It's often difficult to save money. It seems there's never enough, unexpected expenses crop up, it's difficult to budget...We all have our reasons, and excuses, why we can't save. But what we often fail to look at is all the money we waste on a regular basis. It only feels like a dollar here and there, but if you look at it over the course of a year and then determine what you could have done with that money, then it's suddenly more than a few dollars. So let's look at some common money drains and figure out what to do with the money you'll save when you eliminate those drains from your life.
Common Money Drains:
Daily coffee at the coffee shop. It's only a few bucks for a latte, but if you buy one 5 days a week you're looking at about $780 a year. Making coffee at home can save you a bundle - over $500 a year.
Unused groceries. You stock your refrigerator full of groceries for the week - which is all fine and good if you're eating at home. But if you end up eating fast food on the run, you've wasted a lot of groceries - and a lot of money. Consider buying 3-4 days worth of food at a time and see how quickly you finish it.
Overloading on high-end toiletries. Okay, so you can't give up your $15 shampoo - but do you really need the entire product line? Or maybe the $5 mascara at the drugstore will make you just as happy as the $20 mascara. Figure out what your priorities are and then fill in the gaps with products that aren't quite as expensive.
Clothes that sit in your closet. Spend $400 on a classic jacket that's well made and that you'll wear a couple of times a week over a 5 year period and you'll spend about .76 per wearing. Not bad. Now spend $100 on a shirt you wear once and it'll cost you $100 to wear it for a day! Not quite the same. So beware of clothing sales and trendy items that encourage you to impulse shop. If you don't wear it, you aren't getting any value for your money.
Late fees or parking tickets. Pay your bills on time and watch where you park. In urban areas, that could save you a couple hundred dollars a year.
The newsstand. If you find yourself buying the newspaper at the newsstand every morning or buying a lot of magazines, then get subscriptions instead. You'll save up to 50% off of the newsstand price.
Too much technology. Great offers abound and you end up paying for services you don't really use. Rarely have time to watch television? Then maybe you need basic cable for $15 instead of the complete package for $60. The same goes for deals on cell phones, regular phone service, Internet services, fees for credit card perks you don't use, etc.
Bank charges & ATM fees. Find you're always running out of money and getting charged ATM fees? Take a realistic look at what you spend weekly and take out enough for the week. And if your bank charges too much for monthly service, consider changing banks. Lots of smaller banks offer incentives, such as free checking. You can save up to $150 a year on free checking alone.
Cigarettes. Okay, we had to mention it. Not only are cigarettes bad for your health, they cost approximately $4.50 a pack. Smoke a pack a day and you're throwing away $1,642.50 a year. Just a thought.
Other Ways To Save Money:
Matinee movies or renting videos
Going to the library instead of buying books
Brown-bagging it for lunch a few days a
week
Eating at home more
Wearing clothes twice before dry cleaning
them
Buying in bulk at wholesale grocery stores
What To Do With The Money You Save:
You can arrange to have as little as $50 a month deducted from your bank account and deposited into a mutual fund account or a non-deductible IRA. If you save $50 a month over 30 years at 9% interest, your total would be $55,881 after taxes - a yield of $52,613 in interest. Not bad for giving up lattes and getting free checking. Save $100 a month in the same circumstances and you'll be looking at $111,763 after taxes - a whopping $105,226 in earned interest. (See our resource list to make your own calculations.)
The first step to freedom lies in gaining control of your finances. Do it now! 
