easy to fritter away money on daily expenses. If you fall into these money traps,
learn to avoid them and pocket the savings. Use Bankrate's Simple
savings calculator to see how quickly your money piles up with interest.
|10 money drains
Coffee -- According to the National Coffee Association, the average price
for brewed coffee is $1.38. There are roughly 260 weekdays per year, so buying
one coffee every weekday morning costs almost $360 per year.
2. Cigarettes -- The Campaign for Tobacco Free Kids reports that the average
price for a pack of cigarettes in the United States is $4.54. Pack-a-day smokers
fork out $1,660 a year. Weekend smoker? Buying a pack once a week adds up, too:
3. Alcohol -- Drink prices vary based on the location. But assuming an average of $5 per
beer including tip, buying two beers per day adds up to $3,650 per year. Figure
twice that for two mixed drinks a day at the local bar. That's not chump change.
4. Bottled water
from convenience stores -- A 20-ounce bottle of Aquafina bottled water
costs about $1. One bottle of water per day costs $365 per year. It costs the
environment plenty, too.
5. Manicures -- The Day Spa Magazine Price Survey of 2004 found that the
average cost of a manicure is $20.53. A weekly manicure sets you back about $1,068
Car washes -- The average cost for a basic auto detailing package is $58,
according to Costhelper.com. The tab for getting your car detailed every two months:
$348 per year.
7. Weekday lunches out -- $9 will generally cover a decent lunch most work
days. If you buy rather than pack a lunch five days a week for one year, you shell
out about $2,350 a year.
Vending machines snacks -- The average vending machine snack costs $1.
Buy a pack of cookies every afternoon at work and pay $260 per year.
Interest charges on credit card bills -- According to a survey released
at the end of May 2007, the median amount of credit card debt carried by Americans
is $6,600. Rate tables on Bankrate.com indicate that fixed interest rates on a
standard card average 13.44 percent. Making
the minimum payment each month, it will take 250 months (almost 21 years)
to pay off the debt and cost $4,868 in interest. Ouch!
Unused memberships -- Costhelper.com reports
that the monthly service fee at gyms averages between
$35 and $40. At $40 per month, an unused gym membership
runs $480 per year.