It seems like you don’t even have to open your wallet to spend money these days. Between fees, bills, and even our daily habits, money can seem to slip through our fingers.
If you want a fast way to “give yourself a pay raise,” eliminate these common money-squandering behaviors from your daily life ASAP.
Using deal sites
How can taking advantage of promotional deals be a bad thing? They certainly can be a great opportunity if you’re buying things that you actually need or were going to buy even if the deal didn’t exist. However, they can be costly if you’re spending money on things you don’t really need (or even want) just because they’re cheap.
Coupons can have the same effect. If you’d normally buy $2 toothpaste and are about to spend $4 on a different brand to save $1 just because you have a coupon, stop and ask yourself whether you’re really getting a good deal. And before spending $50 on a massage package that retails for $200, ask yourself whether that $50 would be better spent elsewhere.
Paying annual fees for bills and services
If you’re paying credit card fees or are subscribed to services you don’t really use anymore, take a few minutes and unsubscribe. Call the credit card company and ask them to waive the fees. If they don’t, cancel the card and get one with no annual fee instead (there are plenty of them out there!).
Performing an audit of your recurring bills every six months can pay big dividends. If you find $20 a month in recurring fees that can be canceled, that’s the same as picking up some extra time at work. Go ahead, start auditing and canceling those high-fee services.
Paying interest on your credit card
Credit cards are expensive and the debt can get out of control incredibly fast. If you’ve got a credit card balance that you’ve been carrying around for years, do everything you can to pay it off as soon as possible.
You don’t need to pay interest to get a good credit score, and you certainly don’t get anything good in return for your wasted money. Pay down the debt, and start buying things for your own house rather than the bank’s office.
Not Refinancing Debt
Whether you’ve got a student loan or a credit card bill that’s going to take a long time to repay, consider refinancing your debt. If you can reduce the interest rate you’re being charged by refinancing, that’s an easy way to save hundreds or thousands of dollars a year. Companies like Student Loan Hero can help guide you through your options when it comes to refinancing your student loans.
Buying in Bulk
If you’ve found yourself throwing away expired tubs of mayonnaise, it’s time to ask yourself why you’re buying so much in bulk. Sure, you can save money, but only if you’re actually using what you buy.
When you’re at those big discount stores, only buy high-demand products that you’re sure you’ll use up, and start looking for cheaper, smaller alternatives for the things that have been going bad.