The report is official: the average American spends $936 each year by going out for lunch (as reported by Visa’s survey at Practicalmoneyskills.com). And that doesn’t even include the daily trips for coffee that many often make…
I don’t know about you, but when I look at how I spend my money each year, I definitely don’t plan for almost $1000 of my hard-earned money to go to restaurants! That’s money that could be used to pay down debt, start an emergency fund, invest in my retirement account, or even take a really nice vacation – the possibilities are endless!
Although eating out is by far the biggest “spending leak” in the budgets of most, there are MANY other ways in which we needlessly spend/waste our money. From late fees to interest charges to missed tax breaks, this Kiplinger article on Yahoo Finance has a great list to help you identify and start combatting all the ways in which you may be losing money.
If you have any great tips or comments on spending leaks, let us know!