savvy talks: these small ways of saving money can add up

Stop Throwing Money Out the Window

Most of us waste more money than we realize — and not on fancy shoes or overpriced coffee. I’m talking about the sneaky, everyday money traps that drain your wallet while you’re busy living your life.

I’ve got 10 of the biggest ways Americans waste money (and the simple fixes). Ditch these habits, make smarter choices, and you could save thousands a year — no sacrifice, just savvy.

10 Ways Americans Waste Money

1. Extended Warranties

• Why It’s a Waste: Most products last beyond the warranty period, making extended warranties unnecessary.

• What to Do Instead: Only buy warranties for items with high repair costs.

2. Daily Takeout Coffee

• Why It’s a Waste: Spending $5 daily on coffee adds up to over $1,800 per year.

• What to Do Instead: Brew coffee at home for a fraction of the cost.

3. Unused Subscriptions

• Why It’s a Waste: Gym memberships, streaming services, and app subscriptions can go unnoticed, costing you hundreds annually.

• What to Do Instead: Review your subscriptions regularly and cancel those you don’t use.

4. Name-Brand Medications

• Why It’s a Waste: Generic medications are just as effective as name brands but cost significantly less.

• What to Do Instead: Always ask your pharmacist for the generic equivalent.

5. ATM Fees

• Why It’s a Waste: Paying $3-$5 per withdrawal adds up quickly.

• What to Do Instead: Use your bank’s ATMs or switch to a bank that reimburses ATM fees.

6. Bottled Water

• Why It’s a Waste: Bottled water is overpriced and bad for the environment.

• What to Do Instead: Use a reusable water bottle and a filter if needed.

7. Lottery Tickets

• Why It’s a Waste: The odds of winning are astronomically low, making it a poor investment.

• What to Do Instead: Save or invest that money for a better return.

8. Fast Fashion

• Why It’s a Waste: Cheap, trendy clothes wear out quickly and require constant replacement.

• What to Do Instead: Invest in high-quality, timeless pieces that last.

9. Luxury Pet Products

• Why It’s a Waste: Fancy accessories and gourmet treats don’t improve your pet’s well-being.

• What to Do Instead: Focus on proper nutrition and exercise.

10. Bank Overdraft Fees

• Why It’s a Waste: Overdraft fees can be $35 per occurrence, quickly adding up.

• What to Do Instead: Set up account alerts to avoid overdrafts.

You can hear Bob and Marianne test their own money habits with this list!

Listen to the talk:

  Originally aired on 04/18/25 for WGN Radio 720.