18 Ways Consumers Shed Cash

America's consumer-oriented culture makes spending money one of our more popular hobbies. Despite hard times and the popularity of coupons, free shipping deals and general tightwad behavior, many consumers are still unwittingly tossing good money after bad.

Until we recognize this behavior, however, it's difficult to stop. Many of these tendencies grow out of a belief we're actually following money saving tips; others are caused by our fear of dealing with the math; and some may simply result from spendthrift behavior.

Whatever the cause, it's time to look at our habits and decide where we can make changes. To help you out, we've compiled 18 ways you may inadvertently be throwing cash away.

1. Credit Report Blues
Are you afraid to look at your credit report or simply unwilling to pay for it? Credit bureaus charge $15 to $17 a month to track your credit files for a total of $180 each year. Legally, however, you're entitled to one free report each year from the three bureaus: Experian, Equifax and Trans Union. Order a a report for the different bureaus from AnnualCreditReport.com every four months, so you can catch any problems without shelling out any cash. Avoid the much-advertised site CreditReport.com as they'll try to upsell you on a variety of services you don't need.

2. Unnecessary Warranties
Try and buy computers or big-time televisions and the sales representative inevitably will push super hard to make you buy an extended warranty or service contract. This is something of a bait and switch, as they'll first talk about the advantages of the product then, when you reach the cash register, natter on about all the problems you might face.

3. Home Gyms
More treadmills in America are used as clothes hangers than for exercise, which is likely why you see so many at garage sales. While no one can motivate you to work out, we can provide you with a few tips on outfitting a gym on the cheap. Start by purchasing sporting goods from Craigslist, eBay, Freecycle.org and other second-hand sites. You'll find scads of ads, most offering equipment at reasonable prices. Secondly, add the outdoors to your gym. Take up running, biking, hiking and other low-investment sports.

4. Overpaying For Education
Many students have clued into the fact that community colleges are a much cheaper way to complete the first two years of a degree. Make sure, however, that your credits will transfer for your third and fourth years.

5. Organic Groceries
Even regular supermarkets offer organic food now, but they also charge a nasty premium if you want their so-called health food. The fact is regulations for labeling a product "organic" are quite loose, so you may not really get what you pay for. If you're concerned about truly eating organic, buy a share in a Community Supported Agriculture farm or grow your own food.

6. Buying Into Groupon
The majority of deal-of-the-day offers are for unnecessary services or products, most commonly personal-care services, entertainment and restaurants. Such "bargains" can lead you to spend more money than you're actually saving.

7. Beyond Extreme Couponing
Coupons are marvelous things when used with discretion. As with deal-of-the-day offers, however, you're not really saving a thing when you buy an unneeded product simply because you have a coupon.

8. Paying Retail To Rent Cars
Thanks to sites like Priceline and Hotwire, you should never have to pay full price to rent a car. Use these sites to bid or reserve a car from the largest rental companies and you could save up to 40 percent. You'll also want to watch out for add-ons when you pick up your ride, including collision-damage wavers or vehicle upsizing. If the car is for your own personal use, your auto policy collision coverage should cover any problems. Some credit cards also pay the deductible or serve as your primary coverage if you don't have auto insurance.

9. Not So Rewarding Loyalty Cards
Unless you qualify for elite status on a single airline, you're better off using a rewards card that allows you to accumulate and redeem points on any airline. This is just one huge money-saving myth.

10. Paying Late Fees
It's easy to forget bill deadlines when you face a stack each month. Miss a payment even by an hour and you'll pay a late fee of $25 to $35 dollars and, perhaps, get a ding on your credit report.

11. Sinking Credit Scores
Letting your credit rating fall can lead to spending thousands of dollars more on interest payments, particularly on a mortgage and car loan. Pay even the minimum amount owed to keep your score on the up and up.

12. Broker Fee Upgrades
Many brokers have upped the anti while adding fees for the smallest services. You can get around this by investing in mutual funds because many brokers will let you buy and sell without paying a transaction fee.

13. Buying Instead of Borrowing
Do you really need to purchase a rototiller when you're going to use it just a couple times? Instead, you can borrow the item from a rental agency or use social networking to borrow from someone you know. If you really want to buy, borrowing is a great way to first try out a product.

14. Brand-Spanking-New Vehicles
Any vehicle on the dealer's lot for less than a month is priced higher than at any other time. While you may crave that brand-new car, you're better off waiting at least 30 days when the dealer drops the price at least once. The longer a vehicle sits on the lot, the more the dealer will be willing to lower the price.

15. Impulse Buying
Merchants know it's difficult to resist impulse purchases: That cute top the store has hung directly in your line of vision; beautifully displayed organic fruits; or even products featured at your favorite online store. Such displays are designed to make you pull out your wallet without thinking about it.

16. Prepaid Hotel Rooms
Book a room through Expedia.com or one of the other travel sites and you'll pay for the room in advance. As a result, you'll lose much more than a deposit should you have to cancel. Instead, use these sites to compare prices then call the hotel to see whether they'll offer you the same or a better rate.

17. Unbundled Communication Services
Bundling your television, cable and land-line connections can save you a bundle, if you truly need all these services. Keep an eye on the bills, however, to make sure you get all the discounts you're promised with no extra charges.

18. Early Adopting
Some people just have to have the latest Apple iPhone upgrade, even if there are still problems with the latest release (as with the oversized white iPhone). Calm that new-technology lust and wait until the product has been on the market long enough to prove itself and the price drops.

Photo by zizzybaloobah