5 Ways Your Wallet Is Taking A Huge Hit
Most people would recognize a significant amount of money being drained from their bank account, usually because a check bounced or they had a transaction declined. However, if small amounts were missing from the account - $5 to $10 a month – would anyone really realize it and how quickly would they discover it?
Most folks tend to have some idea of how much money is in their checking/savings account. What they don’t keep an eye on is the expenditures, especially if the bills are set to autopay. Sure everything is being paid, but those tiny little money leaks could lead to something bigger down the way. What are some of the little money leaks that people could overlook?
Average Americans tend to overspend their food budget – both at the grocery store and restaurant. While a majority of one’s budget goes toward food, it’s also the one that gets wasted the most. The best way to avoid food waste is to plan all your meals and not buying in bulk.
Banks have discovered all kinds of ways to suck money from your account when you’re not looking. For instance, overdraft fees would net a person an overdraft charge of around $35 per transactions, putting the customer in the red. After the Overdraft Protection Law was passed, banks had to get permission from customers to opt-in for the protection.
In 2014, a Consumer Financial Protection Bureau study revealed that opt-in customers tended to pay more in non-sufficient and overdraft fees than those who didn’t participate.
Before you pay anything, be sure you learn about your bank and the fees they charge.
Many people have no problem signing up for subscription services, but stopping them when they’re no longer useful is the problem. After all, most people don’t recognize a $10 monthly charge out of the checking account. However, if you pay for Hulu and don’t use it anymore, cancel it. If you don’t use the razor service anymore, get rid of it.
Gym memberships are also a waste of money if they’re not being used. Would it be better to cancel your membership and find something around the neighborhood to get involved with for exercise?
Internet and cable providers are well-known in offering low, low prices to wrangle in new customers. However, after the timeframe for those offers expires, you could be paying a heck of a lot more money than your budget allowed for.
Energy prices can fluctuate based on the time of year, but sometimes what you have or have not done can affect energy costs as well. For instance, you should keep your shades closed during the summer to keep the cool air in and the heat out. Use draft stoppers or thermal curtains so you don’t lose hot air. Consider getting current appliances and the incandescent light bulbs.
With some simple changes and a keeping a closer eye on your bank account, you can stop money leaks before they become a major problem for your household.