People often focus on the big expenses when looking into their budgets, so they miss the small, consistent costs that are silently draining wealth over the years. These seemingly minor habits can add up to tens of thousands of dollars in just ten years. That’s tens of thousands of dollars you could have invested in growing your wealth.
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Here’s a breakdown of the nine biggest wealth-draining culprits and how to stop those leaks.
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Daily Coffee or Takeout Beverages
We love our daily coffee, smoothie, or tea, don’t we?
Well, that love costs around $5 a day if you’re going to a store like Starbucks. If you spend that money every single day, that’s $1,825 in a year. Over 10 years, that’s $18,250. Put that into the stock market at 12% interest (average S&P growth), and you would’ve gotten $34,965.88 instead.
Look, we’re not trying to demonize coffee. Instead, this is a reminder to you to be conscious about where and how you spend your money.
To save money, you could cut back to just one or two takeout coffees a week and buy yourself a great coffee to brew at home, saving you thousands in just the first two years.
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Food Delivery and Takeout
If you think coffee adds up, just imagine how much takeout and delivery food costs each week.
Americans spend over $4,485 each year dining out, according to the USDA, Economic Research Service. That’s just one meal at $40 two times per week, and it adds up to about $41,000 in 10 years, or $86,034.47 if invested. You could put money down on a house with that!
To save money, you could cut down to just once a week or even once every two weeks. And if you’re crunched for time during the week, consider meal prepping on the weekend. It’s cheaper and likely healthier as well.
Unused Subscriptions and Memberships
CNET estimated that the average person wastes $204 each year on unused subscriptions.
That’s $2,040 in a decade on apps, streaming services, gym memberships, and magazines. Put that into investments, that’s nearly $4,000.
To save money, make sure you sit down each quarter and review your subscriptions. Get rid of the ones you’re no longer using.
Credit Card Interest
If you’ve got a credit card with a balance, you’re among the many Americans who pay about $1,000 per year in interest and fees.
That’s $10,000 just to borrow money for things you can likely afford to pay for in cash if you’d just wait a bit. If you put that $1,000 per year into investments, that would be close to $20,000 after 10 years.
To save that money, either pay off your credit card balances in full each month or consolidate your credit cards into ones that offer lower interest rates.
Buying New Cars Instead of Used
A new car loses 20% of its value in the first year. It loses 60% after five years. That means if you buy a $40,000 car brand new, you could have gotten it for $32,000 if you’d just bought the same car as a one-year-old model. If you buy a five-year-old car of the same model, you’d be paying $16,000.
So, buying used could save you tens of thousands, if not much more, if you like a more luxurious vehicle.
If you bought that five-year-old model on a car that originally cost $40,000, you would have saved a whopping $24,000. Over 10 years, just that amount would grow to $79,209.29 if invested in the stock market.
To save money, either choose a used car or hold onto your car for a while.
Overpaying for Auto Insurance
Americans pay approximately $330 more in insurance than they need to each year just because they don’t shop around.
That adds up to $3,300 you’re losing by not making a few more phone calls.
To save money, check in with your insurance prices at least once a year to see how prices have risen and fallen. You may find a broker who can save you hundreds.
ATM Fees and Bank Charges
The average out-of-network ATM fee is now closing in on $5 per transaction. You could easily spend $300 each year just for not going to your bank to get cash out. Over 10 years, that adds up to $3,000 or more.
To save that money, only use banks within your network or consider getting cash back at the store while making a purchase.
Energy Waste at Home
Far too many people don’t realize how much they’re wasting on energy expenses at home. Leaving lights on, poor insulation, and old appliances can cost $200 to $400 extra each year.
That adds up to $2,000 to $4,000 over a decade, depending on the size of your home.
To save that money, make sure you install smart thermostats, LED light bulbs, and weatherproof your home to hold in the heat and cold.
Failing To Invest Early
Finally, and perhaps the least obvious to many, investing just $200 per month at the average annual return of 12% adds up to $24,000 in 10 years invested and $46,000 earned.
If you don’t invest that money, you lose $46,000.
To make sure you don’t lose that money, start small and automate your investments. That way, you won’t forget to invest, and your money will grow for you.
In the end, all of those savings add up to tens of thousands, if not hundreds of thousands of dollars, in just ten years. And you don’t have to do it all at once. Do what you can now, and then make progress toward your goals.
Before you know it, you’ll be marching towards six figures in savings and beyond just by making a few small changes.
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This article originally appeared on GOBankingRates.com: 9 Everyday Things That Quietly Cost You Thousands Over a Decade
