With rising prices and inflation, it has become more difficult to save money if you are not careful with your spending. But if you take a better look at your expenses and spending habits, you may find plenty of opportunities to save some cash. So, here are five things to stop wasting money on.
Unnecessary Subscriptions
One of the most common ways of wasting money is through subscriptions that you don’t need or use anymore. It is very common for people to sign up for free trials and forget to cancel their subscriptions before the renewal date. This will result in repeatedly paying for a service that you won’t be benefitting from. By taking a look at your recurring payments, you can identify if you are paying for a subscription that you no longer need.
Bank Fees
Banks are known for charging their customers fees at every opportunity; however, there are plenty of ways to avoid paying unnecessary fees. If you are being charged monthly maintenance fees on your checking account, consider changing banks or maintaining a minimum balance in your account to waive these fees. Also, try to avoid ATMs outside of your banking network as they typically charge extra fees when compared to ATMs affiliated with your bank.
Buying Coffee Every Day
While buying a hot cup of coffee every morning may seem like the perfect way to start the day, this habit can be quite costly in the long run. Brewing your own coffee before leaving home can be a great way to stop wasting money and cutting down on your expenses. Buying coffee from a café occasionally is completely fine; however, making it a part of your daily routine can prove to be costly.
Extended Warranties
When purchasing a new car or appliance, you will typically have the option to pay for an extended warranty that may cover the cost of potential repairs. More often than not, extended warranties aren’t worth the extra cost and could just be a waste of money.
Eating Out
Similarly, eating out can be one of the biggest wastes of money if done regularly. Not only is the food much more expensive than a home-cooked meal, but you will also have to account for paying tips. Limiting eating out to special occasions such as birthdays can be a great way to stop wasting money. You can also cut down on your spending by refraining from ordering drinks and dessert when dining out.