How to Tell if You’re Wasting Money
No one intentionally opens up their wallet and throws their cash directly down the drain. But some spending habits have the potential to feel like the equivalent.
Set it and forget it is great when it comes to automating your personal finances, but it’s less than ideal when it comes to subscription services. Seventy percent of American homes have at least one streaming service subscription, and the average U.S. subscriber watches just over three services.
Buying groceries is an essential part of budgeting, but it’s one everyone should keep an eye on. Purchasing too many groceries or creating food waste can be a big wasted expense.
Small Impulse Buys
When a purchase is one click away, buying things on impulse becomes almost automatic. It makes ordering new pens or purchasing a latte on the way to work easy, and many of us rationalize the purchase because it’s only a dollar or two.
Some of us leave cash sitting on the floor of our closets. Ordering clothing and other items online has become fast and seamless, but when something doesn’t meet our expectations, returning it becomes a chore.
Transportation costs are a necessity in budgeting. But many of us don’t account for the true cost of transportation, whether that’s fees associated with parking or the occasional Uber ride.
Finally, ATM fees can take a chunk out of a customer’s account in moments. When someone chooses to use an ATM outside of their bank’s network, they’ll pay $4.72, on average, each time they withdraw money.
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