Daily Dupaco

Wednesday, June 22, 2011

Our biggest money wasters

By Emily Kittle

Most of us have bought something that we've never even used. Or we splurge on gourmet coffee from time to time.

These purchases might seem little at the time, but they can add up. CNNMoney compiled a list of the 10 biggest money wasters. Here are some of them:

Lottery tickets: Consumers bought more than $70 billion worth of lottery tickets last year, according to the North American Association of State and Provincial Lotteries. About $38 billion was awarded in prizes.

Infomercial impulse buys: Many consumers have been lured into what they thought was a great deal. The infomercial industry brings in about $400 billion a year, according to the Electronic Retailing Association. However, many impulse purchases go unused.

Brand-name groceries: Prices of generic items are typically 5 percent to 10 percent lower than their brand-name counterparts. Even if there are only generic options available for some of the items you buy, you could save at least $50 to $75 a month if you're spending $500 to $600 a month on groceries for your family.

Bundled services: Consumers are often lured into bundled cable, Internet or phone packages because of the reduced rates offered initially. But paying for channels that you're not watching, or unlimited text messages or airtime that you're not using is a waste of money.

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