But what about those more insidious ways that money creeps out of your wallet every month?
You probably have automated monthly payments and subscriptions that you signed up for at some point.
But you should reassess to see if you are getting your money’s worth out of them.
Then there are the “invisible” expenses of everyday habits that can total up to shocking amounts of wasted money over the course of a year.
Let’s take a look at some of your monthly expenses that may be creating small leaks in your bank account, but which, taken together, can add up to a flood over time!
1. Monthly Subscription Plans
The convenience of subscription plans for entertainment services is hard to deny. It puts ad-free content at home, in your car, and on your phone. But are you using these services enough to justify the monthly hit to your bank account?
An $8/month subscription to Netflix or a $10/month subscription to SiriusXM satellite radio might not seem like much of an investment. However, a handful of these subscriptions every month can lead to hundreds of dollars out of your checking account.
With a seemingly endless array of these plans, including Hulu, Audible, streaming music such as Pandora, and many more, it’s easy to be tempted by the low monthly fees. However, you need to answer one question: Are you using these services as much as you thought you would?
Giving up these plans entirely isn’t always required. Instead, you might be able to find a way to reduce your monthly fees, allowing you to enjoy the service without it taking a major bite out of your budget.