If it seems consumer costs have soared—it’s because they have. Prices rose 7% from December 2020 to December 2021, the largest jump since 1981, according to the U.S. Bureau of Labor Statistics.
If you are trying to cut costs, it may skip your notice that you are wasting money on things you have always paid for but may not need any longer. While there are many ways to slash your spending—and you know best where your extravagances are—peruse this list to find some options you may not miss if you cut them.
- Bottled Water – The average person who buys bottled water consumes 167 bottles each year. At an average $1.50 cost, that’s around $250 a year. Take a reusable water bottle with you wherever you go and save, even if it means a one-time expense for a water purifier.
- Wasted Groceries – The average family wastes $1,900 a year on unused groceries, such as lunch meats, milk, fruits and vegetables that go bad before they are used. Cut down on waste by planning meals ahead and shopping with a grocery list.
- Avoidable Fees – On average, Americans spend nearly $250 a year on overdraft fees and late payments. If you’re paying late fees because you’re not keeping track of when credit card bills are due, then pay attention and pay early.
- Sale Prices – There are ups and downs to sale prices. It’s economical to buy non-perishables in bulk when you find a great sale price—but take care not to buy clothing or other items you really don’t need just because the price has been reduced.
- Food Delivery – Yes, it’s convenient, but those $5 to $10 in surcharges, delivery fees and tips add up! Put on some shoes and pick up curbside to save a bundle each month.
- Movie Theater Concessions – Ticket prices are high enough. Can you do without the $15 expense, on average, for popcorn and a drink?
- Cell Phone Upgrades – Paying an extra $30 or $40 a month to finance a phone through your service provider to have a new phone every year is wasteful and unnecessary. The costs come to nearly $500 a year, and the upgrades, in most cases, are minimal.
