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Save Your Family Thousands of Dollars

Without really thinking about we throw away our hard earned money on things that are by-in-large minor conveniences – coffee, bottled water, cigarettes, etc. Here’s the breakdown based on recent reports of the top ten biggest daily expenses.

• Coffee – Average price for brewed coffee is $1.38 a cup. Considering the U.S. average consumption is 3.2 cups a day, we’ll assume one of those cups is purchased on the go. There are 260 weekdays a year – that’s $358.80 a year on a modest Starbucks routine.*BTW – Women indicated that having a cup of coffee was their way of relaxing whereas a cup of “joe” for the guys, was inspiration to get the job done.
• Cigarettes – Current national average are hovering around $4.54. In NYC they are as high as $8 a pack on the street. Pack-a-day smokers fork over $1,660-$2920 a year! Weekend smoker? Buying a pack once a week adds up, too: $236-$416 annually.
• Alcohol - Depending on your “poison” and the mark-up of your favorite “watering hole” be-it the local Sports Bar or the VIP Room, we can set an average of $5 per beer including tip, buying two beers per day adds up to around $3,650 annually and you can figure twice that for two mixed drinks a day at the local bar which is a whooping $7,300 a year annually for celebrating the spirits.
• Bottled Water – A very common vice for soccer moms, kids and dads on the go. A average bottled water costs about $1 at the convenience store. One bottle of water per day costs $365 annually – never mind the negative impact on the environment with all those plastic bottles. Buy yourself a reusable water bottle (preferably a non-toxic kind) and fill it up with filtered water at home or at work. Actually you could add a positive offset to this line item – recycle your other bottles at the end of the week. At a nickel a pop, and that starts adding up quickly!
• Manicures – Surveys found that the average cost of a manicure is about $20. A weekly manicure sets you back about $1,040 per year. And if you indulge in a Mani’ and a Pedi’ expect an annual set-back of $1,560.
• Car Washes – It is common to get a basic wash once a week here in LA primarily because of all the pollution (sediment) that’s about $12 per car or $14 for a SUV — that’s $676 a year. 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.
• Weekday Lunches Out – $7-9 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 between $1,820-$2,350 annually.
• Vending Machines Snacks – The average vending machine snack costs $1. Buy a pack of cookies every afternoon at work and that’s another $260 per year.
• Interest charges on Credit Card - 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, which is an average annual interest payment of $231.80. Ouch! And if you are trying to figure out a way to slip in an extra payment or two to make a dent on those high balances, consider taking the money you’re already saving by not buying that bottle of water or cup of coffee every day to make an extra payment or two.
• 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.

This list represents about $12,045.60 per year in personal savings! This means mom and dad have the potential of saving $24k a year, outstanding!

Remember the “Monkey See, Monkey Do” Affect with the little ones. Children grow up learning about personal finance and money management from their parents!

Related Articles;
Detroit Free Press | Your kids learn about money by seeing…
Washington Post | For Modern Kids, ‘Philanthropy’ Is No Grown-Up Word

Related Sites;
Family Education | Ways to Teach Kids About Money
CNN.Com | Kids and Money in Twelve Lessons