{"id":728098,"date":"2018-05-23T16:00:29","date_gmt":"2018-05-23T16:00:29","guid":{"rendered":"http:\/\/juniorminingnews.com\/?p=728098"},"modified":"2018-05-23T16:00:29","modified_gmt":"2018-05-23T16:00:29","slug":"dont-make-these-money-burning-mistakes-2","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=728098","title":{"rendered":"Don\u2019t Make These Money-Burning Mistakes"},"content":{"rendered":"

By Nilus Mattive<\/a><\/span> <\/p>\n

\"Nilus<\/a><\/div>\n

This post Don’t Make These Money-Burning Mistakes<\/a> appeared first on Daily Reckoning<\/a>.<\/p>\n

According to a GOBankingRates survey, 57% of Americans have set aside less than $1,000 in financial reserves.<\/p>\n

Clearly not enough to fund a comfortable retirement.<\/p>\n

But even if you have lots of money in the bank, there’s no reason to throw any of it away.<\/p>\n

So here are eight simple money-saving tips that could help you stop wasting money and pump up your savings going forward.<\/p>\n

Tip #1: Water bills<\/b><\/h2>\n

Do you linger in the shower? My ten-year-old daughter sure does!<\/p>\n

The average American spends 8.2 minutes in the shower and uses 17.2 gallons of water.<\/p>\n

Cutting shower time to five minutes or less can save up to 1,000 gallons per family member per month.<\/p>\n

Faucets are another easy place to save water\u2026<\/p>\n

An average American household of three uses between 18.1 and 26.7 gallons per day for all faucets (bathroom, kitchen, and utility sink).<\/p>\n

Turning off the water while brushing your teeth can save up to 200 gallons per family member per month.<\/p>\n

Besides reducing your water bill, you could also see a drop in gas and electricity bills.<\/p>\n

Moreover, you’re helping save one of our world’s most precious commodities!<\/p>\n

Tip #2: Speeding tickets<\/b><\/h2>\n

Most of us occasionally push the pedal to the metal.<\/p>\n

But if we’re caught, a double whammy awaits\u2026 a hefty fine plus the possibility of higher insurance rates for several years.<\/p>\n

In fact, a staggering 41 million people receive speeding tickets annually. That’s 112,000 each day.<\/p>\n

What’s more, it’s costing $6 BILLION or about $150 per offender for the tickets alone.<\/p>\n

So easing off the gas could mean more money stays in your pocket.<\/p>\n

Tip #3: Unused gym memberships<\/b><\/h2>\n

You joined a gym as one of your New Year’s resolutions. But you just never get around to going. And you haven’t dropped your membership because you know you should go.<\/p>\n

The industry counts on members like you\u2026<\/p>\n

According to the International Health, Racquet, & Sportsclub Association, gyms sell memberships with the expectation that only 18% of people will show up on a consistent basis.<\/p>\n

If you’re not getting value out of your gym membership, cancel today.<\/p>\n

Then look for alternatives such as free \u2013 or almost free \u2013 cardio classes at the local community center, a neighborhood park, or even through web channels like Youtube.<\/p>\n

You can also join a team sport like volleyball or softball or do some other activity that burns calories and makes you happy.<\/p>\n

Tip #4: Bank fees<\/b><\/h2>\n

ATM and overdraft fees are at record highs.<\/p>\n

The average fee charged by a customer’s own bank for using an out-of-network ATM rose 3% percent in 2017 to $1.72. On top of that, the average ATM surcharge rose to $2.97, a 13-year high.<\/p>\n

That puts the average total cost for withdrawing cash at an out-of-network ATM at $4.69.<\/p>\n

The takeaway: Plan ahead so when you need to get cash you can do it for free within your bank’s network.<\/p>\n

Or at least do it in larger amounts so the fees don’t sting so much.<\/p>\n

And if you have to walk another block or two to get to one of your bank’s ATMs, consider the exercise is a bonus.<\/p>\n

What about overdraft fees?<\/p>\n

Well, the average charge climbed to $33.38 in 2017 and the number of banks that increased their fee outnumbered those who lowered their fee seven to one.<\/p>\n

No wonder the Consumer Financial Protection Bureau (CFPB) calls overdraft fees a short-term loan with a 17,000% APR!<\/p>\n

To protect yourself against those outrageous fees, sign up for e-mail or text alerts that let you know when your balance gets below a certain level.<\/p>\n

Or link your checking account to your savings account so that your<\/i> money \u2014 rather than the bank’s money \u2014 can cover any shortfall.<\/p>\n

Tip #5: Extended warranties<\/b><\/h2>\n

If you’re plunking down hundreds \u2014 or thousands \u2014 of dollars for a TV, refrigerator, or other expensive product, you’re sure to be offered an extended warranty.<\/p>\n

It makes sense. After all you don’t want to get stuck paying for costly repairs.<\/p>\n

But is it worth the price?<\/p>\n

In most cases no, according to the Federal Trade Commission and Consumer Reports<\/i>.<\/p>\n

Several of the reasons why that is:<\/p>\n