Money Matters: Spending Habits To Break

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Wednesday, August 28, 2013

All of us have regrets in life. But when it comes to your finances, doing something you regret is going to cost you some cash.

Jeff Yeager of AARP Magazine says there are spending habits you should break, so you won't have any regrets at the end of the day. Here are some of them:

1. Out-of-network ATM fees. Foreign bank fees average about $2.50 per transaction. Switch banks if you must, or open an account at a bank that's closer to where you live or work.

2. Bottled water. You could wind up spending $1,000 a year on plastic bottles of water if you are getting your recommended daily amount. Think about putting filtered tap water in a reusable bottle. If you don't like tap water, buy water by the gallon and refill the smaller bottle.

3. Incandescent light bulbs. Even though they cost more, those corkscrew looking CFL bulbs last about five times longer than regular bulbs - and they use 75 percent less electricity. You could save $10 per bulb per year.

4. Extended service plans. The sales pitch sounds good, but they are rarely a wise purchase. They typically go unused or forgotten by the consumer. The manufacturer's warranty is usually enough.

5. Late fees. Americans spend $20 billion each year in credit card late fees and other penalties. Put routine monthly bills on an automatic payment plan and stop giving the bank a bonus.

For a complete list of Yeager's tips and a link to his article, click on the link.
Then click on money matters.

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