Most of us have a moment where we wonder, where is my money going?
MoneyWise reveals where we're really wasting money and it goes beyond the usual culprits like lattes and takeout lunch.
Let's start with the big stuff, like buying a brand new car. CarFax says your "investment" depreciates the moment you drive it off the lot and loses about 40% after five years. Instead, they recommend buying a used car with low mileage that's coming off a lease.
When it comes to gassing up you tank, AAA says to skip the premium gasoline. Americans spend 2.1 billion dollars annually on what they call unnecessary upgrades. The tip? Stick with regular gasoline.
When it comes to prescriptions, ask about the generic.
MoneyWise says they cost a lot less and the FDA mandates that they must perform the same as the brand names
Let's talk cleaning products. With a lot of convenience comes a lot a waste. Paper towels, for example, are not only expensive, but can be wasteful. Opting for reusable towels is a much cheaper, and greener alternative.
In the laundry room, MoneyWise says all you really need is a good detergent. Everything else is extra. From stain sprays to dryer sheets, they say you can save money by skipping it.
Also, think about the memberships that you pay for, but never really use. Break down how much you are spending versus how often you're going. One of the top offenders is gym memberships.
Another thing on their money wasting list s buying things on sale. They say sometimes we buy things just because they're marked down. Use this approach: would you buy it and love it at full price?
And finally - also a cash zapper? Playing the lottery.
What's The Deal: Things you might be wasting money on
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