Top money wasters eating away at your budget

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NEW HAVEN, Conn. (WTNH)– All this week we have been working to save and make  you money this summer but the truth is, many of us will waste our money anyway! Here’s a look at some of the top money-makers that are likely eating away at your bottom line. From coffee to go to grocery shopping while hungry, we know we’re guilty of handing over our green on unnecessary things. But, the first step to cutting the habit, is identifying the problem.

“Convenience items in general are where people waste a whole lot of money,” said Michael Chadwick.

Michael Chadwick, with Chadwick Financial Advisers, says the money wasters are everywhere. In fact he says many households are overpaying on monthly bills, living in a drafty space or paying for channels you don’t use.

Your cable or television package. Does it make sense to have cable or Direct TV or should you buy a Firestick or Sling? There’s all kinds of ways these days to be smart about money, the question is where are your priorities and when do you have time to tackle these things?

The car you’re driving: if your tires aren’t properly inflated, that’s just more gas your car is using. Put air in them for free and start saving. ATM fees to use another bank or buying individually packed anything, are more convenience items that just eat up your bottom line.

Here’s another one: you blindly pay for activation fees.

“What cracks me up too is gift cards. People will spend $30 for a $25 gift card to give a gift. I don’t see the value in that. Why not just give the $25 and save $5,” he said.

Before you throw food out, know the expiration dates are not law, just a guide, and be careful with coupons. Don’t let them make you spend more than you normally would.

Chadwick says cash is king. Start carrying it and you’ll notice you spend less when you’re physically handing over your hard-earned money.

Paying full price on anything is another one. You can avoid that by checking in with News 8 the first weekday of every month. I’m always researching when you’ll find deals on everyday items and when you’re overpaying.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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