Credit cards and e-wallets have made it easier to spend money however this convenience can lead to overspending.
In this post, we’ve summarised a list of things that you might be overspending without realising.
- Streaming services
There are an abundance of streaming services that have a monthly subscription fee. Netflix, Prime, Hulu, Disney+, HBO Max offer free month trials for users debating which service to use, however after the month you are automatically billed. Analyse which streaming services you use the most and cancel the rest.
- Expensive energy plan
If you have had the same energy plan for a number of years, it is likely that your provider has since released more valuable plans. Compare gas and electric plans and switch to a provider that meets your energy needs.
- Autopay services
Using auto-pay services may result in you paying for services that are no longer in use. Evaluate various autopay services to ensure you are not overspending.
- Over-buying clothing
In the age of social media, fashion trends are constantly being updated and it is easy to feel as though you must continually purchase new items. However, spending half of your paycheque on clothes that won’t be on-trend next year is simply not worth it. Invest in high-quality pieces that will last for decades.
- Gym memberships
Unless you are a regular gym-goer, you would be better off cancelling your gym membership. Workout at home or create a home-gym at a fraction of the cost.
- Eating out
Dining out on a regular basis is expensive. You can save a significant amount by cooking at home. This is also an excellent way to ensure you’re eating a nutritious diet.
- Groceries
Buying too many groceries will lead to food wastage. Before going grocery shopping, plan your meals for the week and write a shopping list.
- Coffee & bottled water
Cut down on purchasing coffees and bottled water on a daily basis. You can make coffee or tea at home at a fraction of the cost and drink filtered tap water for free.
- Unnecessary insurance
Insurance agents may play on your fears and persuade you to buy insurance plans you don’t need. Do your research to find the right plan and avoid paying for unnecessary insurance.
- Cable
If you are subscribed to a number of streaming services, uninstall your cable television and enjoy extra monthly savings.
- Maxing out credit cards
The convenience of paying for all your purchases with a swipe or a tap comes at a price—credit card interest. If you have maxed out your credit card, it’s time to cut back your usage. Implement a daily limit or opt for cash to keep your spending in check.
Save and invest your money by using these simple tips.
