The Hidden Budget Holes That Are Draining Your Bank Account

When you’re trying to save money and stick to a strict budget, you need to cut out all of those unnecessary purchases. Small things like buying lunch at work every day or paying for an expensive phone contract can quickly add up, and if you cut all of that stuff out, you could save yourself a lot of money each month. But a lot of people still find that the numbers don’t quite add up and that’s probably because they’re being hit by the hidden holes in their budget. These are the small costs that go under the radar and slowly drain your bank account over time, without you ever noticing. These are some of the most common hidden budget holes that you probably forgot about. 

TV Subscriptions 
Subscription creep is a term for all of the money lost to monthly subscriptions that you forgot you even had. A gym membership that never gets used is a common one that most of us have been guilty of at some point in our lives, but TV subscriptions can be just as bad. Most people have a subscription to one or two streaming services these days and they’re not that expensive, so they don’t worry about it. It’s also something that you just get used to having so when it comes to cutting back on your budget, you don’t even consider it. But if you’re signed up to multiple services, that monthly cost quickly adds up. 

Interest Payments On Car Loans 
When you buy a new car, you probably need a loan to pay for it. That’s fine, but what kind of interest are you paying on it? Most people are quite good at keeping up with the interest rates on personal loans and credit cards, but not so good when it comes to car loans. A lot of people also go with the financing option at the dealership because it’s more convenient, but it may also be more expensive. If you want to cut your interest payments, you should do 2 things; firstly, spend less money on the car in the first place and consider going somewhere like Fox Hayes and getting a good quality used car instead of buying brand new. Secondly, you need to shop around some different lenders and find a loan with a better interest rate, rather than simply taking the easy option. 

Food Waste 
This is one that most people fall victim to and it’s probably one of the most common ways that people waste money at home. If you’re buying more food than you need to every week and throwing some of it out, you might as well be flushing that money down the toilet. It all comes down to good planning and if you want to cut that waste, you simply need to work out exactly what you’re going to cook for each day of the week and only buy those ingredients. If you go shopping without a list of everything you need, you’ll end up overbuying and wasting money. 

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