The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Subscribe
  • Submit an Article
  • Books
  • Categories
  • Coaching
  • Book Lynnette
  • Money Coach University™
No Result
View All Result
The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Subscribe
  • Submit an Article
No Result
View All Result
The Money Coach
No Result
View All Result

5 Ways You’re Wasting Money Without Knowing It

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Personal Finance
Reading Time: 2 mins read
10
SHARES
173
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

If you never seem to have enough money to get through the month without financial stress, you may be guilty of a few bad spending habits and are throwing away money without realizing it.

Many people fall into the trap of unplanned spending at the grocery store checkout lane or they indulge in social spending activities where they spend much more than planned.

There are also a number of situations where you may be wasting money without even realizing it and it’s not always easy to recoup the losses from those expenditures.

Here are five ways you’re wasting money without knowing it:

1. Paying for subscriptions you don’t really use.

How many magazine, newspaper, or digital subscriptions are you paying for but never really have the time to read or use? Take a closer look at your subscription expenses and consider whether they are really worth your money.

You may be able to find a lot of similar material online for free. Make sure you’re not wasting money on subscriptions that don’t offer any real value.

2.  Not paying down high-interest debt.

If you’re only making the minimum payments on high-interest credit cards, you are wasting money on interest payments month after month.

Take stock of your current credit card debt load and put together a plan to pay down that credit card debt as quickly as possible.

Failing to pay off consumer debt within a reasonable amount of time can cost you hundreds or even thousands of dollars in annual interest payments and can also have a negative impact on your credit score.

3. Paying high banking fees.

When was the last time you shopped around for better rates on your savings accounts, or for better service offerings at your bank? If you are paying fees to maintain certain types of accounts at your current bank, you may be paying more than you need to – and wasting money as a result.

Shop competitor banks or credit unions for better rates and services, and consider making the switch to save some extra cash.

4. Ignoring credit card and bank statements.

Even if your account is inactive or you check your activity online now and then, it’s a good idea to review your credit card and bank statements each month for any errors or suspicious activity.

Catching mistakes early can help you save time and money in the event you need to report fraudulent activity or file a dispute.

You can also avoid paying late charges and other fees because of someone else’s mistake when you review these statements closely.

5. Not contributing to a company-matched retirement account.

You can contribute a set amount towards your retirement fund each year and your company may match your contributions as an employee benefit.

Make sure you’re setting aside as much as possible from each paycheck to maximize those company-matching benefits. That’s extra money you have earned, but if you don’t actually contribute to your retirement plan, those employer funds will be going to waste.

Tags: wasting money
Previous Post

5 Ways to Take Control of Your Spending Habits

Next Post

How to Fix Duplicate Entries on Your Credit Report

Lynnette Khalfani-Cox, The Money Coach

Lynnette Khalfani-Cox, The Money Coach

Lynnette Khalfani-Cox, The Money Coach, is a renowned financial expert, author, speaker, and media personality, empowering people to achieve financial success.

Related Posts

divorced man sitting on steps

5 Ways to Start Over After Divorce When You Have No Money

by AskTheMoneyCoach

Divorce can be emotionally and financially draining, leaving you feeling lost and overwhelmed. If you're starting over after divorce with little to no money, it can be even more challenging. However, there are steps you can take to rebuild your life and finances. Here are five strategies to help you...

lance-grandahl

Easy Hacks to Make Money From Your Home

by AskTheMoneyCoach UK Edition

With the cost-of-living crisis continuing to stretch household budgets, cash-strapped Brits have been shown how they can boost their income from the comfort of their home. The experts at Quotezone.co.uk have named six savvy ways homeowners could make money from their homes to tackle soaring mortgage rates and general living...

black business woman in front of building

Navigating Divorce When the Woman is the Breadwinner

by AskTheMoneyCoach

Divorce is never easy, but it can be particularly challenging when the woman is the primary breadwinner. This can create financial and emotional stress, as well as societal pressures and expectations. However, with careful planning and communication, it is possible to navigate the divorce process successfully and come out on...

Mini graduation mortar board cap on money -- education cost or scholarship concept

How to Apply for a Pell Grant and Get Money for College

by AskTheMoneyCoach

Are you worried about how you're going to pay for college? A Pell Grant can be a great way to get money for school, and it doesn't have to be paid back. In this article, we'll show you how to apply for a Pell Grant and maximize your eligibility to...

Auto repair shop. Cars open bonnet parked in garage for repair and maintenance service. Car check up at service station. Car waiting for inspection in auto repair shop. Car maintenance and checklist.

How to Find Auto Repair Shops That Offer Payment Plans

by AskTheMoneyCoach

Car repairs can be expensive, and unexpected breakdowns can put a strain on your budget. But don't worry, there are auto repair shops that offer payment plans to help you get your car fixed without breaking the bank. Keep reading to find out how to locate these mechanics and get...

Two businessmen working together, forex diagrams hologram and big business data analysis. Double exposure hologram with candlesticks and chart. Concept of teamwork and trading

The Basics of Forex Trading for Beginners

by AskTheMoneyCoach

Forex trading can be lucrative for anyone willing to put in the effort to learn the basics. While it can initially seem overwhelming, with some knowledge and practice, anyone can become a successful part-time forex trader. This article will cover the ten basics of forex trading that every beginning trader...

Close up African woman outstretched hand, makes stop gesture

The Impact of Structural Inequality on People of Color

by Lynnette Khalfani-Cox, The Money Coach

Many people face challenges when it comes to money, but for African Americans and other people of color, these challenges can be even more significant. This is because there is a huge amount of structural inequality baked into every system within America – including business, educational, government, legal, and health...

Load More

Popular Posts

  • Car repair

    What to Do If You Can’t Afford a Car Repair Bill

    1529 shares
    Share 612 Tweet 382
  • What to Do if Your Spouse Stole Money From You

    1311 shares
    Share 524 Tweet 328
  • What to Do If You Can’t Afford to Leave Your Spouse

    1276 shares
    Share 510 Tweet 319
  • Here’s Why I Pay My Kids For Good Grades (And Maybe You Should Too)

    1131 shares
    Share 452 Tweet 283
  • What Do All Those Strange Codes In My Credit Report Mean?

    901 shares
    Share 360 Tweet 225
  • Which Credit Report is More Important: Equifax, Experian or TransUnion?

    869 shares
    Share 348 Tweet 217
  • Do This Now If Your Wages Were Not Reported

    855 shares
    Share 342 Tweet 214

Categories

  • Bankruptcy
  • Budgeting
  • Building Wealth
  • Careers
  • Couples and Money
  • Coupons and Deals
  • Covid-19
  • Covid-19 Video
  • Credit Cards
  • Credit Reports
  • Credit Scores
  • Crypto
  • Debt
  • Entrepreneurship
  • Family Finances
  • Featured
  • Identity Theft
  • Insurance
  • Investing
  • Loans
  • Paying for College
  • Personal Finance
  • Press Releases
  • Real Estate
  • Retirement
  • Saving Money
  • Scams
  • Student Loans
  • Taxes
  • Uncategorized

All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

©2009-2023 TheMoneyCoach.net, LLC. All Rights Reserved.

RSS / Sitemap /Submit an Article / Privacy Policy / LynnetteKhalfaniCox.com

No Result
View All Result
  • Books
  • Categories
  • Contact Lynnette
  • Get Coaching
  • Book Lynnette
  • Money Coach University™
  • Home
  • Subscribe to Newsletter
  • Submit an Article

©2009-2023 TheMoneyCoach.net, LLC. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist