You’d say you were pretty good with money, right? You don’t waste money on things that you don’t need and you’ve got a good budget that only covers the essentials. A lot of people think that, but often, they’re wrong. Even if you think that you’re being incredibly sensible with your money, you could be wasting cash without even realizing it. If you can identify this hidden waste and do something about it, you’ll have far more disposable income to enjoy at the end of every month. These are just some of the ways that you’re wasting money without even knowing it.
Credit Card Interest
Paying back credit card debt is obviously a necessity. If you don’t make those repayments, you’ll end up in serious financial trouble. But when you’ve got a couple of different credit cards and you’re paying interest on them all, you’re wasting money that you don’t need to be. Credit card consolidation loans can easily solve that problem for you; by rolling all of those repayments into one, you’re only paying interest on a single debt, rather than paying it on multiple credit cards. That saves you a lot of money and makes it much easier to clear the debt faster.
Food is one of the biggest areas for wasted money. Firstly, eating out all the time is going to cost you a lot of money but that doesn’t mean you have to stop. Just make sure that you’re going to places that offer better value when you’re picking up food on the go. People also waste a lot of money on their weekly grocery shop in the supermarket. Overbuying is a big problem when it comes to fresh ingredients because people often buy a load of fruit and vegetables that go off before they have the chance to eat it. You might as well cut out the middleman and throw the money straight in the bin. When it comes to fresh ingredients, doing two smaller trips during the week instead of one big shop can help you reduce that waste and save a lot of money.
That gym membership you’ve got isn’t a waste of money, you can’t put a price on good health. That’s true if you actually use it. If you’re paying for a gym membership but you only go once a month, you’re wasting money. You should only be paying for subscriptions like that if you’re actually getting good use out of it. TV subscriptions are another one that people waste cash on. If you’re paying for a full cable package but you only watch a couple of channels, do you really need it? Things like Netflix and Amazon Prime are worth looking at as well. A lot of people are paying for both when one would do just fine. Most of these subscriptions go unnoticed because, on their own, they aren’t that expensive. But when you’ve got a few unused subscriptions, that adds up to quite a bit of money that you don’t really need to be spending.
Cut out this waste and you’ll soon find that you’ve got a lot more money than you thought you did.