While there are habits that help us save money the opposite side of the coin also exists. Everyday millions of people throw a lot of money on what they do without even realizing it. These are the money-wasting habits that people should break. If not they will lose a substantial amount of money in the long run.
Using ATMs of Other Banks
ATM cards allow you to withdraw cash just about anywhere when you need to. This convenience is also the reason why most individuals lose money. An average ATM card holder will use it on ATMs of other banks whenever he can. Doing this will cost you a fee for every withdrawals. A $2.00 per transaction will become $200 after a hundred transactions if you are careless. You could save that amount easily by using your bank’s ATM when you need cash.
Procrastinating on a Retirement Fund
It is repeated so many times already, the earlier you invest on a retirement fund the better it is for you. Delaying it every year is costly. You not only miss out on a chance for a good life when your employment life ends, you also miss out on substantial gains of compounded interest every year. Just add up all the years you get when you start out at 25 years old towards retirement compared to when you start at 30. The difference in gains is huge.
Spending on Coffee when there is a free alternative
Free coffee is readily available in most workplace. The sad news is that most employees still pay for coffee elsewhere. Getting a better tasting coffee is not a good justification to carelessly spend. If you really cannot stomach the coffee in your workplace then bring your own. It will be cheaper than buying one from Starbucks.
These habits are very common and they appear trivial to most. Breaking them would be a challenge but it will be extremely financially rewarding when you do. This is why these are the money-wasting habits that people should break one way or the other.