Vermont Retirement Planners, LLC

54 Highland Avenue
Manchester Center, VT 05255
nick@vtretirement.com
(802) 367-3958

87 North Main St.
Rutland, VT 05701
nick@vtretirement.com
(802) 772-7945

Lifestyle Read Time: 3 min

Stop Wasting Money

Benjamin Franklin once said, “a penny saved is a penny earned.” 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 products sold on infomercials) can be money wasters, made worse by how often they sit idly in a closet or drawer.
  2. Unused Subscription Services:
    It can be tempting to sign up for the “free trials” many subscription services offer, but don’t forget to cancel after your trial period is up. Forgotten subscription services can eat away at your wealth when you don't value the subscription anymore. For example, three $30-per-month subscriptions don't sound like much until you realize they total nearly $1,100 per year.
  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 is a real budget leak. Consider purchasing a reusable container and using that during the day.
  5. Gourmet Coffee:
    $4 or $5 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. It can be ready before you leave for work, and it’ll save you the wait in the drive-through line!
  6. Eating Out:
    While dining out may be one of life’s pleasures, eating out is often less about socialization and more about convenience. Twice a week may not seem like much, but over time it can add up. Try tracking your dining-out expenses for a week. You may be shocked at how fast costs add up. 

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 FMG Suite.

Share |
 

Related Content

The Ivory Tower Changes Wall Street

The Ivory Tower Changes Wall Street

Thanks to the work of three economists, we have a better understanding of what determines an asset’s price.

How Women Make It Happen

How Women Make It Happen

Women’s History Month celebrates ceiling-shattering women of the past, as well as the empowerment of women in the present.

Red Flags for Tax Auditors

Red Flags for Tax Auditors

Here are six flags that may make your tax return prime for an IRS audit.

 

Have A Question About This Topic?







Thank you! Oops!

Aware of Employment Rights for Workers with Disabilities?

Approximately 20% of U.S. adults have a disability, according to the CDC.

Financial Fixes: The Hidden Costs of Home Ownership

Six out of 10 millennials regret buying a home because they weren’t prepared for the hidden costs.

Don’t Let Bad Financial Habits Haunt Your Retirement

When it comes to retirement, some people can quit working and fall immediately into good money habits that they’ve practiced for years.

View all articles

Estimate Your RMD

Help determine the required minimum distribution from an IRA or other qualified retirement plan.

Paying Off a Credit Card

Enter various payment options and determine how long it may take to pay off a credit card.

Assess Your Life Insurance Needs

This calculator estimates how much life insurance you would need to meet your family's needs if you were to die prematurely.

View all calculators

Protecting Those Who Matter Most

The importance of life insurance, how it works, and how much coverage you need.

5 Smart Investing Strategies

There are some smart strategies that may help you pursue your investment objectives

Investment Strategies for Retirement

Investment tools and strategies that can enable you to pursue your retirement goals.

View all presentations

The Wild West of Data Theft

Learn about cyber liability insurance in this entertaining video.

Retiring the 4% Rule

A portfolio created with your long-term objectives in mind is crucial as you pursue your dream retirement.

Perception vs. Reality

There’s an alarming difference between perception and reality for current and future retirees.

View all videos