There are of course huge ways to waste money, but then there are small wastes, which are referred to as leaks. Sometimes the leaks are so small, you may not even notice them, but they do add up and can end up being a huge chunk of money that could be better spent somewhere else. In this post, I am going to highlight some leaky ways you could be leaking money without you realizing it.
Clunkers: Not only is buying a brand new way too expensive car a huge waste of money, but on the other hand, a clunker that you have multiple problems with can be a slow leak of money. Are you constantly putting money into repairs to keep your clunker running? Are the repairs costing more than the car is worth? You may want to consider purchasing a car that is a little more reliable. A car that is too crappy can also end up costing more in gas, which may end up being a large amount of money in the long run.
Gadgets: Everyone likes gadgets, but if you’re constantly having to upgrade an item, usually the upgrades are slow leaks of money. They don’t seem like a lot, but do you need the newest gadget if the old one you have works the same?
Houses that Are Too Large: Of course a house that is too large for you or your family would seem like a huge waste of money but there are slow money leaks in buying a house that is too large as well. For instance are you paying electricity, heating or air conditioning on areas of the house that are never used? It may not seem like much but those small amounts can add up.
Alcoholic Beverages While Out: Restaurants and bars are the most expensive places to have a drink. Not only is a glass of soda way overpriced, but sometimes just a couple glasses of wine can cost as much as just buying a bottle and drinking it at home.
Convenience Store Items: If you stop regularly at convenience stores, you’re probably wasting more money than you think. Most often you are simply paying for the convenience of being able to stop on the side of the road, run in and grab your bottled of water. It is way cheaper to purchase a larger amount of whatever you need while on the go and keep it in your car than to shop convenience stores. Besides the fact that most people end up grabbing at least one more item than they had initially planned.
Eating Out for Lunch: It doesn’t seem like much, especially when you think you’re just purchasing things from the dollar menu each day, but eating out for lunch is a complete waste of money. Try leftovers from home or packing a lunch, it’s cheaper and better for you (which could cut down on medical expenses too).
Coffee: This is what is referred to as the latte factor. If you’re purchasing your favorite cup of coffee everyday on your way to work, this is a slow leak of money that ends up costing quite a bit. Add up how much you spend on your favorite latte for the month. You may be surprised.
Designer Wrinkle Creams: In all actuality there is more to having healthy skin and looking younger than the cream you use on your face. If you drink plenty of water, limit time in the sun, wear sunscreen and avoid things like smoking, you’ve pretty much done what you can. Designer skin care does not really do much and can definitely end up being a slow leak of money that costs a lot.
Bottled Water: Of course we need water so we don’t have to buy designer wrinkle creams, but the slow leak is that you can fill up a cup or use a purifier and save money instead of purchasing overpriced bottles of water that are usually no different.
Take a look at the things that you purchase and you may notice some slow leaks of money that you weren’t aware of. Even if they seem minimal, add up the total per month and even year. You may be shocked to find out how much you’re actually spending on slow leaks of money.
There are obviously many more ways for you to leak money. Please share with us other ways which you have experienced that slowly leaks money.
—
Mr Credit Card reviews lot of credit cards on his site. His latest post is about instant approval credit cards.