Saving money isn’t easy, and because it takes time, a lot of us become disheartened. But whether you’re working towards a specific goal or building up funds in case of emergency, there are ways that you can save. You may not have noticed but there are likely to be bills and purchases that you’re spending your money on, for no good reason! Like buying bottled water, food that ends up in the bin and paying for memberships you don’t use. Below, we’ll look at 10 ways that you are wasting money.
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1.Bank Fees
There are various fees that banks charge us, from having to pay to use an ATM, to overdraft and insufficient funds fees that we may be familiar with. Throughout our lifetimes, these bank fees can all add up – they are a waste of money when we could simply choose other options that will not cost us anything. To avoid these bank fees and save yourself some cash, instead of using a cash machine that charges, you could ask for cash back when purchasing something instore, as well as this, you could also set alerts so that your bank account will let you know when you’re almost into your overdraft.
2.Late Fees
If you struggle to pay your bills on time, you will be no stranger to a late fee – and if this happens to you regularly, just imagine how much of your hard-earned money you could be wasting on fees that could have been avoided. You can save money on late fees by remembering to pay your bills on time, you could set yourself a monthly reminder, or if you have a fixed amount to pay each month, set up a direct debit that will leave your account automatically, so you don’t even have to think about it.
3.Overpaying household bills
When you have a plan with a certain provider for your household bills, you may find that you are more likely to stick with them because it’s easy, but you may find a more affordable plan elsewhere! Comparing providers at the end of your contract means that you can choose a more affordable deal more suited to you and gives you the option to save a bit of money on your bills each month. With the cost of living on the rise, saving even a small amount on your energy bills could make a huge difference.
4.Wasting food
Throwing away food that you’ve spent good money on is like throwing your money away. If you find that you aren’t managing to eat certain foods before the use-by date, buy a smaller portion or see if you can freeze the rest – bread is a good example of this. Food prep is popular and is a great way of ensuring you aren’t wasting food. Simply choose a couple of recipes you like, buy the ingredients and batch cook your lunches or dinners to go in the freezer. This way you aren’t purchasing more than you need, and food won’t end up in the bin.
5.Bottled water
A lot of people drink bottled water because they think it tastes better than tap water. If this is you, then you may benefit from a water filter, which will allow you the taste of filtered water, but means you don’t have to waste your money on a bottle of water every day. You could also buy a reusable bottle and cut down on your use of plastic.
6.Excess electricity
Wasting electricity is something a lot of us are guilty of and we don’t even realise it. Leaving lights on when we’re not in the room is one of the most common, however, all electrical appliances that are plugged into a power socket can drain electricity, so you can save by making sure they are unplugged. You should also make sure you’re not leaving computers or TVs on standby for a long time – turn appliances off and unplug so your finances can feel the benefit.
7.Memberships
Do you have a gym membership that you never use? This payment alone could cost you a good chunk of money a month that could go towards something else. And it’s not just gym memberships, maybe you have subscriptions to magazines or websites that you never look at – cancelling these direct debits could save you a lot of money in the long run, and you will thank yourself for taking the time out to cancel them.
8.TV subscriptions
Streaming services are one of the most popular ways we watch TV, so it’s not surprising that many of us spend an excessive amount on our subscriptions each month. If you have many streaming platforms that you use, try and decide if there is one you could live without and cancel your subscription. You could also try an affordable streaming device to work with your internet connection if you’re ready to cancel your TV subscriptions altogether.
9.Smoking
Unhealthy habits can harm your finances and your body, and smoking is one of the most obvious examples of this. Smoking is hugely expensive and deciding to stop means that you can spend your cash elsewhere or save it for a rainy day. Your body and your bank account will benefit, and you might even be shocked by how much you save.
10.Phone bills
Much like your energy bills, you should compare your mobile phone contract with other providers so that you can get the best deal. If you think you are paying too much for your plan, get in touch with your provider and see if they can offer you something more suitable and affordable. If not, you can use one of the many comparison websites available to get a better deal and save on your monthly phone bill.
