Benjamin Franklin once said, “a penny saved is a penny earned.”¹ The modern upgrade to that observation might be that $100 not spent is more like $143.²

One way to find the money to meet your spending or saving needs is to examine your current spending habits and consider eliminating money wasters.

Top Money Wasters

1. Bargain Shopping ... and its Expensive Cousin, Impulse Buying
   Fire sales and impulse buying (such as buying products sold on infomercials) can be money wasters, made worse by how often items purchased this way sit idly in a closet or drawer.
2. Unused Gym Memberships
   At a monthly rate of $40-50, unused memberships can add up over time. Begin your fitness commitment inexpensively by walking or jogging; you can graduate to the gym once you know you’re going to stick with it.
3. Cable and Cell
   Call your provider and see if it’s possible to negotiate a new rate. Cell providers, who face stiff competition, may be responsive. Cable companies may be less so, especially if they are a single provider, but you can review your package and make sure you are not paying for service you don’t want.
4. Paying for Water
   Switching from an essentially free product to one that may cost up to $1.50 a day or more makes for a real budget leak. Consider purchasing a reusable container and refilling it during the day.
5. Gourmet Coffee
   $2 or $3 a day may not seem like a lot of money, but when Americans step into a gourmet coffee shop, they may often buy more than just the coffee. Consider brewing your own coffee. It can be ready before you leave for work, and it’ll save you the wait in the drive-through line!
6. Eating Out
   Americans now spend more money dining out than they do at the grocery store.³ Consider the cost of going out to lunch twice a week. If you spent $10 each time, it would cost you $1,040 annually. While dining out may be one of life’s pleasures, it is often less about socialization and more about convenience. Twice a week may not seem like much, but over time it can add up.
7. Brainy Quote, September 2016
8. This is a hypothetical example that assumes a 30% tax rate. The example is used for illustrative purposes only. It is not representative of any specific tax rate or combination of tax rates.
9. Fool.com, January 1, 2017

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2019 FMG Suite.