ORLANDO, Fla. (Ivanhoe Newswire) – It’s no doubt this year, many Americans have been hit hard financially due to COVID-19. One in six Americans have either gotten food from a food bank or borrowed money from friends and family. And one in three have dipped into their retirement or savings to make ends meet. But there are some money mistakes or hidden expenses that could be draining your wallet even faster. Here are some tips that could save you hundreds and even thousands of dollars.
Having internet connection has proven to be vital during COVID-19, but the added cost of renting a router from your internet provider can cost you over $500 over five years. It is best to buy your own router, which you can find for less than $100. Households can also pay an average of $200 per year on something called vampire power. That is the power many electronics such as TV’s, game consoles, and microwaves use even when they are not in use. Use a power strip with a button that you can turn off the feed when electronics are not in use.
Some other things that are draining your wallet: paying for name-brand medications instead of generic drugs, subscribing to cable instead of only streaming services, and never using coupons. Some apps and browser extensions like Ebates and Honey are designed to save you money.
Other money mistakes or wallet draining cost is eating out or takeout. Adults ages 35 to 44 spend more than $4,200 eating out every year. Eating leftovers for lunch and saving restaurants for special occasions can save you almost $10,000 over just a few years.
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Contributor(s) to this news report include: Milvionne Chery, Producer; Bob Walko, Videographer and Editor.
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