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Money Leaks Series

Posted By Jim On 05/26/2011 @ 7:42 am In Personal Finance | 34 Comments

Starting today, running every Thursday until I run out of ideas, we’ll be identify a potential Money Leak in your financial life and figuring out ways we can plug it. A money leak is anything that you spend money on that you could, conceivably, cut back, replace, or otherwise do without affecting your life tremendously. It’s leaking money in a way that might be invisible to you and you could, with just a little bit of extra work, plug it and give yourself a little raise.

The classic example of a money leak, one that we won’t be covering (until maybe the end when I run out of ideas!) is buying that morning coffee from Starbucks. If you spent $5 a day on coffee, five days a week, fifty two weeks a year, then you’re looking at a total expense of $1,300 a year. Put that money towards some travel mugs, a nice coffeemaker, and the best coffee beans you can find and you’ll still be further ahead at the end of the year (plus you’ll have a nice coffeemaker).

So, in the coming weeks, we’ll hit one money leak a week until we’ve hit them all… and then I’ll start asking you for ideas! If you have a good idea you want to share right now, please let me know in the comments.

(Photo: johnx62 [3])


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