5 ways you’re losing money

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We’re all guilty of losing money.

Let’s face it, being a woman can be very expensive. Unlike men, we can’t wear the same suit every day just with a different shirt; we have to pay for cosmetics, hair styling — and let’s not forget shoes and handbags — in order to appear professionally groomed.

So we need to be a little bit smarter than the guys with our money. Here are my 5 tips to helping you save some money in areas that you may not know you’re wasting it or don’t want to admit it.

1. Lotto

Let’s face it they don’t call it the ‘Stupid person’s tax’ for nothing – the chances of you winning are so miniscule you may as well say it’s ‘never’. Instead of wasting $10 per week on lotto put it into a bank account and let compounding interest become your best friend. Saving $10 per week for 40 years will conservatively turn into about $35,500 –  much more than if kept crossing your fingers and buying lotto tickets.

2. ATM/Bank fees

Every time you decide to use an ATM (that is not your banks) you are being slugged about $2.50. If you take money out twice a week for a year that’s $260 you’re throwing away. So try planning ahead and use your bank’s ATM fee-free, or take larger amounts out less frequently to reduce unnecessary fees.

3. Buying water

In most parts of the country tap water is fine to drink, especially in restaurants. So instead of ordering bottled water at $5 a pop order tap water because it’s free. Did I mention it’s FREE?

4. Gym memberships

These are great if you go regularly but if you’re like the majority of people who have a membership and don’t use it, consider either cancelling it or speaking with your gym to see if they have a better plan more suited to your usage and your budget. I recently went to my gym to cancel my membership after I worked out I was paying about $300 a visit. What do you know … they offered me a ‘new plan’ which was ½ the price I was previously paying but had limited visits per month. So if you’re not using your membership, consider cancelling it. At the very least you may just get offered a better deal as an incentive to stay.

5. Cigarettes

It’s not just bad for your image and your body but it’s also killing your wallet. If you go through a packet of cigarettes a day you are spending more than $7,000 a year in cigarettes and one of the financial side-effects is you are also paying a huge premium for your health insurance, life insurance, and income protection insurance — which can be more than double for that of a non-smoker. It’s a no brainer – it’s time to go…cigarettes! Just no.

 

Originally published on The Business Woman Media 11/8/2014

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