We all try our best to be aware of our spending, but sometimes sneaky little things can slowly start to drain your bank account. Check out these 10 common mistakes you might not realize you’re making and start saving more!
1. Paying interest. This is perhaps the single best way to throw money down the drain. It’s already bad enough that you’re using credit cards to spend money you don’t have, but you’re paying EXTRA on top of your purchases every month. If you can’t afford it, just don’t buy it. Wait until you can save up enough and make your purchases with cash.
2. Eating out too often. While going out every once in a while can be a nice treat, try not to make a habit of going out to restaurants frequently. Making your own food at home is cheaper and often healthier.
3. Not taking care of your health. Making annual trips to the doctor or dentist for preventative care can save you from paying to take care of more expensive problems later on.
4. Buying new. While sometimes it’s best to buy some things brand new (ask me about my experience with a faulty dishwasher), many items can be purchased secondhand for much cheaper, and you get a product that’s just as good. Think cars, furniture, vintage clothing, etc.
5. Buying only name brands. Store-brand products are almost always just as good as name-brand items that you see commercials for on TV, but often cost a fraction of the price. Make the switch and see if you notice a difference. I bet your wallet will.
6. Paying someone else to do a job you can do on your own. I never knew how handy I could be until I bought a house. Before, I would never think twice about paying a repairman to fix a leak, or taking my car to the mechanic for an oil change. My husband has introduced me to the wonderful world of DIY videos on YouTube, and I’ve realized I can save so much more money by learning to do (some) things for myself.
7. Tossing your change. I’m not kidding, I’ve seen people THROW AWAY nickels and pennies because they don’t feel like carrying around the “extra weight.” Seriously?! It might take some time, but that loose change adds up, even the smallest of denominations. Keep a dish or jar out somewhere easily accessible that you can throw your coins in at the end of the day.
8. Throwing away leftovers. You spend your hard-earned dollars on groceries every month, and you wouldn’t bring them home just to throw them in the trash, right? Use what you’ve bought to make multiple meals that can span over a few days. Eating the leftovers the next day not only cuts down on waste, but you’ll save money by packing a lunch.
9. Paying bank fees. It’s not uncommon for banks to charge you overdraft fees or ATM fees for using machines that are out of your network. Be more aware of your spending to avoid these. Creating a budget can help you to remember how many funds are available every month.
10. Not returning purchases you’ve changed your mind about. I’m totally guilty of making a purchase only to come home and develop buyers’ remorse. I’ll admit to letting my laziness get the best of me, and I’ll put off returning it until the last minute. Sometimes though, those purchases (usually clothing) end up hanging in my closet with tags still on them, never to be worn. Think twice before you spend your money, and it’ll save you from having to make a trip back to the store.
Do any of these sneaky little mistakes catch up with you? How do you avoid them?
