Saving money is essential at any age and there are so many things to save for – emergency funds, college funds, retirement funds. As much extra money as possible should be going into savings accounts, but it can often be difficult to find that extra money at the end of the month to save.
Many times, this is because the extra money you would normally be saving is being siphoned out of your pocket slowly. Five dollars here, fourteen dollars there…it doesn't seem like much at the time but when you add it all up, it's a decent chunk of change. Take a look at the following habits to see if you're being prevented from saving additional money!
1. Paying for Subscriptions You No Longer Use
Have you ever subscribed to something and used it a few times but ended up moving on/forgetting about it/finding the service lacking? I am totally guilty of this one. I ordered a TV and movie streaming service and ended up being displeased with it after a few months' time.
Rather than canceling the subscription right away, I kept thinking I'd “get around to it.” Each time I noticed the payment notification pop up in my email, I'd think ‘darn! I'll have to cancel that before next month.' Then I'd forget again. I ended up paying for several months' worth of service that I wasn't even using. Make sure you're not paying for subscriptions that you no longer use! Even at just $10 a month, you're losing $120 a year that could be going into one of those important funds.
2. Failing to Shop Around
A few weeks ago, my family and a few of our friends went to New Orleans and spent the day there. One of my favorite places to visit is The French Market, a huge market offering all types of goods. I had seen these beautiful rhinestone bracelets there a few months before and wanted to see if they were still selling them.
Sure enough, I found them and bought a gorgeous copper and black one covered in glittering rhinestones – only $45. A few days later, one of the rhinestones fell out and I was super bummed. I started looking online to see if I could find the manufacturer and get a replacement, and you'll never guess where I found my beautiful $45 bracelet. They were being sold all day long on eBay for less than a dollar, with free shipping.
The sellers were ordering the bracelets in bulk from China and probably paying a few pennies for each one, and then marketing them up to $45 a piece. What a profit! Needless to say, I felt really dumb and pretty angry. While this kind of legal theft may not happen to you, you're definitely not giving yourself any advantage if you're not shopping around. Before purchasing something, look online and try to find it at a more affordable price.
3. Not Checking Your Bills and Statements
Have you ever received a medical bill and winced when you saw the total? I have…more times than I want to remember. I can specifically remember looking at the huge total of one bill and thinking, ‘I wasn't even in the examination room for fifteen minutes. What am I being charged for?'
Turns out, the doctor on call had ordered several tests before speaking to me personally and learning about a health condition I have. Although we didn't end up doing those tests, the hospital still charged me for them.
You are legally entitled to itemized medical billing, which lists each thing you're paying for – you should always check to make sure the charges coincide with the procedures you had done. Check other bills as well – your cell phone bill, cable bill, etc. Errors happen and you don't want to end up paying for something you didn't use or receive.
Failing to check these habits can result in money loss…money that could be saved. Are you guilty of any of these habits? If not, what is one thing you do that prevents you from saving money? Let us know in the comments below!
