Kicking the Can Down the Road
It might sound surprising, but delaying decisions (otherwise known as procrastinating) can lead to unnecessary spending. Have you ever put off buying something essential, only to find the cost has increased when you finally decide to make the purchase? That delay can result in wasted money.
Research indicates that the average adult squanders $52 daily due to procrastination, roughly translating to a little over $2 per hour. While it may not seem substantial at first, these seemingly small amounts can accumulate over time.
Eating Out
Everyone loves a meal out. You avoid spending time in the kitchen, and share time together over a nice meal. Unfortunately, that comes at a cost.
The average American household spends $300 a month dining out. It may be more if you have a larger family. This can be a real drag on a budget. You don’t have to eliminate it entirely. Cut spending in half and you instantly free up cash.
Unused Subscriptions
Do you use every subscription you’re paying for? Perhaps you’re not using your Amazon Prime membership. That’s cash you’re setting aflame.
Go through your subscriptions regularly and see which ones you don’t use. Cancel them and put that money to better use. An app like Rocket Money can do the heavy lifting for you and streamline your spending.
Food Waste
Reports show 35 percent of our food supply ends up in landfills. That amounts to nearly $1,500 a year per household, or $125 a month you’re literally throwing in the trash.
You can eliminate much of this by purposeful shopping and eating leftovers. Freezing some food items is another way to extend their lifespan and cut down on waste.
Paying for Cable
Cable subscriptions are one of the biggest money wasters there are. If you’re paying the average monthly bill of $200+ a month, you’re wasting money.
It’s easier than ever to cut the cord on cable TV and save at least $100 a month. Streaming services have no contracts, and you can get the same live sports and popular TV shows for a fraction of the cost.
Buying Coffee Everyday
Saying to stop buying coffee on the go is an easy target. However, if you’re buying coffee everyday you’re easily spending $20-$30 a week.
Keurig machines range from $70 to $170 on Amazon. You could have a new machine in less than two months and reduce your spending. Win-win.
Not Taking Advantage of 401K Matches
Saving for retirement is vital. However, one in four American workers don’t take advantage of 401(k) matches available through their employers.
While it may be challenging, at times, to save, free money is free money.
Purchasing Convenience Foods
Buying pre-prepared salads or fruit can be a great way to save time. Unfortunately, that time savings can come at a significant cost.
Reports indicate a bagged salad, for example, is four times the cost of making it on your own. If you opt for pre-cut or prepared items often, the expense can add up.
Paying Bank Fees
Why should you pay a bank to hold your money, when they’re lending it out to earn interest? Unfortunately, too many banks still charge monthly maintenance fees.
Reports indicate the average American pays $15 a month in banking fees each month. That may not seem like a lot, but if you don’t have a lot in your account it really eats at it. Find a bank that doesn’t charge maintenance fees and have more of your money work for you.
Having an Expensive Phone Plan
Like cable, you no longer need to pay through the nose for an expensive cell phone contract. The average American spends $115 a month for cell phone service.
That’s wasting money. Thanks to prepaid phone plans, you can get unlimited data for as low as $30 a month, and no contract.
Paying Interest
High-interest credit card debt can be suffocating. Interest is a key component of that. For example, if you have $25,000 in debt and are being charged 20 percent in interest, that’s $5,000 in interest a year.
It is possible to pay off debt. Create a plan, and work to knock it down.
Food Delivery Services
We all loved the convenience of having lunch and/or dinner brought to our doors whenever we wanted it during the pandemic. But now that it’s over, continued regular use of food delivery services could be eating into your ability to save.
There are extra fees and costs that drive up the price of your meal considerably. Ditch the delivery and make a meal at home instead.
Or, drive to the restaurant yourself and order take out.
35 Proven Ways to Save Money Every Month
Many people believe it’s impossible to save money. Or, they think saving $20 or $50 a month won’t amount to much. Both are incorrect. There are many simple money-saving tips that can add up to big savings. You just have to start one, then another, to increase your savings.
Ways to Save Money Every Month
10 Proven Ways to Pay Off Debt Faster This Year
Paying off debt doesn’t have to take years upon years to achieve. You can intensify your efforts to kill it quicker. The sooner you become free the sooner you can attack other personal finance goals.
10 Proven Ways to Pay Off Debt Faster this Year
How to Save Money on a Tight Budget
Saving money feels impossible when you’re struggling to make ends meet, but you can do it. Use these tips to save money each month, even on a tight budget.
How to Save Money on a Tight Budget
Best Prepaid Phone Plans
Legacy carriers trick us into thinking we need a contract to get what we need. That’s a lie. A prepaid phone plan can give you the data you want for significantly less.
7 Best Prepaid Phone Plans
How to Cut the Cord on Cable or Satellite
Record numbers of Americans are cutting the cord on cable and satellite. This guide shows the best way to end your contract and replace it with a top streaming service.
How to Cut the Cord on Cable or Satellite
Frugal Rules. (2023-12-16 09:00:32). www.frugalrules.com
