Be aware of the money vampires

I think most parents especially mothers are trying to budget their finances, finding ways to save like getting coupons or discount card to somehow lessen their expenses on some items. But some would overlook the “money vampires.” They are the ones that is sucking our finances little by little that sometimes we are not aware of it. So, we have to be wise not to be sucked by money vampires. Here is a list of some money vampires:

Cash vampires

• How often do you go to ATM machines to check your balance or withdraw your money? Do you go to ATM machine that is not your bank? Just like the other day, I have an AUB atm card and I wanted to inquire if the money I was expecting is already there but AUB atm machines are very few so I decided to check my balance on MB atm. It cost me Php 2 for that transaction. If I decided to withdraw, it will cost me another Php 15.00.

from atmequipment.com

• Just imagine, withdrawing 5 times in a machine other than your bank’s machine?

• So, plan your next step. As much as possible just transact only on your bank’s atm machine and if they have online banking, try it. It will not only save you money, it will save you time.

Interest vampires

• If you plan to get a loan, or go to loan sharks, in the Philippines we simple call it 5-6, always check the interest rate. They say interest rates are at 20% but interest rate is actually 332 percent a year

• So before getting a personal loan, think twice, check on the rates, do the research.

 

Energy vampires

• These are appliances left unplug. Even if you just see time, or a little red/blue light on the power button, it will still consume electricity. Even charger left plugged will still consume electricity.

• So, always unplug appliances when not in use.

Grocery or food vampires

• Have you noticed that one product is cheaper in another grocery compared to the other? A laundry soap price might be different from one store to another. And do you always buy at a small store or sari-sari store near you?

• Even if it is one brand of fast food restaurant, the prices at the food court will be different from the other branches inside the mall.

• Check and compare prices from one supermarket to another.

 

These are just few of the money vamps. Always check, compare and do your research to be able to find out more on how to save on money.

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