Dave Ramsey lists 10 things Americans waste money on as follows:
1. Credit card interest
2. Deal websites
4. ATM fees
5. Overdraft fees
6. Speedy shipping
7. Designer baby clothes
8. Unused gym memberships
9. Premium cable packages
10. Daily coffee trips
Personally, I think some of these are wastes (like #1) and others are just personal preferences (like #3). I’m much more “spend your money however you like as long as you still save a bundle” today than I was a few years ago. Everybody has things they like and things they don’t.
That said, here’s how I rank on these:
- Credit card interest — Never pay it. In fact, I pay no interest at all these days and haven’t for well over a decade. Always a ZERO balance after it is used, pay it off immediately!
- Deal websites — I don’t use deal websites, but I do search for coupons before making online purchases.
- Appetizers — I skip these unless it’s a special occasion or I have them alone as a meal.
- ATM fees — Nope, don’t have any. Most banks reimburse these, but I avoid them by going to my banks atm directly. No surprises for me!
- Overdraft fees — Nope, don’t have any. This can be a double whammy, if you get one, its a fee and its because you have no money in there! Talk about quick sand!
- Speedy shipping — Admittedly I have Amazon Prime – 2 day shipping for $80 per year…well worth it to me. Plus you get Amazon prime instant video!
- Designer baby clothes — Nope. What a waste.
- Unused gym memberships — Nope. If you have one, hopefully you are using it! These days they are $10 or less a month, that isn’t breaking the bank.
- Premium cable packages — This is one thing I do love, a lot of channels I don’t want. It’s too bad the cable company’s are so archaic that they cant even let you pick and choose channels for your own package. Google Fiber does this, but its only available in a handful of states. Most people don’t realize that the biggest discount is often having all the premium channels. This is an industry that really needs to be unregulated.
- Daily coffee trips — I don’t drink coffee. This is a very easy one for me. I don’t like it at all. Keurig cup of hot apple cider? I’ll take two!
How about you? What do you think of this list? Do you use/incur any of the ten above?