'At the moment' cash machines are the gift and curse of the middle class and all students. The other day a dietitian and wellness consultant was talking to me about how ATMs actually work After reading the book "Rich Dad, Poor Dad" this summer and gaining financial literacy, one of the things I thought about was: Are ATMs really necessary?
They are convenient and they can bail you out of a tight bind when you are strapped for cash. However, you will pay for such a convenience. Usually when you take money out, you pay between $1.25 and $3.50 to get YOUR money.
Now, you are probably thinking, "Ryan what does this have to do with health and wellness?" Answer: "Why do you have to pay money to get YOUR money. It doesn't make any sense at all when you sit back and reflect on it." To me, paying money to get money is almost like running backwards up the steepest hill without proper footwear, hydration and clothing. Why would you do it? It just does not seem rational.
I suggest getting your money from your own bank and avoiding these undue fees. This can save you money that you can contribute towards your health by purchasing healthier groceries. Let's break this down:
If you withdrew from ATM machines an average of once per week for an entire year when you are just out and need some cash and if the average fee was $2.00 you would be throwing away $104.00/ year. If you did that each year for 10 years that would be $1040.00 of your money you will never get back. How many people withdraw money more than once a week?
Now, next time you need quick cash, try planning ahead of time and/or have cash tucked away for certain things. Planning and preparation with your money will get you ahead financially just as it gets you further ahead with your exercise routine.