199 Money Leaks Sabotage Your Finances, Don't Let This Happen To You

 

So what are money leaks? Money leaks are small
expenses that add up over time.


This can include anything from buying take-out for lunch every
day to paying for subscription services that you no longer use.


What causes money leaks?


Leaking spending results from poor financial planning and impulse
purchases that you may not consider expensive at the time, but
over time, these purchases add up quickly.


What role does a lack of planning play when it comes to
money leaks?


Poor budgeting and financial planning make it easy to fall victim
to leaking spending. If you aren’t monitoring your spending and
recurring expenses, you’re likely to overlook many areas in which
you could be saving money.


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this link, perhaps it can make a difference along your financial
journey: https://bit.ly/3dbperG


Plan your budget in advance and cut out the unnecessary purchases
that don’t fit within your budget. Here is a list of money leaks
for you to be aware of:
Cable Subscriptions – use streaming services instead, however
not too manyTake out food, delivery food orders, cook at home
insteadPrescription drugs, instead of name brands, purchase generic
drugs that cost a lot less.Phone Plans, in particular data, plans
excess data usage, late payment fees, etc.Bank fees, minimum
monthly fees, maintenance fees, ATM fees, overdraft fees, consider
opening an account without feesSubscriptions – email fees for
businesses, magazines, online books with Amazon, music, etc.Gym
Memberships can be excessive unless you use it on a regular basis
to improve your health, it’s a good investment, of not to consider
home equipment such as a stationary bike, it will help you save
money in the long run.Meal Plans can be expensive. You can do
better by using coupons at local grocery stores and comparison
shopping, preparing meals over the weekend, and carrying in meals
to work or school, leftovers are good.Cosmetics/Shave Programs add
up over time, the remedy is to find local stores that sell healthy
cosmetics that don't harm your skin and shave programs at lower
price points.Clothing – Designer clothing is overrated. Comparison
shop at a mall or online and you will likely be able to purchase
designer clothing at drastically reduced retail prices.Designer
coffee at $5 dollars or more a cup, adds up to $150 per month or
$1,800 per year. The solution, purchase a jar of coffee at your
local grocery store and or online and save a ton.Food waste –
People throw away a pound of food per day, this represents a money
leak of the highest order. This equates to $1,500
annually.Insurance is another area upon which people can save more
money, thereby preventing money leaks. For example, during the
pandemic people didn’t drive as much, thus their insurance company
could adjust their policy because of fewer miles driven, less risk
and you save more money.

Did you identify money leaks you currently have? If so, do
something about it to prevent this from happening to you today
and in the future. Discover more about Paul's virtual Financial
Fitness course at this link, perhaps it can make a difference
along your financial journey: https://bit.ly/3dbperG