It’s easy to keep track of your big expenses, but those sneaky little habits can slowly eat away at your savings without you realizing. The next thing you know, you’re wondering where all your money went! Here are ten surprising habits that might be draining your bank account and how to tackle them.
1. Automatic Subscriptions You Forgot About
We’ve all been there—signing up for a free trial and forgetting to cancel before it starts charging. Whether it’s that streaming service you never watch or an app you barely use, those recurring subscriptions can add up.
Fix: Do a quick audit of your bank statements and unsubscribe from any services you don’t use.
2. Buying Coffee Every Day
Sure, grabbing a cup of coffee in the morning seems harmless. But when it becomes a daily habit, it adds up—fast. Spending $5 on coffee every day equals $1,825 a year. Ouch!
Fix: Brew your coffee at home and make café trips a treat instead of a routine.
3. Ignoring Small Impulse Purchases
It’s so easy to grab that candy bar at the checkout or add a last-minute item to your online shopping cart. While it may feel like a small splurge, these small impulse buys can snowball into big expenses.
Fix: Create a “pause” rule for impulse buys—wait 24 hours before making a non-essential purchase.
4. Overpaying on Insurance
You might be overpaying on your insurance without realizing it. Whether it’s car, home, or health insurance, failing to shop around for better deals can leave you paying much more than necessary.
Fix: Compare insurance rates annually and switch providers if a better deal comes up.
5. Leaving Electronics Plugged In
Leaving your electronics plugged in—even when they’re turned off—can still suck up energy and increase your electricity bill.
Fix: Unplug chargers, appliances, and electronics when not in use, or use power strips that can easily be switched off.
6. Using Expensive Delivery Services
Food delivery apps are convenient, but they come with service fees, delivery charges, and tips. Ordering in can double or even triple the cost of your meal compared to cooking at home.
Fix: Limit delivery to once a week and try meal prepping to avoid last-minute takeout.
7. Bank Fees and Overdrafts
Are you getting hit with fees just for using your bank? Monthly maintenance fees, ATM fees, and overdraft charges can quietly drain your account if you’re not careful.
Fix: Switch to a bank with no-fee accounts or negotiate fees with your current bank.
8. Ignoring Loyalty Programs
Do you often shop at the same stores or buy the same products? Failing to take advantage of loyalty programs means you’re missing out on rewards and savings.
Fix: Sign up for free loyalty programs at your most frequented stores, and use those points to earn discounts or free items.
9. Overbuying Groceries
Overestimating your weekly grocery needs can lead to spoiled food and wasted money. It’s tempting to buy in bulk or grab more items than you need, but this results in throwing out food that goes uneaten.
Fix: Make a grocery list and stick to it, planning meals around what you already have at home.
10. Keeping an Inactive Gym Membership
Paying for a gym membership you never use? You’re not alone. Many people keep paying the monthly fee, hoping they’ll eventually go, but rarely do.
Fix: Be realistic about your gym usage. If you’re not using it, cancel and explore cheaper alternatives like home workouts or outdoor activities.
Sometimes, despite our best efforts to cut down on unnecessary spending, financial emergencies can arise. When that happens, FlexMoney can connect you to fast money loans from thousands of lenders, helping you get the funds you need in no time. By taking control of your spending habits and knowing your options, you can ensure you’re prepared for whatever life throws your way.
