Justin Perry's Mortgage Blog

I recently read a great article about little everyday spending that 99% of us are guilty of doing, but if you can eliminate or cut-down on some of these areas it would save thousands of dollars over time. 

If cutting down on store bought coffee and bottled water can save the average consumer $1,000s of dollars a year, imagine how much you can save by having a mortgage planner take a look at your mortgage and see if there is room for improvement. 

I have spoke with so many clients that love to tell me about their interest rate and how low it is, and then they go on to tell me that they have tens of thousands of dollars in credit card debt.  The average interest rate on a credit card is about 16%.  Today you can get a 30 year fixed rate mortgage at 6.125%.  Paying off revolving credit card debt and other financed purchases can not only save you hundreds of dollars each month, but it can also have a profound impact on your credit score. 

Definitely read below to see how your daily spending behavior can impact your bank account.  Then,  please feel free to call or e-mail me if you want to find out if you could be saving even more on your monthly mortgage payments.

Coffee: According to the National Coffee Association, the average price for a cup of brewed coffee is $1.38. There are roughly 260 weekdays per year, so buying one coffee every weekday morning costs almost $360 per year.

Cigarettes: The Campaign for Tobacco-Free Kids reports that the average price for a pack of cigarettes in the United States is $4.54. Pack-a-day smokers fork out $1,650 a year. Weekend smoker? Buying a pack once a week adds up, too: $236.

Alcohol: Drink prices vary based on the location. But assuming an average of $5 per beer including tip, buying two beers per day adds up to $3,650 per year. Figure twice that for two mixed drinks a day at the local bar. That's not chump change.

Bottled water from convenience stores: A 20-ounce bottle of Aquafina bottled water costs about $1. One bottle of water per day costs $365 per year. It costs the environment plenty, too.

Manicures: The Day Spa Magazine Price Survey of 2004 found that the average cost of a manicure is $20.53. A weekly manicure sets you back about $1,068 per year.

Car washes: The average cost for a basic auto detailing package is $58, according to Costhelper.com. The tab for getting your car detailed every two months: $348 per year.

Weekday lunches out: $9 will generally cover a decent lunch most workdays. If you buy, rather than pack, a lunch five days a week for one year, you shell out about $2,340 a year.

Vending-machines snacks: The average vending machine snack costs $1. Buy a pack of cookies every afternoon at work and pay $260 per year.

Interest charges on credit card bills: According to a survey released at the end of May, the median amount of credit card debt carried by Americans is $6,600. The average interest rate on a standard card is about 13%. Making the minimum payment each month, it will take 250 months (almost 21 years) to pay off the debt and cost $4,868 in interest. Ouch!

Unused gym memberships: Costhelper.com reports that the monthly service fee at gyms averages between $35 and $40. At $40 per month, an unused gym membership runs $480 per year.

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