Here are some ways to save money.
Mangpink/ShutterstockAirline fees
The Motley Fool says that almost everything costs more when you fly these days, from your bags to your seat. So make sure to compare not just the prices of flights, but also the extra fees they charge. You might also want to weigh your bag before you leave so you don't have to pay extra.
JAG IMAGES/Getty ImagesBank fees
If you don't keep enough money in your bank account, you could lose a lot of money. How much? Overdraft fees and fees for not having enough money in a bank account cost Americans $17 billion each year. (Every time your account goes overdrawn, it costs you $32.74.) Over ten years, ATM and other maintenance fees can also add up to $1,000. Look for banks with free ATMs that don't charge maintenance fees every month to avoid them.
Maskot/Getty ImagesBuying things new
Sure, a brand-new car is nice to look at. On average, people who buy new cars spend about $31,000 on them. But as soon as you drive the car off the lot, its value drops by 11%. A better option? Choose a used car that is reliable and a short-term loan that you can pay back quickly. Electronics are the same way. Instead of buying the newest Mac, look for "open box" items like refurbished computers at electronics stores.
Melissa Ross/Getty ImagesCable TV
A cable bill of $100 a month can give you access to hundreds of channels. (Many people pay twice as much.) There are many ways to save money without giving up time in front of the TV. Services such as SlingTV and HuluLiveTV cost between $10 and $40 per month. Or Netflix is even cheaper and doesn't have ads.
If you've already cut the cable, you might want to think about whether you're paying for more streaming services than you need or use. If you stop getting one or two, you can save about $20 a month.
Justin Sullivan/Getty ImagesConvenience foods
Fruits and vegetables that are already cut up can save you time, but they can also hurt your wallet. If you buy 20 bags of lettuce instead of heads of lettuce over the course of a year, it will cost you about $60 more. Instead, buy food as close to how it is in nature as you can and divide it up yourself.
All of those fancy lattes are made the same way. Even if you only spend $5 a week on drinks, that's $780 a year. Over a decade, it's $7,800.
Ti_ser/shutterstockCredit card interest
People often have to pay 20 percent per year, but some people have to pay even more. If you owe $25,000 and pay 20% interest on it, just the interest will cost you a whopping $5,000 a year. Try the snowball method to avoid having to pay more money on old debts. Pay off the card with the smallest balance first, then move on to the next one.
New Africa/ShutterstockDry cleaning
Taking your pants and shirts to the cleaners can usually cost you more than $10. If you went once a week, that could cost you more than $500 a year. You can save that money by washing your shirts on the delicate cycle or by hand.
Tom Werner/Getty ImagesEating out
Going out to dinner with the family can be a fun treat, but it can get expensive if you do it often. Every year, the average American family spends more than $3,000 on eating out. If you pack your lunch instead of buying it every day, you can save money. And before you go out, look for deals like coupons or happy hours, or get appetizers instead of full meals.
Juanmonino/Getty ImagesExtended warranties
Getting an extended warranty on that refrigerator or car you bought sounds like a good idea. But according to the FTC, most extended warranties aren’t worth the money. Why? The fine print may not include likely problems, or you may be buying duplicate coverage. A better plan? Open a savings account and sock away money for any repairs that might come up.
Anton Petrus/Getty ImagesGrocery delivery
Many of these delivery services offer free trials. But after the trial is over, depending on where you live and which service you choose, you may have to pay more than $100 per year to keep the service. The groceries also cost more than they should. And you should really tip the people who bring you things.
Lizardflms/ShutterstockImpulse buys
According to a recent survey, five out of six Americans admit to making impulse purchases. And that’s not just at the grocery store: some of those purchases can cost in the $1,000 range. Spur-of-the-moment buys can cost you more in the long term, because you may not really need them, or you haven’t shopped around for better deals. Really want something? Take a 24-hour breather and see if you still do.
darioayala/ShutterstockName brands
When it comes to everyday items like cereals and soaps, brand names can be appealing. But the common ones work just as well. And when it comes to drugs, generic versions can be 30–80% less expensive than brand-name drugs. Ask your doctor to write on the prescription that generic drugs should be used instead of brand-name ones.
Elena Elisseeva/ShutterstockPhantom electricity
Everyone wants to make sure their devices are charged. But it costs you money to keep your laptop and phone plugged in once they are fully charged. In the United States, phantom electricity costs $19 billion per year. That adds about $20 to $30 to the average electric bill every month. To save money, make sure to turn off your devices when you're not using them, and use a power strip to easily turn off several devices at once.
kurk/ShutterstockPhone service
It’s time to cut the landline. Fortunately, Voice Over Internet or VoIP plans can keep you connected while saving you $20 to $25 a month. And if you find yourself paying more than $100 a month for your family cell phone plan, look into switching to a less expensive carrier, such as MetroPCS or Cricket Wireless.
Kathleen Spencer/ShutterstockPrivate mortgage insurance
Putting money into a home can be a good financial move. But people who buy a home with less than a 20% down payment usually have to pay private mortgage insurance (PMI). The insurance can cost up to 1% of the loan, so on a $200,000 loan, you'd pay $2,000 in PMI each year. A better idea? Don't buy a home until you have enough money for a 20% down payment and no PMI.
Zachary Byer/ShutterstockProcrastinating
You might think it’s a good idea to wait for last-minute deals, but procrastinating can cost you in the long run. Plane tickets and hotel rooms can get more expensive the closer to the date. And procrastinating on saving money will mean less down the road.
BidaOleksandr/ShutterstockRental car insurance
Rental car insurance also sounds like a reasonable precaution to pay for. It costs between $20 and $40, but that’s money you can likely save. Your own auto insurance and health insurance should cover liability and health care costs in the event of an accident. So before you agree to rental insurance, be sure to check your own policies.
kali9/Getty ImagesSpeeding
Rushing to get somewhere may be tempting, but it can also add up. On the highway, speeding can decrease your gas mileage by up to 30 percent. That’s not counting what it will cost you if you get stopped for your leadfoot or hit another vehicle. So slow down and save.
Oscar Wong/Getty ImagesSubscription boxes
The average subscription box costs between $10 and $40 per month, which means you could be spending well over $100 a year—on just one service. Think about whether you’re really using (and enjoying) the majority of the items in the box on a regular basis. If not, it might be time to cancel your subscription.
designer491/ShutterstockUnclaimed 401(k) matches
Saving for retirement is important. But one in four employees didn’t invest enough in their 401(k) plans to earn the full match from their employers, according to a 2015 study. In the long term, you’re missing some serious cash. Over 30 years, the average unclaimed employer match with a return of 8 percent could add up to $151,000.
MR.SOMKIAT BOONSING/ShutterstockUnused Memberships
You signed up for that gym membership with the best of intentions, but if you’re part of the 67 percent of people with a membership who never set foot in the gym, you could be wasting more than $700 a year. And if you’re a member of one of the fancier gyms, you’re wasting even more. By scaling back from a gym that charges $100 per month to one that’s only $25 per month, you’ll save $900 each year.
Rabbitti/ShutterstockTax deductions you’re missing
Earned income tax credits were designed to help keep money in people’s pockets. But 20 percent of people who qualify for the deductions don’t take advantage of them. To make sure you get the deductions you’re entitled to, use an online tax program or hire a professional.
nito/ShutterstockWasted food
A trip to the grocery store may cost you money in more ways than one. Because of lack of planning, impulse buying, and cooking too much food, as much as 40 percent of food in the United States goes to waste. To save, make a plan before you go shopping, don’t go to the store hungry, and eat your leftovers.
