Keeping track of your finances can be hard, especially when you’re purchasing little things daily without noticing them eating away at your bank balance. Luckily, there are plenty of things you can do to stop this. Here are 18 ways you’re wasting your money without realizing it.
Washing Clothes in Hot Water
Washing your clothes in hot water uses a fair amount of energy. For example, the Department of Energy writes, “Using warm water instead of hot can cut a load’s energy use in half, and using cold water will save even more.” You can still get the same effects using colder water, and it’ll save you more money.
Subscribing to Cable
Cable and satellite TV subscriptions can cost a huge amount of money each month. A more cost-effective approach is signing up for a streaming service. You’ll not only save yourself some money, but all TV watching will be on demand, making it much more convenient.
Opting for Dry-Clean Only Fabrics
The cost of dry-cleaning can soon start to add up, and this may make some bargain clothes feel less economical. To save money, you should think about purchasing machine-washable clothes. You may also want to look into basic garment care, as this can extend the life of your clothes.
Renewing Unwanted Subscriptions
Having any subscriptions on autopay can lead to you paying for things that you don’t need or no longer use. Try to regularly review your subscriptions and cancel anything you no longer use. Most services should easily allow you to do this.
Using Fabric Softener Sheets
These sheets are not only bad for the environment, but being disposable means they’re going to cost you lots of money. This is supported by Family Handyman, which writes, “Most dryer sheets are made from non-recyclable polyester, which means they go straight from your dryer to the landfill.” Try using wool balls instead, as these will last years.
Buying Bottled Water
In most cases, tap water is just as safe to drink as bottled water, and it’s free. If it has to do with taste or water softness, then you can invest in a water filter, which will be installed in your tap. This can save you hundreds of dollars each year. Reusable bottles are also much better for the environment.
Going Out to Eat Frequently
The cost of dining out frequently can soon start to add up. It’s also much healthier to cook at home. If you’re going to cut down on eating out, then you may want to think about planning ahead with your meals, as this can reduce food expenses.
Purchasing Name-Brand Medications
Name-brand medications are expensive and do the same thing as generic brands, just at a fraction of the cost. When your prescription is being filled, you should always ask about generic brand options. The same also goes for over-the-counter medications.
Overusing Detergent
Using too much detergent is not only going to waste your money, but it can also damage your washing machine. Try to follow the manufacturer’s guide when it comes to the amount of detergent you should use, or check the back of your detergent pack.
Buying Coffee Daily
Positive Thinking Mind writes that if you buy one $3 cup of coffee every day, that’s $90 a month you’re spending. Instead, they suggest you buy a coffee tumbler, where your coffee may cost $0.40 per day. If you still want fancy coffee, then you could invest in a coffee maker.
Private Mortgage Insurance
Private mortgage insurance can add a significant amount to your mortgage, especially if your down payment is less than 20%. To prevent this, you can try saving for a bigger down payment or regularly check your loan-to-value ratio to see if this can be removed.
Missing Tax Deductions
Many people are eligible to claim tax deductions, but not many do. If you’re unsure whether it’s something you can claim, then you may want to think about using tax software or consulting a professional to ensure you’re getting all of the benefits.
Ignoring Immediate Stain Treatment
If you stain an item of clothing, you should be as prompt as you can when it comes to removing it. Immediately removing any stains will stop your clothes from being ruined and you won’t have to spend money on a new t-shirt or pants.
Letting Rewards Go Unredeemed
You may not know that you’ve stacked up lots of credit card rewards and loyalty points, and if you don’t use these, it’s like leaving money on the table. Always regularly review and redeem your rewards so that you can have access to all their benefits.
Buying in Bulk Without Need
Bulk buying can lead to waste, especially if you don’t have the space. Try to only buy items in bulk that have a long shelf life or that you regularly use. The best products to buy in bulk are things like toilet paper and laundry detergent.
Ignoring Energy-Efficient Appliances
If you have old appliances in your home, then you may want to think about upgrading, as they use more energy, resulting in higher utility bills. Upgrading to energy-efficient appliances can save you a significant amount of money over time. Make sure to look for Energy Star-rated appliances.
Overlooking Second-Hand Options
Second-hand shopping is a great way to save money. For example, The Motley Fool writes, “Depending on what you purchase, you can save between 25% and 50% off the item’s original price.” There are many things you can purchase second-hand, such as clothing and furniture. It also reduces consumption and benefits the environment.
Disregarding Library Benefits
Libraries offer more than just books. They can also give you free access to movies, magazines, and online courses. Making use of what your local library has to offer can save you money on both entertainment and education expenses. Membership is often free or at a very low cost.
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