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Are there money leaks in your spending?
The common answer would be no. But you would be surprised to know that most people have them and they are usually pretty common items.
Leaks that are costing you thousands of dollars annually if not monthly.
Did you sign up for a free trial, pay the postage, give your credit card and continue to get new items from the company every month? Those new items aren’t free, check your credit card statement and put a stop to the charges. Companies are sneaky, they will offer you a freebie and ask you only to pay postage, take your credit card and in the fine print it says will start full subscription once trial expires.
Do you have apps on your smart phone you pay for monthly but don’t use? Ones you may have subscribed to months or years ago. Those charges are re-occurring unless you stop them.
What about digital or hard copy magazine or gift box subscriptions do you still get those even though you don’t use them? This is one of the items we stopped when we first started cutting back our spending.
Do you pay $19.99 or whatever your monthly gym membership is even though you only go maybe once a month? Did you know a visit to your local recreation center is cheaper. Or what about working out at home?
Monthly memberships come in all shapes and sizes these days. Friends of ours belong to a local products membership where they get a box every two months with select local products to try. We also have friends who belong to the monthly wine club and receive a box of specifically selected wines each month.
Honestly these memberships are great but are they really worth it when you are trying to cut back and save money?
Do you pay your bills a few days late or leave a balance on the credit card? Those extra charges, interest and late fees are money leaks. Ones you need to plug as soon as possible. Why give the bill collectors or the credit card company any of your hard earned money.
If you do have an outstanding balance on your credit cards work hard to pay it off so you won’t be paying those extra interest fees.
Television & Entertainment Leaks:
Do you still pay for cable but hardly use it? Or is your cable bill so high you are looking else where for entertainment? You are not alone. A lot of people when they are looking to cut back on expenses cut the cable and look into other online methods of television entertainment. Some examples are Netflix or online media streaming boxes.
You can save a lot of money by cutting the cable and streaming your shows online.
This will vary plan to plan, city to city but if you install a home monitoring device or digital camera system you can save on your insurance.
Also with auto insurance check what you are covered for and what options you have. With our auto policy I save money by limiting who can drive our vehicles and how far we travel to and from the office.
Health insurance is a costly item. Make sure your provider knows what options you use and what services you need. You may be paying more for something you don’t even need.
Bank Fee Leaks:
When was the last time you checked your bank statement and your credit card statement? Did you know the bank could be charging you fees you aren’t even aware of? It is a big thing for the banks to switch clients over to paperless banking.
One of the things that they sneak by is fees. Without a paper statement you aren’t checking your money and fees as regularly as you would if you had a paper copy. Check last months statement and make sure you are getting everything you are paying for.
If something seems a miss ask. Call the bank or drop by and ask them to explain or better yet opt for a plan that better suits your needs.
Let’s face it we are loyal to a fault. If there is an item we love we will buy it till they discontinue it. But is being brand loyal really saving us any money? Nope!
We use to be loyal to this one gluten free muffin company in large supply till I actually calculated how much we were spending. I can tell you now that there is a fresh batch of gluten free, keto friendly muffins cooling on the counter.
Be open to trying new brands and new products it will save you money. Also be open to do it yourself options when you can.
- 21 Of The Best Ways To Save Money
- The Best Money Saving Household Items
- 21 Things We Stopped Buying To Save Money
Plug your money leaks and save.
Above we noted seven common money leaks but there are way more. Your money leak maybe hitting up the coffee shop every morning or eating out twice a week. Or maybe you travel a lot and don’t checkout all the savings you can get with Airbnb.
Take a look at your spending and see where you are leaking money. Plug the leaks and start watching your savings multiply.
Have a great day,