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Cutting These 10 Everyday Expenses in 2014 Will Save You $8,844
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Cutting These 10 Everyday Expenses in 2014 Will Save You $8,844
The new year typically brings about many changes. People are more optimistic about fresh opportunities and are more motivated to leave bad habits behind. According to a GOBankingRates New Yearís resolution survey, the No. 1 financial goal that Americans aim to achieve throughout the year is saving money.

There are a number of ways to save money, but in the greater scheme of things, the fundamentals of saving money are simple: decrease your spending and increase your income (ideally at the same time). Re-evaluating your spending habits is the easier of the two to change in many cases, but it can be hard to part with some habitual expenses.

What you might not realize, however, is that most unnecessary expenses are misleading in their true costs. Cutting these 10 purchases from your budget will change the way you save money one day at a time, and put money back in your pocket over the course of the year.

1. Gourmet Coffee

Gourmet coffee shops like Starbucks and Coffee Bean & Tea Leaf can help give your workday an early-morning boost. A grande (16-ounce) brewed coffee costs about $2, which doesnít look like such a budget-blower with just one transaction. But routine pit stops at your favorite coffeehouse five days a week expose a financial sinkhole waiting to collapse.

Weekly Savings: $10
Monthly Savings: $40
Quarterly Savings: $120
Annual Savings: $480

2. Specialty Cable Channels

Premium channels like HBO, Showtime and Stars allowed you the chance to keep up with your favorite programming, like True Blood, The Sopranos, Dexter and Game of Thrones, but this kind of home entertainment also comes with a premium price tag.

Depending on your cable provider and the premium channels added to your contract, the cost for just one channel can be as much as $18 per month. Add on the the required subscription for expanded basic cable, which the FCC states is an average of $61.63, and the price paid for a night of television can cloud your eyes. Hereís what you could be stowing away in your savings account instead (excludes tax, fees and equipment charges):

Weekly Savings: N/A
Monthly Savings: $79.63
Quarterly Savings: $238.89
Annual Savings: $955.56

3. Cigarettes

While you might know that smoking cigarettes can lead to disastrous long-term health issues, it can also burn a hole through your budget. Smoking one pack of cigarettes a day at the cost of $6 per pack might appear to be affordable, but take a closer look at the numbers:

Weekly Savings: $42
Monthly Savings: $168
Quarterly Savings: $504
Annual Savings: $2,016

4. Salon Services

Maintaining your appearance is important and, in some professions, mandatory. However, scheduling a weekly touch-up appointment with your salon for a manicure and pedicure will cost you. An April 2013 survey by Centzy found that the average cost of a mani/pedi is $34.86, a luxury that cuts to the quick.

Weekly Savings: $34.86
Monthly Savings: $139.44
Quarterly Savings: $418.32
Annual Savings: $1,673.28

5. Lunches

In 2013, working Americans spent an average of $36.17 each week on lunch, according to a survey by Workonomix. Clearly, leaving the brown bag at home can lead to financial consequences that eat at your savings fund.

Weekly Savings: $36.17
Monthly Savings: $144.68
Quarterly Savings: $434.04
Annual Savings: $1,736.16

6. Routine Oil Changes

Some workers rely on their vehicles to get to work and earn a paycheck, which is why keeping your car maintained is important. Allocating time to perform routine oil changes, for example, can help the lifespan of your vehicle, but the labor costs involved can be steep. With a bill this high, you might as well learn how to make this a recurring DIY task.

According to Edmunds, the majority of car manufacturers recommend having an oil change performed every 7,500 miles, but most quick-change oil companies, like Jiffy Lube, still tout the stone-age rule-of-thumb that an oil change is required every 3,000 miles. In its investigation, Edmunds representatives were charged $92.39 for a Mobil 1 oil change service

The U.S. Department of Transportation reports that, on average, drivers commute 13,476 miles per year, meaning that those who adhere to the 3,000-mile recommendation can look forward to nearly five service bills in one year.

Weekly Savings: N/A
Monthly Savings: N/A
Quarterly Savings: $115.49
Annual Savings: $461.95

7. Bottled Water

Keeping hydrated is a good habit to uphold in the new year, but there are ways to save money on the cost of water. Purchasing bottled water can cause a drought in your savings, with a 24-pack of Nestle bottled water priced at $5.98 at the Samís Club.

Weekly Savings: $5.98
Monthly Savings: $23.92
Quarterly Savings: $71.76
Annual Savings: $287.04

8. Dog Grooming

Dogs can be beloved members of your family, and like yourself and other loved ones, they have grooming needs to ensure they remain pest-free and healthy. Booking the services of a professional groomer might be most convenient, but it will keep your savings goals in the dog house.

Costs for full grooming services depend on the size of your pet and its coat type, with rates as high as $70 for a medium-sized dog. An expense this steep justifies spending a little more one-on-one time grooming your pet.

Weekly Savings: N/A
Monthly Savings: $70
Quarterly Savings: $210
Annual Savings: $840

9. Multivitamins

Despite there being no concrete consensus regarding whether daily multivitamins actually provide a health advantage, shoppers still buy into this expensive product. Drugstores sell a 100-count bottle of daily multivitamins for about $10.

Weekly Savings: $0.70
Monthly Savings: $2.80
Quarterly Savings: $8.40
Annual Savings: $33.60

10. Bank Fees

Median bank overdraft fees are about $30 per transgression, according to a GOBankingRates report. Keeping organized financial books can help you avoid painful overdraft charges and get you on track with healthy financial habits for the long run, especially if you find yourself with overdraft fees each month.

Weekly Savings: N/A
Month Savings: $30
Quarterly Savings: $90
Annual Savings: $360

Although you donít necessarily have to commit to dropping each item on this list when saving money, remember that if you cut these costly expenses from your routine, you might be able to save as much as $8,844.

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