224 - National Financial Literacy Month - Day 17 - Prevent Money Leaks

Money leaks are expenses that eat away at your bank account
unless you pay close attention to them. A dollar here and a
dollar or two there will add up quickly, especially if you do not
pay close attention to your bank statements and credit cards.


While you might not think much of the few dollars you spend every
month on take-out or streaming services, these expenses can add
up to hundreds or thousands of dollars per year.


Money Leaks:


Name Brands: Are not always worth the price. For
many types of products, particularly cosmetics, clothes, and
prescription drugs, generic or off-brand products offer the same
quality at a fraction of the price.


Clothes: Opting for smaller known brands that
produce high-quality, durable clothing means that you’ll spend
less on clothes in the long-term, and you won’t have to sacrifice
looks in the process.


Cosmetics: Low-quality products with harmful
ingredients may cause negative side effects like allergic
reactions, breakouts, and more.


Prescription Drugs: By opting for generic
prescription drugs, which are typically the exact same as the
name-brand versions, you could save thousands of dollars per
year.


TV Services: Compared to streaming services,
cable TV costs are pretty high — and they’re getting even higher.
By switching to a streaming service or an online cable provider,
you can save on your monthly cable bill without missing out on
your favorite shows.


Takeout or Drive Through Foods: US residents
from ages 35 to 44 spent an average of $4,429 on take-out, while
people ages 25 to 34, spent an average of $3,416. To save on
take-out costs, you should make an effort to plan meals and cook
more often at home. Skip the take-out lunch breaks and reserve
eating out for special occasions.


Convenience Store Purchases/Gas Station
Purchases: Small purchases from convenience stores and
gas stations can easily be eliminated and save you a significant
amount of money in the long run.


There are many more money leaks to mention, however, these help
you better understand the depth to which you may have these
expenses tugging at your purse strings, and or wallet. Check your
bank and credit card statements and start closing accounts,
modifying your account plans, and saving the difference.
Recommend this episode to your family, friends, and colleagues.


Learn about Paul Lawrence Vann's digital Financial Fitness
course, it is being offered at a 50% discount throughout the
month of April, National Financial Literacy Month, here is the
link:  https://bit.ly/3dbperG