Have you ever wondered about a bank statement? Where did all my money go? I was there – at once. And even financial experts, I am not affected by money leaks. In fact, staying above my spending requires serious intentionality, especially as a mother, a business owner, and a woman wearing many hats.
So recently I was sitting down to dive deep into my finances and what I found surprised me. Those small, seemingly harmless costs? They were quietly draining my bank account.
In this article, I share my real-world spending habits that I spent hundreds, sometimes thousands of dollars a year. More importantly, it’s how we stopped leaking money. If you are trying to find a way to stop wasting your money, encourage your own financial audit with these tips.
1. Subscription: I had them all
Let’s start with my biggest wake-up call, the streaming service. It had every platform you could imagine: Netflix, Hulu, Disney+, Apple TV, Prime Video, Paramount+, Peacock. And to close it off, we paid for the cable too (because my husband can’t miss live sports).
Even worse? I had double payments for some subscriptions. I had signed up for Disney+ twice with different emails and paid for the peacock through both cable and streaming.
My rules for streaming smarter
- All subscriptions were listed and monthly expenses totaled. The numbers shocked me.
- We cancelled what we rarely use and started a spinning service rather than keeping the streaming service all year round.
- They also negotiated the cable bill for better deals.
- We’ve alerted our calendar to revisit your subscription before the trial ends, especially for subscriptions that offer free trials using the app.
Total savings: That’s all $800 a year– From streaming!
2. Business expenses I didn’t need
As a business owner, it’s easy to justify all your tools and subscriptions as “must have.” However, when I finally reviewed the business expenses, I realized I was paying for multiple social media schedulers, stock photo memberships and video editing tools.
Streamline my tools
- I barely cancelled a subscription I used.
- I integrated the tools and only selected the tools that provide the most value.
- Set quarterly reminders to audit your business expenses.
result? Saves hundreds of dollars each month and doesn’t drop your productivity.
3. Fast food spending on the go
If you are a parent, you know the mixed chaos of running your child from one activity to the next. I grabbed fast food more often than I noticed $10 here, $15 there. It looked harmless until I added it.
Move to budget-friendly meal plans
- Before we left the house, I started packing snacks and a quick meal.
- I kept a water bottle, a juice box and a snack bar in my car.
- I gave myself a realistic fast food budget, so when we eat out, it’s intentional.
bonus: It’s healthier and more affordable.
My grocery bill was a mean budget murderer for me. Every time I entered a hungry store, I came out with snacks and extras that I never intended to buy. And what if I went outside and was hungry? I splurge on expensive meals without thinking about it.
Outmart my snack-driven spending
- I eat before grocery shopping and always have a grocery list (or shop online to avoid impulsive shopping).
- Keeping snacks in your wallet will help you avoid grabs of expensive meals on the go.
- I pay attention to the prices of the food and are looking for a popular brand that may offer low prices.
- They also learn to be creative in their meal planning and try to use the same ingredients in various recipes.
This small change has made a huge difference in keeping unplanned spending down.
5. Pay more with delivery fee
Ordering online is very convenient, but sometimes it costs money. I was guilty of adding unnecessary things to my cart to qualify for free shipping. I also paid an incredible shipping to get the product to my door.
- I won’t fill my cart any more. If you don’t meet the minimum shipping requirements, wait until you need something else or shop elsewhere.
- I’ll check if the company offers the option to deliver my products to the pickup location. This service is often more expensive than something being delivered to my door.
6. You are not returning items that were not needed
This hurts. I once was the queen who bought something and realized it was not correct at all, then I realized I was going to pass through the return window. $20 here, $50 there. It was added quickly.
My new rule: use it or return it as soon as possible
- I created a habit of returning items within a week.
- I kept the returned items in my car so I tried not to forget them.
- Set a phone reminder for higher priced items.
- We also avoid stores that charge return fees. Why pay to get your money back?
- I focused on having a capsule wardrobe to reduce overall spending.
Now I’ll just keep what I’m using and get my money back for everything else.
Expert Tip: Set a repeat calendar reminder for each quarter
Set repeat calendar reminders on a quarterly basis to audit your personal and business subscriptions. This simple habit will help you to earn unnecessary expenses before they stack up and ensure you pay only for what you are actually using. This is one of the easiest ways to stop wasting your money without significantly changing your lifestyle.
How to Stop Wasting Money: My Challenge for You
After making these changes I was surprised at how much I saved. It freed up hundreds of dollars each month and gave me some budgetary room for what really matters.
Ready to control your spending?
This is my simple challenge:
Start small. All the small changes are important and they add up faster than you think.
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Final Thought: You can stop wasting your money too!
Wasting money doesn’t always look like a big, obvious purchase. Sometimes, what costs us the most is quiet, repetitive costs and unintended habits. But good news? You can regain control and don’t have to be complicated.
It is proof that deliberate changes can completely change your budget, just one or two at a time.
So, what is your biggest money leak? Share your comments and help each other!