We hope 2015 was a great year for you! For most American’s there was a lot of wasteful spending across the board. We hope that you can make changes this year so you won’t be included into this category for 2016. So what are the top 5 things american’s wasted their money on last year?
1) Gym Memberships. January rolls around and do so New Year’s Resolutions. Membership sales go through the roof, but what happens after? The majority doesn’t end up using their memberships to their advantage and weights are left not being lifted. Average gym membership costs $58 a month. That is a big expense, especially if you don’t use it. If you are going to use a membership, look around for cheaper options. Many gyms have friend discounts and promotions that can get you and a friend cheaper memberships. Do your research before signing and save yourself some money.*
2) Student Loans. The graduating class of 2015 had the most student debt ever. If getting a loan is the only way that you are able to get yourself through school, use your resources to make it the cheapest it can be. Getting good grades can lead to scholarships, use FAFSA to get help from the government, and get a job to help you make payments while you are still in school. Learn more about graduating debt free here!*
3) Daily Coffee trips. Coffee shops are everywhere and if you aren’t careful you can get sucked into the daily routine. Simply track your coffee spending for a month and you won’t need caffeine to wake you up! Change things up by making your own coffee and you might discover a little extra cash in your wallet.
4) Cars. Whether you are renting or leasing, American’s spent a lot of money on cars! This includes car washes. Save a couple dollars by not upgrading your carwash! Another alternative would be carpooling and public transportation. It might not always be the most convenient but if you can’t afford your own car right now, you do have other options.
5) Brand name products. Especially paper products. These things get thrown away anyways so don’t waste your money on them because they look a little better than the off brand. This can help you save over time!