Wasted Electricity – How many times do we leave a light, fan, TV, or stereo on in the house unused? Following Energy Star guidelines by replacing old standard light bulbs with high efficiency light bulbs makes a difference. Also having energy efficient appliances such as refrigerators and dryers can help people save a bundle over time.
Cable/Satellite Premium packages – HBO, Showtime, Starz, NBATV, NFL Redzone, etc. can really add up. Are they really worth it? Consider how often do you watch those stations?
Wasted Food – According to the National Resource Defense Council Americans as individuals waste about $529 each year on food. When making your grocery list do you only put items on the list your pretty certain won’t go to waste? Or do you have the habit (as I admit I do at times) of just adding things to the cart that aren’t on your list then forget to eat those items?
Bad Health Habits – There are bad habits that can contribute towards bad health: drinking sodas, unhealthy snacking between meals, eating sweats are all wasted calories. Americans spend billions on candy every year on Halloween and tens of thousands of billions on fast food each year. Lack of exercise is also a big issue and probably one of the leading causes of obesity int he U.S. besides nutrition.
Excessive Alcohol Consumption – According to the Buerau Labor of statistics about $1 out of every $100 an average American spends goes towards alcohol consumption. To be clear, I have no problem with alcohol consumption in moderation. But when people are going out every night to a bar or buying/consuming a 12 pack every night something is definitely off.
Tobacco – Cigarettes, Cigars, Chewing Tobacco are all expensive in and amongst themselves. Never mind the taxes associated with said products. And the health issues that are associated such as mouth, throat, and lung cancer significantly detract from these products appeal. Yet surprisingly roughly 15% of Americans income is spent on cigarettes alone.
What ways do you think Americans blow or waste money? What areas are you trying to improve in your own financial life? Leave a comment!