You may be familiar with some ways to help you reduce costs on a daily basis or while going through financial hardship, but you may overlook the additional expenses that drain your bank account balance.
In a report published by Readersdigest in its Australian edition, Megan McMorris reviewed the hidden ways in which people waste their money without realizing it, and presented some simple solutions based on the advice of some experts.
Not being aware of the interest rates continuously
The founder of Foguth Financial Group, Michael Foguth, advised to search for lower interest rates on various current loans, whether on car loans, mortgages or even credit cards, because interest rates are now at their lowest levels ever, and this means that changing Your organization may save large sums in the long run.
Pay bank fees
Debt forgiveness lawyer Leslie Tine marvels at the extent to which people are willing to pay fees on bank accounts, and advises to look at the offers offered by various banks to obtain a free checking account, noting that there are many banks and she does not think that you are restricted to dealing with a bank just because you were a customer They have them for a long time and even ask them for discounts for it.
Not using a grocery list
Have you ever gone to a grocery store looking for a specific product and ended up buying other things you didn't need?
To avoid this, it is better to take advantage of the online shopping service to avoid personal whims, or to use the service of receiving orders from the store, where the workers there will prepare the order and bring it to the car so that the customer does not have to enter and wander between the various departments of the store "supermarket".
It is better to take advantage of the online shopping service to avoid buying unnecessary needs (Al Jazeera)
Forget about subscriptions
In the era of automatic payment, it is easy to forget the additional fees that can easily accumulate, so customers should review their subscriptions every 3 months to search for forgotten automatic expenses, and make sure that they are actively utilized, and this also applies to the seasonal fees, so that subscriptions must be canceled In periods that are not used and return to them when needed.
The affinity for zero-interest credit cards
The use of zero-interest credit cards is an easy way to waste money, because it makes you pay more costs as a general rule, and this is because the interest accumulates on these cards easily if it is not paid regularly. Fees from accumulation.
Not asking for a discount
"I always ask about discounts, whether in clothing stores or anywhere else, or I search for them through Facebook groups," Tine says.
Failure to check the phone bill
Voguth stresses the need to regularly review your phone bill for forgotten expenses from subscriptions and various applications.
The phone bill should be reviewed regularly for forgotten expenses from various subscriptions and applications (Getty Images)
Excessive spending on insurance
Tine recommends reviewing personal insurance plans every few years and looking for insurance agencies that offer better options, given aging and changing conditions and prices.
For example, life insurance usually requires huge amounts of money that are difficult to pay, so policies should be reviewed periodically for more affordable plans.
Excessive spending on food and drink
According to a survey conducted by the financial site The Ascent, 3 of the 10 most important ways we waste money are related to food and drink.
For example, people often waste their money on fast food or luxury restaurants because they do not want to cook. In this case, the financial advisor at Prudential, Tiffany Alish recommends setting a free day per week, which will help you in determining the daily expenses and knowing the aspects that Affordable cutback.
Using store credit cards
Store credit cards attract customers by regularly sending discounts and various deals, causing their owners to make sudden and unnecessary purchases, and some may hesitate to give up these credit cards because they get very good deals, but in fact they push them to buy products that they would not have thought of. Without the temptation of an opponent.
Three of the 10 most wasteful ways we waste money are related to food and drink (Getty Images)
Eliminate certain aspects of spending
Financial advisor at Prudential, Amanda Kleiman, advises to focus on saving a certain amount of cash rather than excluding a certain category of costs, saying, "This is the aspect that many fail in, because they usually deprive themselves of the things that please them. Balance by limiting spending on things that are a waste of money without giving them up entirely.
Not knowing the reasons for spending
The more you are aware of how you are using money for emotional reasons, the greater your ability to save, for example if someone has had a difficult day, and he craves companionship to feel better, then it is easy to ask a friend to meet for dinner, but then one must realize the fact that his need lies in social communication Which can be satisfied without spending money. Identifying a basic need is the first step towards creating a more sustainable plan to meet it.
Forget about returning purchases
The Ascent survey found that forgetting to return inappropriate purchases was one of the top 10 over-spending habits, so the author recommends setting aside a day to return inappropriate clothing, unwanted electronics, and other sudden purchases that you don't want or won't use.