Having extra cash in your bank account this time of year can be helpful. There are a number of ways to make a quick buck by selling or renting something you own. If you don’t want to give anything up try being more mindful of how your money is being spent.
Here are six ways to stop losing money that you can start doing today.
Don’t buy brand name only
Only buying brand name goods can be costly. Next time you go to the grocery store or pharmacy consider replacing a few items with the store brand ones. Many generic items are similar in every way to name brand except for the price tag.
Avoid packaged produce
Next time you go to the grocery store avoid buying the pre-cut fruits and vegetables. Buying food that is already prepped may seem like a good idea, but it almost always costs more.
Start using a cash back card
If you don’t use a cash back credit or debit card you are leaving money on the table. You most likely have essential purchases every month on things like food, drink, and transportation. Why not get rewarded for making them with a little cash back.
Avoid monthly bank fees
Most mega banks charge monthly Checking fees if you don’t meet their strict guidelines. These fees can end up costing you more than $100 over 12 months. It’s important to get in the habit of actually looking at your monthly bank statement to see what fees you may be paying.
If your bank requires a high minimum balance to avoid a monthly fee you may want to consider a better bank.
Cancel unused subscriptions
Signing up for alternative TV services like hulu is fast and easy, but can also get costly. Don’t forget to cancel monthly subscriptions for any streaming services you no longer use. Automatic monthly payments are convenient, but it is also an easy way to slowly lose money without even knowing it.
Avoid paying cash machine fees
Using an out of network ATM can be costly. There are usually 2 different fees involved when you withdraw any amount of cash. The first fee is charged by the machine owner and next one is from your bank. If you like carrying cash go with a bank that reimburses all your ATM fees like Radius.