Most of us spend more money than we want, and because of this, we try to limit our spending as much as possible. But do you know that there are some subtle ways you are wasting money every day, and you might not be aware of them?
Yes, there are some things we constantly do that drain our wallets, and they are so normal for us that they have become habits, and now it is hard to notice them. Hopefully, this is why this article is here, to help you identify these habits and stop them as soon as possible.
It is time to know more about the ways you are wasting money and put an end to them immediately. Read on and find out all about it. Your future self will thank you for this!
1. Subscriptions
How many subscriptions do you have? Netflix, Apple Music, your favorite online newspaper, Amazon Prime, and that gym subscription you never use. Or maybe you don’t have that much, but subscriptions are one of the ways you are wasting money, for sure.
Nowadays, the market is ruled by subscriptions, and it is very easy to subscribe to a service and then forget about it. And what happens when you forget about it? Well, it depends, but most of the time it is an auto-renewal subscription, which means you will be paying money for a service you don’t even know about.
If you want to keep track of your online subscriptions in an efficient and accessible way, you can try to use apps such as Rocket Money. In this way, you will always know where money goes, and this is crucial if you don’t want to carry an empty wallet.
So, be smart and take advantage of the technology that is now closer to us than ever. Keep track of the ways you are wasting money and put an end to them.
2. Buying pre-prepped food
Ok, let’s take a second and picture the following scenario: you are tired or just not in the mood, and you don’t feel like cooking. What is your next move? As with most of us, you might rush to the store and grab some pre-prepared food. This seems like a better alternative to dining out or ordering food, right?
Unfortunately, things are not working in your favor. Buying pre-prepared food often is just one of the ways you are wasting money, and this is why you should avoid developing this habit.
Every time you decide to spend money on stuff that is pre-prepared, you are spending three or four times more money than you would if you had bought the same thing but spent a few minutes extra for the preparation.
We know that it might be convenient, but your bank account is not happy with this choice. Next time you feel like purchasing pre-prepared food, think again and choose to do a little bit of kitchen DIY.
3. ATMs and the fees
Do you know what a real buzz killer is? To pay money when you want to withdraw some cash from your savings account. This is frustrating, and we can feel your pain.
Maybe you think that these are the rules we all play by, and there is nothing you can do about them. But this is just another one of the ways you are wasting money daily.
You go to the ATM and see that it will take you just $3 per withdrawal. It’s not a big deal, right? Let that sink in for a second. Now imagine that you do that three times per week and try to figure out how much money you are wasting until the end of the year.
Generally, if you use your bank’s ATM, there will be no fees, but sometimes it happens that you are not close to such an ATM. In order to avoid withdrawing in a situation like this, we have a tip for you: always keep $20–$30 in cash with you at all times.
Outsmart the ways you are wasting money every day and all of the fees and learn to keep your money where it belongs, and by this, we mean in your pocket!
4. Procrastination
Oh no, they are talking about procrastination again! If you look around, you’ve probably noticed that this word is literally everywhere lately. But why? The answer is not that complicated. Procrastinating is a habit that causes a lot of trouble, and it is not surprising that it is also one of the ways you are wasting money.
Are you the type who tends to leave everything until the literal last minute? If yes, try to stop doing that. This habit may sneak up on you and make you spend more on stuff that doesn’t deserve it.
Maybe you need to buy plane tickets, or you can get a discount if you buy something on an earlier date. Make a to-do list with all of these things and keep track of them. Take advantage of all of those sweet early-bird discounts. Stop letting them slip away!
On top of all of this, there is another important aspect you should not ignore: you will finally be living the stress-free life you were dreaming about. Or at least a less stressful life.
You will need to put some work in at the beginning, but after that, imagine that everything is in order, and you will not need to do much after this.
Break free of the ways you are wasting money and consider doing something about your procrastination habit. You will be surprised at how much cash you can save just by doing this. It’s a win-win if you were to ask us.
5. Paying for data
Technology is everywhere, and right now, you might be reading this article on your smartphone. In order to be able to access the website and view the article, you need an internet connection. This is consuming mobile data.
Because you always want to be connected to the internet, you might choose a VIP plan that offers you unlimited data. But is this one of the ways you are wasting money? Do you really need that much data?
When you are home, you are using WiFi, right? But you do not only have wifi at home. Most of the time, you will have access to a wifi connection almost everywhere you go, and this means that you don’t need to use your data.
If you are paying for unlimited data, that means you are throwing money out the window, and we are sure you don’t want to do that. These VIP plans are not cheap, and people usually pay around $100 a month for one of them.
The smart move here would be to drop that plan and choose a less expensive one since you are not using all of that internet anyway. But if you insist on keeping it, there is one even smarter move. If you have two phones, get the $100 plan from Venison. If you share 5GB of data between the two phones, the price tag will drop to $82. That means you will save $18 per month.
Share this tip with your spouse or with a friend, and in this way, you both will have unlimited data to watch all of your favorite videos guilt-free!
Something that can help you and your budget is a budget planner: Your Personal Budget Planner: Organize Your Finances and Achieve Your Goals
You should also read: Save Money Every Day With These 16 Easy Tips
