20 ways to plug financial leaks


As the title implies, Real Simple brings to light 20 reoccurring transactions that can cost you big money in the long run. According to Real Simple, following these tips can save up to $3000 per year. I would call $3000 per year more of a waterfall than a leak. Here are some of the more meaningful tips for me:

The Leak: Paying bills by snail mail.
The Fix: The average household receive about 15 bills a month. With stamps now at 39 cents each, you spend about $70 a year just on postage — and don’t forget the late fees if your checks get lost in the mail.

The Leak: Subscribing for cable TV, Internet access, and phone service from three different providers.
The Fix: Consider a package deal from your local cable or phone company. You can get digital phone service, which is provided by a broadband Internet connection, high-speed Internet, and digital channels for much less than you’d pay separately.

The Leak: A cell-phone plan that doesn’t match your needs.
The Fix: Too many minutes and you’re wasting money. Too few and the overages can send your cell-phone bill into the stratosphere. On average, according to the consumer research firm J.D. Power & Associates, cell-phone subscribers use only 64 percent of the minutes they pay for.

The Leak: Taking your time to redeem gift cards.
The Fix: Read the fine print on the back of the card: Some cards expire as quickly as six months after their purchase, while others charge $1 to $2.50 for dormancy, maintenance, or inactivity fees if they’re not used within 6 to 24 months. The fees are deducted from the card’s balance, so a $45 gift card could disappear in two years.


The Leak: Letting the water run.
The Fix: Turn off the tap while you’re brushing your teeth or shaving — every minute the water flows wastes up to 2 1/2 gallons, according to the Environmental Protection Agency.

Money Saving Secrets – [Real Simple]

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