Sure, it stings when you get a $2,500 car repair bill from the mechanic. But what about those insidious “invisible” expenses that take tiny bites out of your budget every month?
Weed out these silent budget killers to build wealth faster — or at the very least splurge more intentionally.
1. Subscriptions and Memberships
From streaming services to gym memberships, software subscriptions to recurring deliveries, these auto-billing expenses will keep draining your balance until you cancel them.
“Review your bank or credit card statements to see exactly which services you’re paying for, both monthly and annually,” said Stacey Black, financial educator at BECU. “It’s easy to forget about things you signed up for months or years ago.”
Oh, and about that gym membership — if you haven’t gone at least three times a month for the last three months, cancel it. You can earn the right to open a new membership when you form the habit of exercising at least twice a week. Otherwise you’re simply paying money for the delusion that one day you’ll start going.
Look for free alternatives to each of the subscriptions. Do free workouts on YouTube. Borrow e-books or audiobooks from digital libraries. Watch ad-supported TV shows on Tubi or Pluto TV.
Check Out: 6 Things You Must Do When Your Savings Reach $50,000
Read More: 5 ‘Necessities’ Frugal People Don’t Buy, According To Frugal Living Expert Austin Williams
2. Food Delivery
When you order groceries through an app, you pay fees. And you often don’t get half the items you wanted.
When you order meals, you pay both delivery fees and for the restaurant’s profit margin. That says nothing of the nutrition costs of eating restaurant food versus healthy meals you made yourself.
“Delivery fees, service charges, food delivery and last-minute purchases cost more because you’re paying for speed and convenience,” noted financial advisor Linda Jensen of Heart Financial. “They all add up fast, so by planning better you can cut costs.”
3. Snack Food
Chips, popcorn, cookies, candies; these aren’t “food” in the sense of nutrition and sustenance. They’re everyday luxuries that happen to be cheap. And they add up, dragging down both your finances and your health.
Skip the snack aisle at the grocery store, and don’t buy food at the convenience store at all.
4. Coffees and Drinks Out
The average Starbucks latte costs $5.46, according to an article published on LinkedIn, and that doesn’t include tax, tip or that dry premade egg and cheese sandwich they push alongside it.
Like snacks, coffees and other bar drinks seem cheap individually, but they add up. Make your beverages at home or the office instead.
5. Credit Card Interest
You know all those people who post stunning photos on social media from their free vacations they paid for with points? If you carry a credit card balance from month to month, you paid for their vacation.
Pay off your credit card balance in full each month to avoid paying interest. And if you retort “I can’t afford to,” revisit those invisible expenses outlined above.
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This article originally appeared on GOBankingRates.com: 5 Invisible Everyday Items That Are Blowing Your Budget
