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.
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