BUCK A PATHETIC TREND

“The cost of living continues increasing, but my paycheck stays the same.”

“I can’t pay my bills.”

“I wish I could win the lottery.”

If you’re someone who repeatedly makes these comments, it’s time to come to the realization that the problem could be … gulp! … you. Fact is, you’re probably one of millions of Americans who engage in wasteful spending.

On the surface, that daily cup of coffee at Starbucks seems harmless, but it certainly adds up over months and years.

Here are six common ways in which Americans throw their hard-earned dollars away. Chances are, you’re guilty of at least one of them.

1Eating out.

Consumersspent an average of $28.47 at each restaurant and averaged 82 restaurant visits in a year, which adds up to $2,341. That’s enough to pay a full year of electric bills, assuming your electric bills averaged $180 a month.

2 Gourmet coffee Americans spend an average of $8.43 each time they visit a coffee shop. Fifty yearly visits would translate into $421.50. That’s a nice wad of cash you could put into an emergency fund.

3

Credit card debt.

The average American household owes $15,270 in credit card debt. Imagine if you didn’t have that debt and could use the money toward your child’s college tuition.

4 Tobacco. Americans spend $44 billion a year on tobacco products, according to the Bureau of Labor Statistics. Better hope you don’t get cancer because the average lung cancer surgery costs $39,891. The habit may seem fulfilling now but may leave you bankrupt down the road.

5 Lottery tickets.

In 2014, Americans spent $70.15 billion on lottery tickets, according to the North American Association of State and Provincial Lotteries. In comparison, they spent $17.8 billion in sports tickets and $13.1 billion in video games. Wonder how many avid lottery players actually are millionaires?

6

Unused gym memberships

Gyms sell memberships with the expectation that only 18 percent of members will visit the gym frequently, according to the International Health, Racquet and Sportsclub Association. The phrase “use it or lose it” certainly applies here.

Sources: thefinancialphysician.com/2011/11/10-money-wasting-habits-of-americans/usatoday.com/story/money/personalfinance/2014/03/24/20-ways-we-blow-our-money/6826633/businessinsider.com/ biggest-money-wasters-2012-9#and-thats-just-the-start--14money.cnn.com/2015/02/11/news/companies/lottery-spending/mint.com