If you feel you’re living paycheck to paycheck, no matter how much you earn. Or if you check your bank account and often wonder where the money went, you may have unintentionally gained a few bad spending habits.
Even the smallest things can add up quickly and strain your finances. We’ve put together a list of 14 spending habits that may be draining your bank account.
If you find yourself doing any of these, you should try eliminating them from your routine.
Eating Out Often
Almost everyone likes to eat out now and again, and if you pick your restaurants wisely, eating out occasionally may not drain your bank account. But it’s almost always cheaper to eat at home.
Not Returning Ill-Fitting Clothes You Buy Online
We all shop online these days, and many people are good at trying things on immediately and returning them if they don’t fit. But, if you’re not prepared to run to the post office or UPS store to return items, consider shopping for clothes locally instead of online.
Buying Brand Name Groceries
Brand-name groceries are more expensive than generic options. But most of the time, the only difference is the product labels. Check the ingredients, and if they are close, consider buying the generic versions and saving some money.
Not Putting Savings in a Savings Account
Savings in a piggy bank at home won’t generate any interest. Keeping your savings in a checking account may generate a little, but not much. If you want your savings to work for you, put them in a high-yield savings account. You can set up automatic transfers to ensure you don’t forget.
Using a Meal Kit Service but Not Cooking the Food
Meal kit services can help you with meal planning, and you may even save some money by buying groceries at your local store. But meal kits are only worthwhile if you actually use the food. If you aren’t happy with the day’s recipe or are too tired to cook, you may be tempted to order food instead, doubling your meal costs.
Ordering Food With Delivery Apps
It is so easy and convenient: you go to a delivery app like Grubhub or Uber Eats, pick your restaurant, pick your food, and it’s delivered to your door. However, menu items cost more for these services than they do over the phone or in person, plus you have to pay a delivery fee and driver tip. It’s less expensive to call in the order and pick it up.
Not Using Shopping Lists
Whether you’re shopping for groceries or clothes, writing a list of things you’re looking for is a good idea. A list will help you stay on task so you can get in and out of the store quickly and help you avoid overspending on impulse buys.
Always Shopping at the Same Gas Station
Different gas stations often charge different amounts for gas. So, if you live in the city or an area with multiple gas stations nearby, it’s worth checking the prices instead of always using the same one.
Buying Expensive Coffees
I’ll admit it; I’m a sucker for a caramel macchiato. I’d drink at least one a day if my budget and my figure could handle it. But switching out the expensive brews for a drip coffee can save a lot of money. Of course, brewing coffee at home will save you even more.
Subscribing to Streaming Services You Never Watch
Have you ever signed up for a streaming service to watch a specific show, and then months later, you’ve either forgotten to watch it or have finished it and never used it again? If so, cancel the subscription. The beauty of streaming subscriptions is that you can turn most of them off when you’re not watching them and restart them when something interests you. But be careful. Some streaming services frown on people signing up and dropping out after watching a show or series.
Not Using Autopay
Autopay is useful for two reasons. Many places give you a little discount if you use autopay. Our internet and phone service both give a $5 discount for autopay. And you’ll always have your bills paid on time and not have to worry about late fees if you forget to pay a bill. Autopay isn’t available for everything, but it’s worth signing up for if it is.
Forgetting to Cancel Free Trials
Have you ever signed up for a free trial and then forgot to cancel it? I know I have once or twice. A free trial is great. It allows you to try something to see if you like it enough to pay a monthly fee. But if you forget to cancel it, you’ll be stuck paying for it even if you don’t want it.
Forgetting to Return or Renew Library Items
You can save a lot of money by getting books and movies from your local library. But, if you forget to return or renew your items on time, you may be charged late fees. So, mark return dates on your calendar so you don’t forget.
Not Researching Large Purchases
If you’re considering a large purchase, like an appliance, a new car, or even a new house, it may be tempting to pick something quickly. But not spending enough time researching large purchases can cause you to pay more than you should or leave you with something you’re not completely happy with.
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