It happens more than you’d like: You check your bank statement and wonder what the heck happened. You’ve been cutting down on eating out. You’ve become a regular in your Buy Nothing group. Your local Target practically wants to file a missing person’s report since you’ve avoided going in. And yet, you have less money in your account than you anticipated.
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You wish you could hire Sherlock Holmes to comb through your finances and figure out why you’re not saving more. In reality, you don’t need that level of investigative prowess — just a willingness to sit down at your kitchen table with a strong cup of coffee and really evaluate your bank statement.
As you sift through the dollars and cents, the mystery of the vanishing funds may start to make sense. A number of invisible expenses could be bleeding you dry. Once you’re aware of them, you can nip them in the bud.
Hidden Subscription Fees
You haven’t watched Apple TV+ since the finale of “Severance,” yet you’re still paying for your subscription. You signed up for YouTube Premium to avoid commercials, and then there’s that one app — what does it do again? You should know. You’re paying for it.
Those recurring fees add up, even when you’re not watching. Cutting ties with services you don’t use anymore can be a great way to save money. If you’re worried about tracking down and canceling all those pesky subscriptions, apps like Rocket Money, Trim, Simplifi, or Track My Subs can help.
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Bank Account Maintenance Fees
Other than checking your balance, how often do you really think about your bank account? Probably not a lot. And while you’re not looking, administrative fees can pile up — typically between $4 and $25 a month. Even a $10 monthly fee adds up to $120 a year. A $25 fee? That’s $300. Not an insignificant chunk of change.
To avoid these stealthy fees, check if your bank will waive them if you meet certain requirements, such as maintaining a minimum balance, setting up direct deposit or opening additional accounts. You should also know that some banks offer “no fee” accounts that don’t charge monthly maintenance fees — you could always park your money there instead.
Automatic Bill Payments That Increased
Signing up for autopayments is generally smart — it reduces your risk of missing payments and incurring late fees. That said, the price of everything feels like it’s going up these days, and your bills might have increased without you realizing it.
Review your statements to see if any autopay charges have gone up. That could mean negotiating your bills, shopping around for cheaper services, or even cutting out nonessential expenses. Being aware of these increases helps you balance your spending and savings.
Unused Memberships
You signed up for that gym membership with the best of intentions. You really did. But as the months ticked on, you never quite made it there. Or perhaps you discovered you prefer walking in the great outdoors instead. Whatever the reason, it’s time to cut the cord.
Of course, it’s not just the gym membership draining your account. Many big retailers offer memberships, but if you don’t shop there often enough to justify the cost, it’s time to cancel. If you’ve changed careers, you should also leave any professional memberships related to your old industry behind.
Free Trials That Turned Into Memberships
Remember when you signed up for that “free trial” for a streaming service? Or a meal box subscription? Unfortunately, you don’t — but their billing department sure does. They’ve been pulling money out of your account every month.
To save that money, cancel those subscriptions and set calendar reminders for future free trials so you don’t forget to opt out before you’re charged. Better yet, think twice before signing up for another “free” trial in the first place.
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This article originally appeared on GOBankingRates.com: Top 5 ‘Invisible’ Expenses Making You Poorer Right Now
