Guest post from Jennifer of The Intentional Mom
If we are not careful, the money we earn can slip right through our fingers. Hidden fees, a lack of planning, or even failing to do our homework before purchasing something, in addition to many other things can be to blame.
If you are looking to keep more of your hard earned cash in your pocket, examine this list closely to see where your money could be going on a regular basis:
1. Using an ATM machine.
Using an ATM machine is a painless, often thoughtless, and an oh-so-convenient way to get access to our money at all hours of the day or night. This is rarely a good thing.
2. Not having (or not following) a budget.
When it comes to where your money is going, ignorance is not bliss.
3. Having no one to be accountable to.
If you don’t need to answer to anyone about the money you spend, it is much easier to spend it. Make your money more difficult to spend by asking someone to be your financial accountability partner.
4. Using a debit card to get cash back.
Much like using the ATM machine, getting cash back when using your debit card is a silent budget killer. This is especially tempting because we are usually asked in person and on the card machine itself. The power of suggestion in this case is quite powerful.
5. Paying fees.
This can be anything from late fees, to convenience fees, to choosing to be billed monthly rather than quarterly or yearly. Pay attention to what fees you are paying for what, and then eliminate whatever you can.
6. Burying your head in the sand.
Knowing you need to live more frugally but choosing not to pay attention to this concept as though this is not a reality will get you nowhere fast.
7. Not taking advantage of money-saving tools or programs that pay you for doing something.
Cash back apps, money offered by your employer for a 401K match, or having a loyalty card to various stores all qualify here.
8. Not asking for discounts or better prices.
This applies to everything you actually purchase to discounts offered by your doctor’s office. Asking for these things in everything you do could save you some serious dough.
9. Failing to look at your statements.
Bank statements, credit card statements, billing statements, pay statements, and everything in between. Read every single one of them every single time.
10. Paying for things you’re not using or don’t need.
Running your sprinklers in the rain, magazine subscriptions you don’t read, and keeping your heating and cooling set higher or lower than you really need it are just a few examples. Only pay for what you truly are using or need.
11. Failing to plan ahead.
This can be unexpected things or even the expected things that we just choose to pretend aren’t really happening.
12. Not doing your homework.
Even if you don’t buy on Amazon, it is a great place to read reviews on things BEFORE you buy them.
There are so many places that our money has to go, which is why it is so important to be aware of how we can lose it without even knowing it. Check this list to see why you may have less money in your pocket.
Jennifer is a busy homeschooling mom of seven who enjoys keeping a home, living an active lifestyle, and loving the little and not so little people in her life. Her mission is helping other moms find contentment in living intentionally every day. Check out her blog, The Intentional Mom.
Kriss says
I don’t pay any fees if I use my debit card at my bank’s ATM. Also, there are no charges if I use my debit card at Walmart, for example, to get cash back when I check out. It’s actually a good option for me if I need cash but am not planning to drive to my bank that day because that way I avoid paying fees for using a different bank’s ATM. Maybe it depends on the bank/card, but it’s not necessarily true that using an ATM or a debit card to get cash back costs money.
Mandy Tirado says
I am so guilty of nearly all of these. Ouch!
lisa says
What cash back apps to you advise using?
Jennifer@TheIntentionalMom says
I use primarily Ibotta and Snap. I know there are others out there, but I find that if I have too many to focus on I get overwhelmed and avoid using them altogether. I LOVE Ibotta the best and save a ton that way!
Brandee says
I use Ibotta and Checkout 51 primarily and have saved quite a bit. I especially like that I can use those in addition to any paper coupons or paperless ones that I have.
I don’t shop at Target, so no need to use the Cartwheel app. We don’t have one close enough. I have heard it’s a good one if you shop there.
I do shop at Wal-Mart and use the Savings Catcher. We have built up a lot in our account. I’ve even been known to scan receipts we find discarded in the parking lot.
Both CVS and Walgreens have apps where you can upload coupons and take advantage of deals.
I even keep the Hobby Lobby app for the 40% coupon. I don’t have to print it that way, so I save some there.
Jessica says
Convenience fees are a big one. For example, I could pay my water bill electronically, but my city charges a 3% transaction fee to do that. The fee would cost around $5 for me whereas I can also just mail in a check, for the cost of a stamp.
Check your grocery store receipts. On just about every trip, I have an electronic coupon that doesn’t come off and it should have.
Bringing “helpers”. I call this the “kid tax”. Somehow when I have anyone else shopping with me, I spend more.
Jennifer@TheIntentionalMom says
LOL. I remember those days. I am blessed that now my older kids are old enough to babysit so I can leave my little “helpers” at home!
Uma @ Centsible Indian says
These are very good tips and to the point. In addition to checking the statements, don’t forget to check receipts when you shop/eat out. Sometimes, for example, if the restaurant is busy and didn’t note the order correctly, you might get over/under charged.
[email protected] says
These are all great tips. Checking statements are a great way to make sure you aren’t being billed wrong. I would also have to add checking all receipts. So often when we are out to eat I notice a wrong charge. We have saved so much money by pointing this out to our waitress.
Jennifer@TheIntentionalMom says
Yes! So true!
Chris says
I like the last tip. I read reviews on Amazon a lot!
Anna says
I do to Chris! Almost always! It’s a great tool at places that will price match like target. I saved $80 once on a printer!
Reelika @Financially Wise On Heels says
# 8 is so true. To be honest, I used to be afraid of negotiating. However, my husband works in sales, so this is something I learnt from him. Now I negotiate the prices all the time (especially memberships, etc other monthly payments) and it has saved a lot.
Jennifer@TheIntentionalMom says
My husband was in sales for years. So is my Dad. I do think that has helped me, too!