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Avoid 7 Spending Mistakes and Save More Money

It's time to face your bad habits and take control of your spending. Laura interviews money-saving expert, Andrea Woroch, for savvy shopping tips to protect your finances and save more money.

By
Laura Adams, MBA,
Episode #438

Spending Mistake #5: Opening store cards for extra savings

Would you like to save an extra 10% on your purchase today? That's part of the pitch store clerks use to entice your to sign up for their retail credit card. 

The 10% savings usually isn't worth the ding to your credit (especially if you're in the market for a mortgage or car loan) or the chance to rack up debt on the card. Instead, use a bank credit card to earn points and redeem rewards in the form of gift cards or airline miles. 

Spending Mistake #6: Paying ATM fees

The average consumer spends upwards of $4.50 in fees to access funds using an out-of-network ATM. These fees add up and are completely unnecessary when you can get your cash for free.

Plan ahead and withdraw enough cash directly from your bank or get cash back when you swipe your debit card at grocery stores, drugstores and other retail outlets.

See also: Pay Lower Interest Rates on Debt and Save Money

Coupons are great—but only if you use them on items you plan to purchase. Otherwise, they're just another saboteur of your finances!

Spending Mistake #7: Overbuying daily deals

Coupons are great—but only if you use them on items you plan to purchase. Otherwise, they're just another saboteur of your finances!

Daily deals are double trouble since they offer significant savings on tempting experiences like dinner at the newest restaurant, a spa treatment at your favorite salon, or a fun adventure in the hills.

To avoid the temptation to overbuy, unsubscribe from daily deal alerts and take their apps off your phone. If you have a daily deal you know you won't use, try selling it on CoupRecoup.com to receive some of your money back.

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Money Down the Drain image courtesy of Shutterstock

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