Are You Leaking Money? 7 Unnecessary Expenses that Are Draining Your Budget

Calculator and Accounting Forms
September 27, 2018
66 / 100

It would be great to fall asleep on a pile of money every night, but if you aren’t watching your budget as closely as you should be, that’s nothing more than a lofty dream. If you feel like there’s too much month and not enough money, it’s time to go over your expenses and plug up all the money leaks that are sinking your ship.

Are You Leaking Money? 7 Unnecessary Expenses that Are Draining Your Budget 11. TV and Movies

TV and movies are spread out all over the place. Between premium cable packages, dedicated streaming services, and broader services like Netflix and Hulu, you’re probably paying for redundancy. It helps to be a little choosier – you could be paying two or three times for a network you don’t even watch or a service you don’t really like. Narrow it down to one or two affordable options to get your cinema fix.

2. Eating Junk Food Are You Leaking Money? 7 Unnecessary Expenses that Are Draining Your Budget 2

Chicken nuggets, chicken sandwiches, and fast food chicken salads all have one common ingredient. For the price you’re probably paying for the fast version, you could have bought enough chicken to prepare yourself full meals for a whole week. Grocery shop more than you eat out. Even if you don’t have time every day to cook, you can prepare and set aside some freezer meals  on a day where you have a few spare hours. All you have to do is pop them in the oven or the slow cooker.

3. Exceeding Your Phone Plan

Your phone plan might seem like a great deal on the surface, but what happens when you exceed the data they provide? People who spend a lot of time on their phone often incur overages or speed throttling way before the end of the month, and these fees add up. Switch to an unlimited prepaid plan. Most unlimited services offer every phone imaginable, and you’ll never need to worry about surprise charges.

Are You Leaking Money? 7 Unnecessary Expenses that Are Draining Your Budget 34. Quick Fix Purchases

Retail therapy is occasionally rewarding and deserved, but don’t let your money burn a hole in your pocket. Try to avoid buying eye-catching things simply because you can afford them. Think before you make a purchase. If you’re still sure you want it, look for a coupon or a discount. See if there are any sales around the bend. If you hold out for a little while, you might be able to save a bundle. Alternatively, you might find something you like better than your first choice and opt to get that instead.

5. Unnecessary Interest or Long Term Debts

Take a closer look at your credit cards and outstanding loans. Use a loan calculator to see whether or not you’re actually getting a fair deal. When you were building your credit and establishing your financial history, you probably couldn’t get the best rates. If enough time has passed and you’ve proven yourself to be financially response, you might be able to switch to better alternatives.

6. Memberships You Don’t Use

That gym membership you bought on new year’s day probably felt like a great idea, but how often do you actually use it? Review everything you’re paying for on a monthly basis and get rid of the things you aren’t using. If you can’t bear to part with them, give yourself a month to attempt to use them. If after that month you haven’t made any progress, cut the cord and bank the extra money.

Are You Leaking Money? 7 Unnecessary Expenses that Are Draining Your Budget 47. New Instead of Used

There’s nothing wrong with thrift store clothing – sometimes it’s exciting to spot vintage trends at a great price. Used furniture, especially if it’s real wood, is often tremendously cheaper than new furniture. Before you buy anything new, make sure there isn’t a suitable used option. Buying a dresser and a headboard can turn into a full bedroom makeover for the same exact price if you’re thrifty enough.

Tighten up the purse strings and remember to feed your savings account once in a while. It’s amazing how much stress you can remove from your life simply by being a little more mindful about your money.

Meet the Author:

Alex Lawson is a Financial Team Leader and a blogger, working together with other experts at Brighter Finance. Whenever not working on another project or helping customers with their financial issues, Alex may usually be found online, reading money-related blogs and sharing his tips with other experts.

Categories

More Posts:

How to Reduce Health Insurance Costs for Employees

As a business owner, you know how important it is to provide your employees with quality health insurance coverage. But you also want to make sure that you’re not overspending on health insurance costs.  Fortunately, there are several ways to reduce health insurance...

Occupational Hazards That Come With an Office Job

Working in an office can be a great way to make a living, but it also comes with certain risks. Sitting at a desk for long hours and staring at screens can lead to physical ailments that not only cause discomfort but could eventually lead to more serious health...

What You Need to Know Before Hiring a Financial Advisor

As a small business owner or entrepreneur, you’ve likely felt the pressures of finances and budgeting. If you’ve been struggling to manage your company finances, you could benefit from working with a financial advisor.  Here are a few things you should know before...

Precious Metals & Investing in Your Financial Future

Investing in different precious metals is a great way to increase your portfolio. While you can invest in silver and gold, you should also consider investing in Palladium, because it is a metal that is used in industrial applications. Gold is the most investable...

Why You Need to Be Specific When Writing a Will

No one likes to think about death, but it is something that we all have to face at some point in our lives. If you have children, it is especially important to make a will so that you can ensure that they are taken care of after you're gone.  These are a few reasons...

7 Essential Tips for Maintaining a High Standard of Health and Safety in Your Organization

Workplace health and safety is a legal obligation that all employers must adhere to. But apart from ensuring compliance and avoiding legal issues, maintaining high health and safety standards can come with a number of benefits for your business as well. With the right...

Women’s Fitness Tips: How to Make Time for Exercise in Your Super-Busy Schedule

We’ve all gone down the social media rabbit hole during a lazy Sunday afternoon. Among the sea of influencers, we’ve also probably seen one that seems to have everything – the dream job, the perfect home, and, above all, time to fit a workout into her super-busy...

The Best Passive Investments for Entrepreneurs

The best way to enjoy your life on your own terms is to grow a vast and diverse portfolio of passive investments that make you money round the clock. This will give you the freedom to spend your time how you please, where you please, doing what you please. But in...

6 Ways to Ensure a Secure Financial Future for Your Family

As a breadwinner or head of your household, you understand how important it is to provide for your family financially. You work tirelessly to make ends meet and ensure your loved ones have what they need. But what about your family's future? While it may not be...

Free Crypto Portfolio Trackers for Crypto Investors and Traders

There is no single person who created Bitcoin, but there is typically a team behind it, including cryptocurrency investors and traders. A white paper, which is like a business plan for a new project, tells potential investors everything they need to know about...
How to Reduce Health Insurance Costs for Employees

How to Reduce Health Insurance Costs for Employees

As a business owner, you know how important it is to provide your employees with quality health insurance coverage. But you also want to make sure that you’re not overspending on health insurance costs.  Fortunately, there are several ways to reduce health insurance...

What You Need to Know Before Hiring a Financial Advisor

What You Need to Know Before Hiring a Financial Advisor

As a small business owner or entrepreneur, you’ve likely felt the pressures of finances and budgeting. If you’ve been struggling to manage your company finances, you could benefit from working with a financial advisor.  Here are a few things you should know before...

Precious Metals & Investing in Your Financial Future

Precious Metals & Investing in Your Financial Future

Investing in different precious metals is a great way to increase your portfolio. While you can invest in silver and gold, you should also consider investing in Palladium, because it is a metal that is used in industrial applications. Gold is the most investable...

The Best Passive Investments for Entrepreneurs

The Best Passive Investments for Entrepreneurs

The best way to enjoy your life on your own terms is to grow a vast and diverse portfolio of passive investments that make you money round the clock. This will give you the freedom to spend your time how you please, where you please, doing what you please. But in...

All Categories

Business Operations

Entrepreneur Interviews

Marketing, Networking, & Social Media

Self Care & Personal Development

Working Moms

Business Software and Technology

Entrepreneurship & Small Business

Organizing Tips

Sales

Career Building

Family Businesses

Inspiration

Starting Your Own Business

Work-Life Balance

Communication

Hiring Help

Management & Leadership

Time Management & Priorities

Women in Leadership

Recent Posts

How to Avoid Tax Trouble at Your Business

How to Avoid Tax Trouble at Your Business

As a business owner, you know how important it is to stay on top of your finances and taxes. But if you don’t have the knowledge or resources to do it yourself, getting help can be the best way to make sure everything is handled properly.  Here’s an overview of some...

What to Do When Your Vehicle Lease Comes to an End

What to Do When Your Vehicle Lease Comes to an End

As your vehicle lease reaches the end of its term, you are presented with three options: return the car to the dealership, sell the lease or buy it outright. Each choice obviously has benefits and drawbacks that must be weighed before making a decision. In this...

The Power of Women-Owned Small Businesses

The Power of Women-Owned Small Businesses

     Women-owned small businesses are on the rise, and their impact is undeniable. In fact, in 2019 alone, women-owned nearly 12 million businesses that employed nearly 9 million people and generated over $1.9 trillion in revenue. From retail to technology to finance,...

Nyago Michael Emmanuel

Nyago Michael Emmanuel

We invite many people who can invest in our Akiba Ya umoja community benefit savings and investment group of Uganda to enable us expand our operations in Uganda

Soe Tun: The Copy Doctor

Soe Tun: The Copy Doctor

Autistic kid finds out that he’s unemployable and doesn’t enjoy most social settings. Decides to be a pro copywriter as a result.

Annie Anderson – Business Strategist & WordPress Creator

Annie Anderson – Business Strategist & WordPress Creator

Annie Anderson is the owner and digital creator at Midnight Rebel Digital Co. With over 25 years experience in design and development and more than 15 years experience with WordPress, Annie is a great person to have in your corner when it comes to websites, tech, and systems.