Have you ever noticed that no matter how much money you earn, it feels like it is never enough? If your answer is yes, then you are right.
However, most of us don’t realize that some expenses drain our wallets. And the reason why we don’t notice it is because these expenses seem insignificant at first. However, over time it increases. And then it becomes too much.
So, let’s look at the costs that are draining your wallet right now.
Unused Daily Deals
You probably take advantage of those daily discounts offered by different sites to save money on items and services. Unfortunately, these offers get thrown away if you don’t take advantage of them, which means a waste of money.
To avoid the temptation, you can sell those undesired daily deal purchases on other sites before unsubscribing from daily deal sites.
If you are not using the gym membership you got in January, you will be wasting money. You most likely got the membership to help you lose weight. However, you are so busy that you can’t find the time to go to the gym.
Instead of a gym membership, why not use a public path in your area. Or better yet, use a fitness DVD and work out in the comfort of your home. Another option is to look for easy workouts on YouTube.
Did you know that even if your electronic devices get turned off, they still use up energy? Up to 20% of your energy cost spent on energy vampires like cable TV boxes, DVD players, and video game consoles. If you disconnect all your devices, then you can save a lot more money.
Wireless Data You’re Not Using
Paying for more data than you require could drain your bank account. Yet, eighty-five percent of mobile phone customers buy more data than they use.
Use apps to track your data usage to see how much you’re squandering. You can also go to a site to get the best mobile plan for you based on how many minutes, texts, and data you use.
Wireless Data Overcharge Fees
If you tried to save money by signing up for a cellular plan with the smallest data allowance, you might have discovered that you surpassed your data allowance and were charged fees as a result. Unfortunately, you’ll be charged more the more you go above your limit.
You can check your data usage and receive notifications before going over your data limit with an app. It also tells you which of your phone’s other apps are using the most data.
Credit Card Late Fees
Paying credit card bills on time might save you a lot of money in late fees. The charges depend on the credit card company. Some credit card firms charge $25 for the first 21-day late payment and $35 for the second late payment within six months.
You can avoid this charge by setting up automatic bill pay to make at least the minimum monthly payment if you have never gotten charged a late fee before. Request that the amount gets erased by calling your card issuer. Mention how long you’ve been with the issuer, how loyal you’ve been, and how infrequently you’ve missed a payment.
When you throw food out, it’s almost as if you’re throwing money away. Every month, the average American throws away $28 to $43 worth of food.
You can avoid this waste by using tools like a food plan app to plan your meals, so you only buy what you need. Buying food in bulk at a warehouse club is a bad idea. Those things may be less expensive per unit, but you will lose the savings if you cannot consume the food you purchase before it spoils.
Dining out frequently
A supper out now and then might provide a welcome reprieve from the kitchen. However, frequent dining out can rapidly add up. The average customer spent $2,800 on food when they were not at home.
Cook meals at home to save money and prepare more than you’ll need for supper so you can take leftovers to work. If you do eat out, check out other sites for discounted restaurant gift cards to save money.
Name-Brand Grocery Items
You’re missing out on savings of up to 60% if you don’t try generic food items. When you compare the ingredients of a name brand to those of a retail or generic equivalent, you’ll see that they’re often the same. You should purchase baking staples like sugar and flour because they are single-ingredient commodities.
If the water is from the tap, drinking it instead of soda or juice is a terrific way to save money. At $1.50 per half-liter, bottled water might cost you 10,000 times more per gallon than tap water.
For a fraction of the cost of bottled water, invest in a reusable water container that you can fill with filtered tap water.
Your cable TV subscription isn’t the only one you’re probably overpaying for. Andrea Woroch, a consumer expert, suggests checking your magazine, newspaper, and even service subscriptions, such as Amazon Prime, to ensure you’re receiving your money’s worth. Her husband just informed her that he was paying $8 a month for a pet-tracking device he hadn’t used for over six months.
It’s pointless to pay for a premium cable bundle if you only watch a handful of channels. Instead, consider using on-demand streaming services to watch TV series and movies for less. According to market research firm NPD, the average pay-TV bill would reach $123 per month in 2015. Netflix, Hulu Plus, and Amazon Instant Video all cost less than $10 a month, but you can only watch previously aired TV episodes with them.
Sling TV, an internet-only service that costs $20 per month and includes 23 channels such as CNN, ESPN, HGTV, and Disney, provides live programming.
Modem Rental Fee
A modem rental charge is a daily expense that consumers may be paying for unnecessary. A modem rental, for example, costs $10 per month or $120 per year at Comcast, a cable and internet provider. However, other cable companies may be able to charge more.
Purchasing a modem can save you money. A high-performance quality modem costs around $70, saving you $50 per year over a rental. Before you buy, double-check that the model is compatible with your provider’s network.
Checking Account Charges
According to one research, the average checking account includes roughly 25 fees, with some checking accounts having up to 50. Find out why you see charges on your bank statement. It’s a simple repair if you’re not fulfilling a minimum balance requirement, for example, unless you can’t afford that amount. You might consider switching to a bank that does not require you to maintain a high amount in that situation. Sign up for online notifications if you’re worried about overdraft costs.
Don’t grant your bank permission to levy overdraft fees on debit card purchases or ATM withdrawals if you don’t want to. If you don’t choose overdraft protection and your transaction gets denied, you shouldn’t get charged a fee. Instead, consider doing business with credit unions or online-only banks, which have lower costs. According to one estimate, cash-strapped customers whose accounts frequently fall to zero might save up to $348 per year in fees.
Using an ATM that isn’t part of your bank’s network can be costly. It is because you’ll be charged not just by your bank for using an out-of-network ATM, but you’ll also get charged by the bank ATM you’re using. The total fees, on average, exceed $4.
If you use the ATM regularly, these fees might rapidly pile up. To avoid charges, apps like the free ATM Hunter can assist you in finding your own bank’s ATM. Also, consider obtaining cashback when you pay for food at a supermarket and don’t have to pay a fee.
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