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