Financial leaks are small expenses that we usually don’t notice but when accumulated over time, they eat up a huge chunk of our budget.  I really encourage you to track your expenses to see where your money goes.
You can simply record your expenses in an excel sheet, write them down on a sheet of paper or use money apps to track your expenses and learn where your money goes.
Here are some common areas you might be wasting money on.
Convenient Drinks
Drink more water but do not buy it. Vending machines charge a dollar for a can of soft drink or bottled water.
Instead of buying drinks from a vending machine or gas station, bring a container of drinks with you. This Brita filtering water bottle, which has a filter directly in the bottle, is a great investment you can conveniently carry around and use wherever you go.
If you bring your own water or drink wherever you go, you could easily save $30 a month or $90 in 3 months.
Credit Card Payments
Missing credit card payments come with late payment fees and may also increase your interest rate. Late fees can be as high as $39, depending on your credit card’s late payment policy. And with compounding interest, you could lose even more money.
Wasting Energy
Save energy because it is expensive. By using less energy you may be able to save at least $40 per month and $200 in 5 months.
There are many ways to lower your energy bill, including using LED lights, unplugging appliances after use, or sun-drying clothes instead of using the dryer. You might also want to consider batch cooking and meal prepping and avoid turning on your stove every day.
Gym Membership
According to Statistics Brain, 67% of Americans with a gym membership never use them and that, on average, gym membership owners go to the gym only twice per week. Are you one of these people? Unless you really use your membership, I recommend replacing your membership with free fitness activities.
Monthly spending for gym memberships ranges from $30 – $100+ per month, depending on where you go. Eliminating this expense could help you save easily $100-$300 in 3 months.
Not Planning Your Shopping Well
Plan when to shop and write a list before you hit the stores so you don’t forget any item and go back to the store later. Going to the store multiple times a week not only wastes your time and gas. You would also be prone to making unplanned purchases.
Insurance
You might be wasting money on your insurance.
According to a recent study, drivers who have stayed with the same insurer for more than 8 years could save 19% by switching. You might also save more if you bundle your home and auto insurance policies with a single company.
Potential savings from financial leaks: $300-$1000 or more in 3 months.
Do you need help with determining where you’re spending unnecessarily? There’s a robot that can help you just that.
Trim, a virtual financial manager, can analyze your spending to find recurring subscriptions and determine where you can save more money. Getting ripped off on cable or Internet? Trim can negotiate your bill down for you!
2. Save Money When Eating Out
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