Many times, we find ourselves wondering where all the money goes in our budget and unable to explain why. We seem to be missing money here and there and wonder why we can’t seem to get a handle on it. Sometimes, this is due to all those little fees that add up. Here are some little ways to save money that could be costing you more than you think.
7 Little Ways to Save Money in Your Budget
Take a look at your bank and make a switch. Many times, we get so used to one bank that we have always been with and don’t really notice when we get charged fees, fines and our interest rate declines. Sometimes, just by looking at the fee schedule, we can see where we might get a better deal elsewhere. Credit Unions often offer great rates and less fees for many of the things banks charge for, for example. Check out your other options to see if you could be paying less in fees elsewhere.
Skip ATMs. It is extremely tempting to do, but using an ATM, especially one that is out of network, can end up costing you $5 or more after bank fees and ATM fees. Instead, if you need cash, plan on pulling it out when you do your shopping next time. Most retailers will give you up to $100 cash back on transactions with no fees when you are paying with your debit card.
Get a credit card that offers cash back. If you can, look for a credit card that gives you cash back for the money you spend and see if it is worth it to transfer. You may even be able to find a debit card that allows you to run it as a credit card and get cash back. This all adds up to saved money over time.
Make sure to watch your bank accounts closely. Sometimes, little charges can come out that you were unaware of such as bank fees or charges your spouse is doing that you were not aware of. These can ultimately lead to bank overdraft fees if you are not careful. Keeping a good eye on your account will help you avoid paying fees you don’t want to.
Pay all bills on time. While this is ultimately everyone’s goal, it is extremely important if you are on a tight budget or when you are trying to control your budget better. It may not seem like so much at first ($5 here and $8 there..), but after a month, look at what you spent in late fees if you do this habitually. You could be spending $40 or $50 if you are not careful! That’s a good chunk of change to be paying just for not paying your bills on time!
Examine your extras. Things like cable, streaming services, and cell phone bills can really be great to have but do you use them often enough to keep them around? If your cell phone service plan is way more than you need, cut it down if possible. Do you really need both Netflix and Cable? Ask yourself if keeping these services is really worth it or just draining your budget for no real reason.
Make sure you are paying your bills the “right” way. There are often many payment options for your bills and some of them could be costing you money as a “convenience fee”. Make sure the way you are paying is not charging you extra as you should never have to pay a fee to pay a bill. You may be being charged these fees and don’t even know it!
What are some ways that you try to cut out extra small expenses like these listed?