15 of the most common money wasters

Despite most people's best efforts to avoid going into debt and going over budget, it can be easy to overspend. Many money wasters, however, lurk in the shadows, waiting to steal your money. So let's put these money wasters in the spotlight so you can banish them for good.

Don't be discouraged if you check all the boxes on this list. After all, the average American wastes about $18,000 a year. Either way, it's an opportunity to take stock of your spending and identify where you may be wasting money.

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1. Bank charges

Over the long term, even small fees, such as those for out-of-network ATM withdrawals or service charges for maintaining a checking account, can add up. In fact, according to a Bankrate survey, interest-free checking accounts, excluding free checking accounts, had average monthly fees of just over $5. Additionally, interest-bearing chequing accounts had fees of over $16 for those who did not qualify for a waiver.

So the answer here is quite simple. Change bank.

That seems unlikely, but Bankrate reports that nearly half of checking accounts don't charge a monthly fee. And, unless you can avoid monthly fees with your current bank, you're probably paying more fees than interest.

2. Late fees

Late fees on credit cards usually range between $15 and $35. Ouch. Charges are also typically assessed for late payments on mortgages, utilities, and rent. Even returning Redbox movies a day late or not returning library books on time will incur high fees.

In addition to costing you money, being late with your payments can also hurt your credit. Most lenders, however, don't report a late payment for 30 days. Additionally, credit cards often charge APR penalties for late payments, which can significantly increase your interest rate.

Setting up automatic payment will help you pay the minimum balance before the due date if you are having trouble making payments on time. Plus, apps like Mint can remind you when bills are due. Or, you can use your trusty calendar to notify you of upcoming payments.

One more thing. A late payment can also be reversed or removed from your credit report if you accidentally paid it late. If you've made just one careless mistake and you're on time, most companies won't penalize you.

3. Insurance you don't need

"This is an issue that is often overlooked, as many often believe that the more insurance the better," says Leslie Tayne, debt relief lawyer at Tayne Law Group . "But some forms of insurance are simply not necessary for most people and can cause you to spend unnecessarily."

Tayne says these insurance products are useless:

Identity theft insurance is available if your credit card comes with fraud protection. This is true for most credit cards, such as the Citi® Double Cash Card. Children's life insurance, because children rarely have assets to protect. A children's life insurance policy often includes a savings component called "cash value" that can be used for college or for a down payment on a new home. Still, the fees outweigh the rates of return, so as a parent, it's best to invest your money elsewhere. It is more important to start a 529 savings plan or create a fund to cover your child's expenses in case of an emergency. Rental car insurance is available if your traditional car insurance extends to rental cars. Collision coverage for older, lower value cars. Collision coverage may not be necessary, depending on your deductible and the damage. Travel insurance is provided by your credit card if you book your trip with that card. You should contact your card issuer to find out if your card covers trip cancellations and lost luggage, such as the Chase Sapphire Preferred® and Chase Sapphire Reserve® card. 4. Ghost Subscriptions

There is no doubt that memberships are easy to get online. But they're just as easy to forget to cancel. In reality,