $20 BILLION each year in credit card late fees and other penalties. Wow! Start putting routine monthly bills on an automatic payment plan through your bank so they’re always paid on time.

Bottled water

Two-thirds of bottled water sold in the US are one dollar – 16.9 ounce bottles. At that cost, consumers are paying an average of $7.57 per gallon. Compare this to the fact that average price of a gallon of gasoline across the country, currently hovering around $2.30 per gallon. That’s means bottled water is 3.2 times the price of gasoline. It’s clear that Americans love their water.

Getting your recommended daily amount of water exclusively in bottled form can easily cost more than $1,000 per year. If your tap water has a chlorine flavor, try refrigerating it overnight before drinking.

 

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