In today’s economy, being mindful of where your money goes is more important than ever. You may be surprised how small, everyday expenses can add up over time. This guide will help you identify 15 everyday items and habits that drain your wallet more than they should.
Extended warranties usually come with electronics and appliances. These warranties often cost as much as the product and are not usually worth it. Most items last through their standard warranty period, making extended warranties unnecessary.
The thrill of potentially winning big might lure you into buying lottery tickets. However, with odds like 1 in 292 million, it is more likely a waste of money. Instead, consider investing that money. Even small, consistent investments can yield better returns over time.
Avoid late fees by setting reminders to pay bills on time. Schedule automatic payments to ensure you are never late. Set alerts on your phone for library books or vehicle rentals to return items before they are overdue. A simple habit can save you a surprising amount of money.
Using an ATM outside your bank’s network can lead to fees of around $2.50 per transaction. Always use your own bank’s ATM when possible to avoid fees. In a pinch, withdraw larger sums of cash to minimize the number of out-of-network ATM transactions.
Next-day or two-day shipping options are tempting but often unnecessary. Standard shipping usually arrives just as quickly. Only opt for expedited shipping if it is essential. Even then, look for coupons and discounts on express shipping first. Retailers want your business and sometimes offer free upgraded shipping with a minimum purchase amount. Make use of these deals whenever possible.
Single-serve water bottles cost upto 3000 times more per gallon than tap water. Cut this unnecessary expense by investing in a reusable water bottle and enjoy tap water instead. For improved taste, try refrigerating it or adding fruit slices. The result will be keeping yourself healthy and the world environment friendly.
Brand New Vehicles
New cars start losing value the moment you drive off the lot. A new vehicle purchased for a hefty price starts losing its value the moment you drive off the lot. Buy used or certified pre-owned vehicles instead to avoid the steep initial depreciation.
Fad diets promote unreal quick fixes over lasting lifestyle changes. Avoid spending money on trendy diets, pills, powders, and other weight-loss products. Establish healthy habits that you can maintain long-term without expensive gimmicks. Focus on balanced whole foods, regular exercise, adequate sleep, and stress management. Be wary of any diet plan marketed as a miracle.
Unused Gym Memberships
If you are not regularly using your gym membership, it is time to cancel. There are many ways to stay fit at a much lower price. These ways include outdoor exercises, home workouts, or local community fitness programs. If you keep at it, you will reach your fitness goals in no time.
Late-night Food Delivery
The fees, service charges, and tips make late-night delivery orders pricey. Resist impulsive orders and wait until the next day to satisfy those late-night cravings. Better yet, prepare some snacks at home that are easy to make. You will save money and probably eat healthier.
Rental Car Insurance
If you already have auto insurance, rental car insurance is a waste of money, especially for domestic travel. Most credit cards provide rental car insurance at no cost as long as you use that card to pay for the rental. Some personal auto policies extend insurance to rental cars, too. For international trips, do purchase the rental company’s basic insurance.
Though festive for gifts, most fancy wrapping papers end up in the landfill. Newspapers, old maps, or even plain paper decorated by kids can make for charming, eco-friendly gift wrapping. Add ribbon or a flower for an extra special touch.
Daily Coffee Shop Trips
Your daily coffee habit can be costly if you are always buying from a coffee shop. As per stats, on average, a person spends around $20 or less on coffee from cafes every month. If you cut it down, it will save time, money, and your health as well.
Checking Account Fees
Many online banks and credit unions offer free checking and savings accounts with zero hidden fees, minimum balance requirements, or overdraft charges. If your current account charges you for basic services, consider switching to a more cost-effective option.
Hotel Room Phones
Hotel room phones often have high charges for calls. When traveling, use your cell phone or internet-based calling apps instead. These alternatives are usually much cheaper, especially with plans that include nationwide or international calling options.
At different times every day, we keep lights and appliances turned on even after use. Powering down the unnecessary ones helps with saving electricity. The more you save electricity, the more you save money. You can also replace older appliances with newer ones, which are more energy-efficient.
With working from home now being a feasible alternative, try to reduce your work-related trips. Assess your work situations and go to the office only when required. Take business calls remotely and relieve yourself from exorbitant travel costs every day.
Cut Your Cable
The days of watching cable TV are not over yet, but they are becoming less frequent. There are tens of streaming services right now, that you can use to consume the best content out there. Hulu, Amazon Prime, Netflix, and more provide shows and movies at a much lower cost than cable TV.
We spend every day on our meals. Instead, if you plan your meals for the week on a Monday, you can buy the ingredients at once and spend the rest of the week cutting out added expenses.