Forbes magazine posted an article recently that listed six ways that many of us waste money. I thought it might be helpful to share the list with those of you who are trying to save money. Many of the items seem like they would result in trivial savings but over time they will make a difference. As the article pointed out, in order to build a savings fund it is necessary to find extra money. In other words, examining ways in which you waste money is a good place to start.

1. Shopping at convenience stores: prices in convenience stores are much higher because items are not purchased in large quantities and you are paying for the “convenience.” The difference in price for something like a soda or a sandwich would surprise you.

2. Cell-phone plans: There are additional costs in cell-phone plans that you may well live without, such as internet services or text messaging. It is also important to compare costs per minute with other companies. Keep in mind that some companies have reasonable unlimited rates that will save you a great deal of money, especially if your cell is your only phone.

3. Ordering soft drinks at a restaurant: In many restaurants a soft drink costs as much as $2.49, for a family of four that means the cost of your meal is an additional $9.96. Consider ordering water, it is healthier and will add up to a substantial savings in the long run.

4. Unnecessary Bank Fees: You may not realize it, but you may be paying a lot to your bank in the form of fees. Take the time to find out what fees are associated with your accounts. For example, your bank may charge ATM fees as high as $5 for using another bank’s ATM.This is equivalent to a 25% one-time fee for a $20 withdrawal. Examine the rules governing your checking and savings accounts.Overdrafts can have a considerable fee associated with them. There may be limits on the number of withdrawals you are allowed to make. It is important to look for these unexpected costs.

5. Magazines: If you are one of those people who purchase a magazine periodically at a store, consider a yearly subscription which is often the equivalent of the cost of three or four individual issues. Or better yet, check the internet. Many magazines or newspapers may be read online.

6. Credit Card Fees: There is usually no reason to pay annual credit card fees, unless your credit history is a problem. Many Visa, MasterCard and Discovercards do not have an annual fee.

Please contact me if you have any questions. I am here to help. Kevin D. Heupel, Colorado Bankruptcy lawyer, 303-955-7570, COBankruptcyHelpEmail, free-consultation form.

Forbes magazine posted an article recently that listed six ways that many of us waste money. I thought it might be helpful to share the list with those of you who are trying to save money. Many of the items seem like they would result in trivial savings but over time they will make a difference. As the article pointed out, in order to build a savings fund it is necessary to find extra money. In other words, examining ways in which you waste money is a good place to start.

1. Shopping at convenience stores: prices in convenience stores are much higher because items are not purchased in large quantities and you are paying for the “convenience.” The difference in price for something like a soda or a sandwich would surprise you.

2. Cell-phone plans: There are additional costs in cell-phone plans that you may well live without, such as internet services or text messaging. It is also important to compare costs per minute with other companies. Keep in mind that some companies have reasonable unlimited rates that will save you a great deal of money, especially if your cell is your only phone.

3. Ordering soft drinks at a restaurant: In many restaurants a soft drink costs as much as $2.49, for a family of four that means the cost of your meal is an additional $9.96. Consider ordering water, it is healthier and will add up to a substantial savings in the long run.

4. Unnecessary Bank Fees: You may not realize it, but you may be paying a lot to your bank in the form of fees. Take the time to find out what fees are associated with your accounts. For example, your bank may charge ATM fees as high as $5 for using another bank’s ATM.This is equivalent to a 25% one-time fee for a $20 withdrawal. Examine the rules governing your checking and savings accounts.Overdrafts can have a considerable fee associated with them. There may be limits on the number of withdrawals you are allowed to make. It is important to look for these unexpected costs.

5. Magazines: If you are one of those people who purchase a magazine periodically at a store, consider a yearly subscription which is often the equivalent of the cost of three or four individual issues. Or better yet, check the internet. Many magazines or newspapers may be read online.

6. Credit Card Fees: There is usually no reason to pay annual credit card fees, unless your credit history is a problem. Many Visa, MasterCard and Discovercards do not have an annual fee.

Please contact me if you have any questions. I am here to help. Kevin D. Heupel, Colorado Bankruptcy lawyer, 303-955-7570, COBankruptcyHelpEmail, free-consultation form.