toxic parents
1. Streaming Services
It may not seem like it, but Netflix, Hulu, Amazon Prime and other subscriptions you have can be sneaky expenses. Those $5, $10 and $20 monthly subscriptions may not seem like much individually, but when you add them all up, they can put a significant dent in your budget; especially if you have forgotten they exist.
To help reduce these costs, inventory whether you actually use a particular subscription service or not. If you have not used it in two weeks, you aren’t likely to anytime soon. Instead of paying for it, cancel until you are ready to use it again.
2. Convenience Fees
Whether it’s ordering takeout or paying bills online, convenience often comes with a price. Those small fees here and there can accumulate over time. This is especially true with fees such as ATM fees, late fees or the credit card fees that some gas stations and stores charge.
This is one situation where cash really is king because while it may only be a few cents or dollars here and there, these fees can easily add up to hundreds each year if you’re hit by too many of them.
3. Unused Memberships
As I mentioned above, subscriptions and memberships that you have forgotten about or don’t use can add up to a significant cost each month. Charges such as for your gym memberships, streaming services, or club memberships that you rarely use are essentially money down the drain.
Take a look at your bank statements to determine what you’re actually paying for then decide whether you’re getting enough value out of these memberships to justify the cost. If not, it might be time to cancel or downgrade.
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4. Impulse Buys
I firmly believe that impulse buys have a place in your budget, however, if you’re not careful, those spur-of-the-moment purchases can wreak havoc on your budget.
Before making a purchase, take a step back and ask yourself if it’s something you truly need or just a fleeting desire.
It can be helpful if you delay the gratification with an impulse buy since it gives you the time to really consider the pros and cons and if you truly need or want to make the purchase. I personally do this by keeping my spending money in an external bank account away from my main checking account. It takes three days to transfer which is the perfect amount of time for me to decide if I really need the item.