Take Control of Your Finances
We usually notice when a large amount of money is deducted from out checking or savings account but rarely do we make a big deal or notice when $5-$10 gets taken out every month. Small hidden costs that we don’t pay attention to can add up especially when we have bills set on autopay. Your bank account could look much better when you save that $5 every month, every little bit helps.
Here are some ways you money might be leaking from your account:
Hidden costs/Money Leaks:
- Bank Fees
A lot of banks have fees if you don’t follow by their rules and regulations. For instance, almost every bank has overdraft fees unless your account is equipped with overdraft protection. Also a lot of bank require you to have a certain amount of money within the account, or have money coming into that account every month like your paycheck, if not there is usually a fee. Also, banks like wells fargo will charge you if you don’t use your card at least 10 times a month.
Food is probably the #1 thing that Americans overspend both at restaurants and the grocery store. A good amount of the food you buy at restaurants and grocery stores is wasteful. Americans waste about 40 percent of their food purchases, which equals to about $2,000 a year. Planning out your meals and shopping for food can definitely cut down some of your spending.
- Subscriptions and memberships
Subscription services is very common nowadays, they may not be a lot each month, but if you have multiple subscriptions or services then they can definitely add up, and sometimes we don’t notice it. Try reflecting on all your subscription services you have and think about if its a necessity or worth having, if not then maybe its best to cancel some of them. Also, gym memberships is a big money guzzler, if you’re not a consistent person that hits the gym every week then maybe its bests to go to a cheaper gym or even go to your local fitness center that’s offered in your neighborhood complex.