Whether you have a million dollars or 10 cents to your name, leaking money is a decidedly unwise use of your funds. Many people don’t even realize they are losing money every month by making a few simple mistakes. You could easily save hundreds of dollars by plugging a few holes in your budget.

Lowincomefinancialhelp.com has provided a great list to help stop these leaks and start saving money faster!


Late Payments

The majority of your monthly expenses are due on the same day every month. So why are you paying late fees? Late fees are usually the result of one or more of the following issues: No budget or you forget to mail the check.

If you don’t have a budget, make one and stick to it. Having a budget and watching it closely will help prevent you from spending your car payment on dinners out with friends. If you know a bill is coming up be frugal about your spending. Better yet, create a separate spending account for entertainment so you’re never taking away from your bill money.

If you routinely forget to mail the check or pay the bill on time: Stop it. Seriously, Stop. It. Pull out a calendar and mark down the day every single bill is due. If it’s more helpful, mark when you need to pay it for the bill to get to the appropriate place on time. Making late payments are your credit cards can cost upwards of $35! Other bills only fine you a few dollars, but that’s money you could use elsewhere.

Interest rates

When you pay on your student loans, credit cards, car loan, mortgage and personal loans, part of your monthly payment goes towards i
nterest. You can save yourself thousands of dollars paying off your loans early. Additionally, you could try to refinance your loans to get a lower interest rate.

Movie rentals/Library Fees

If you have items checked out from your local library turn them in on time or renew them. Library fees wrack up surprisingly fast if you aren’t paying attention. If you rent movies, take them back on time and watch them as soon as you can so you can turn them back in quickly.


Keep up maintenance on your car

Get the oil and filters changed regularly. Not only will you keep your car healthier, and reduce the likelihood of expensive repairs, your car will run better. A well-maintained car will last longer and get better gas mileage, save you money every month.

Stop wasting food

Ever buy a load of groceries and then eat out for dinner every night and watch your veggies spoil? Talk about wasted money. If your food is going bad regularly, shop more often. Yep, more often. Buy only what you need for a week’s worth of groceries. You’ll have last food to go through if you do decide to eat out a night or two and you’ll waste less. Additionally, stop eating out as much. You can easily make the same amount of food at home for less.

Related Posts Plugin for WordPress, Blogger...