Top 5 ways you are losing money

Pockets feeling a little light these days? Check out these top 5 ways you are probably losing money:

Overdraft Fees #40dollarGUM?

I think we can all say we have at one point in time been subjected to the injustice of overdraft fees. These cleverly designed financial traps are an easy way to lose serious $$$. The average overdraft is $30-$35, and study estimates that a mere 13 percent of depositors – mainly the young, the poor and the perpetually disorganized – pay 93 percent of all overdraft fees…. yea…GUILTY! But who can resist a fresh pair of heels? I hear that the feds are working on eliminating the evil overdraft fees and Bank of America has already made some big changes. Unless you opt-in for overdraft protection, you transaction will be denied. So if you are an overdraft fee victim, you may want to switch banks!

Fast Food #IatemyCASH

Living in a fast-paced city makes it easy to fall into a pattern of eating on the move. But even though you may be getting your food cheap, over time those cheap dollar deals add up to expensive repercussions if your not careful. After tallying up my fast food tabs in November,  realized I spent over $280 dollars in greasy restaurants and fast food! IN ONE MONTH. Ridiculous. The solution? Get some Gladware, Zip-loc bags and empty Gatorade bottles and cook your meals at home! Pack your food and snacks in advance – I do it as soon as I get back from the grocery store -  so you can just grab and go.  Now this certainly won’t stop you from eating out completely, but I promise it will make a huge difference in your bank account!

Bad Habits: Partying, Drinking and Drugs #FuntodayAssedout2morrow

It is safe to say will all have something that we probably shouldn’t be spending money on, and quite often that something isn’t good for us. It’s good to have something to help you relax and have a good time. but when that something is costing you more than your utility bills it may be time to readjust your “bad habit” budget. While smoking (anything) is a common pricey habit, drinking is a much easier way to waste money. Before you know it, you spent more than you came in with! And with South Beach drinks ranging from $15 to $40 a pop, it may be better to just drink in the parking lot. Or better yet, go with a group of friends and split a bottle. Not only do you get better treatment at the club (no wait, your own table) but you get  save yourself a lot of money. Put it towards your outfit hunny. Cheers!

Unnecessary Driving #gimmeahybrid

Some people may say they hate driving but I bet they spend more time in the car than they think. Miles, like everything else, add up quickly when you are going to work, school, picking people or running other errands. There are many people – like me- who like to drive just to simply kill time. Even when I have no plans at all I will go driving during my lunch break. The cost? An extra $30 a week = $120/month = $1440/year…. yea so not happening in 2011. The solution? Well easy answer if you can afford it is to trade your car out for a Hybrid, but if your pocket looks like mine the answer is simple – just get organized! Know what events, meetings, dates or whatever in advance so you can plan other tasks in the same area and save yourself from making extra trips. Another good tip is to take the government supplied shortcuts! Don’t be afraid of the $1 dollar toll on the Turnpike when taking the I-95 will end up costing you three times as much in gas and take you twice as long. Duh.

Traffic Tickets #byebyepiggypiggy

Save the worst for last, traffic tickets are amongst the most evil scams known to man. And they keep coming up with new ways to to trap us, like the hidden cameras sprinkled throughout the county’s traffic lights and meters that send signals to cop vehicles when the time ends. Even though I think all cops are out to get me, I have to admit most people bring traffic tickets on themselves. Parking tickets are a SUPER waste of money. If you are the type of person who isn’t going to come back out and feed the meter, do yourself a favor and find a lot or valet. No violation of your record and no ticket in the back of your mind. For the speed demons, well either get a cop radar or SLOW DOWN! Speeding typically only gets you to your destination an average 2 mins and 38 secs faster than the person in was front of you. It may feel like your beating the pack, but thanks to traffic lights and other obstacles when driving you are going almost the same pace.  Now is less then 3 minutes of time really worth a $80+ speeding ticket? I don’t think so.

Now save some money peoples, take me to dinner 🙂

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