224 - National Financial Literacy Month - Day 17 - Prevent Money Leaks

<p>Money leaks are expenses that eat away at your bank account unless you pay close attention to them. A dollar here and a dollar or two there will add up quickly, especially if you do not pay close attention to your bank statements and credit cards.</p><p>While you might not think much of the few dollars you spend every month on take-out or streaming services, these expenses can add up to hundreds or thousands of dollars per year.</p><p><strong>Money Leaks:</strong></p><p><strong>Name Brands:</strong> Are not always worth the price. For many types of products, particularly cosmetics, clothes, and prescription drugs, generic or off-brand products offer the same quality at a fraction of the price.</p><p><strong>Clothes:</strong> Opting for smaller known brands that produce high-quality, durable clothing means that you’ll spend less on clothes in the long-term, and you won’t have to sacrifice looks in the process.</p><p><strong>Cosmetics:</strong> Low-quality products with harmful ingredients may cause negative side effects like allergic reactions, breakouts, and more.</p><p><strong>Prescription Drugs:</strong> By opting for generic prescription drugs, which are typically the exact same as the name-brand versions, you could save thousands of dollars per year.</p><p><strong>TV Services: </strong>Compared to streaming services, cable TV costs are pretty high — and they’re getting even higher. By switching to a streaming service or an online cable provider, you can save on your monthly cable bill without missing out on your favorite shows.</p><p><strong>Takeout or Drive Through Foods: </strong>US residents from ages 35 to 44 spent an average of $4,429 on take-out, while people ages 25 to 34, spent an average of $3,416. To save on take-out costs, you should make an effort to plan meals and cook more often at home. Skip the take-out lunch breaks and reserve eating out for special occasions.</p><p><strong>Convenience Store Purchases/Gas Station Purchases: </strong>Small purchases from convenience stores and gas stations