In modern times, a bank account might as well be a money drain that is sucked dry by the demands and hidden costs that inevitably come with living in a consumer nation. People are addicted to working while also being on the go, and it’s all at their own physical, emotional, and mental expense. While the United States are recognized worldwide for devout capitalism, there are several other countries and civilizations that could benefit from similar enlightenment to help ease the stress of scraping together some form of currency that allows them to participate in society. Here is a list of top 10 ways people waste money.
1) ATM and Overdraft Fees
Cash is used less and less frequently each day due to the inconvenience of carrying around a physical wad as well as the difficulty that comes with keeping track of it. Debit and credit card transactions have dominated the consumer world, providing an invisible currency that is stored in one compact little piece of plastic. Unfortunately, with the practicality of credit cards come invisible fees that add up over time. People are able to mindlessly spend money just by swiping a magnetic strip, but with pending transactions and bank authorizations, there is also a risk for overshooting your account balance. Insufficient funds can result in hefty overdraft fees that cost the average card holder approximately $35 USD per overdraft. Accidentally buy a two dollar coffee with a zero dollar allowance, and you could be looking at a much larger negative account balance. ATM fees are no sweeter. Anytime you withdraw cash from a machine that is not affiliated with your bank or card you could be charged two to five dollars per transaction. It all adds up.
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