Finance

7 Sneaky Ways We All Throw Money Away

October 28th, 2020

Without even realizing it, most of us aren’t making the most of our money. How? Even if you budget, save coupons, and take advantage of great senior discounts, chances are, you’re still throwing money away. Here are some of the most common ways people spend money without even realizing it.

1. Letting idle electronics consume power

Think about how many gadgets you have—and how many of them are plugged in somewhere. That technology is convenient, but it may also be drawing power even when you’re not using it. This can happen even if you turned off those electronics! The simple solution is to simply unplug coffee machines, laptops, televisions, DVD players, and speakers when they aren’t in use.

2. Magazine subscriptions

Magazine sales can be too tempting to resist. But if you’re not sure you’ll read each issue, it might not be worth subscribing. You could pick up single issues here and there at a newsstand or supermarket. You may also be able to check out issues at a library or just read articles for free online. Amazon Prime subscribers can also read certain magazines through Prime Reading.

3. Paying premiums at convenience stores.

If you run in once because you ran out of flour, there isn’t much you can do about that. But if you make frequent stops at convenience stores, you may be running up quite a tab! They’re great in a pinch, but convenience stores charge premium prices. Instead, build those expenses into your grocery store list.

4. Wasting money on a gym membership

Gym memberships are expensive, and they’re also a pain to cancel. If you’re still paying for a membership you don’t use, you could be out hundreds or even thousands of dollars each year. Bite the bullet and cancel if you aren’t using your membership! There are tons of free alternatives for when the exercising mood strikes.

5. ATM Fees

Racking up ATM fees? Instead, try taking out a little extra cash and leave it at home, so you can grab it when you need it. Additionally, stores like Target, Walmart, supermarkets, and drugstores allow you to get cash back at the register. If stopping at a random ATM is truly unavoidable, see if your bank will reimburse you the fee—some do!

6. Letting food go to waste

If you throw away groceries because you didn’t get to use them before they went bad, you’re throwing money away. Taking time out of your week to plan meals before you go grocery shopping can save you headaches and money. If you only buy what you need, it won’t go to waste.

7. Paying for services you don’t use

As with gym memberships, plenty of things seem like a good idea when you sign up. Again, though, if you don’t use certain services, ditch them. Otherwise, they’re just eating up your budget. If you aren’t sure whether you’ll like the service, consider trying it out for a month or two before paying upfront for a yearly plan.

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