Expenses- They Sneak Up On You!

What little expenses are hiding in your monthly budget? Children’s bills? Unused services? Find more ways to cut fat from your budget this week on the Wise Money Podcast.

When it comes to money, do your finances ever feel like a leaky faucet?  The dollars and cents seem to run out faster than they come in. If your budget feels stretched a it may be time to take a closer look at your bank statement.

Getting a clear picture of your spending may surprise you. In fact, the real culprit derailing your savings may be all the little things. Although small expenses add up and can make a big difference to your wallet as they gradually increase your spending. We’ve uncovered a number of common causes of “expense creep.” This can add up to thousands a year. Not great when you’re working to save for your future retirement.

Here are a Few Expenses to Keep and Eye On:

When was the last time you closely reviewed your cellphone bill? Now may be the time to take a look. You’ll want to make sure you haven’t been incurring any data overage fees, and that you aren’t being charged for parental controls you no longer need. If you spot any of these, contact your provider and update your account so that you’re only paying for what you actually need. And if data overages are plaguing you, consider an unlimited data plan, or make sure your settings only allow you to stream music, videos and games when you’re on Wi-Fi.

If you signed up for a gym membership in an effort to reach your New Year’s goals, chances are you opted into an automatic credit card payment. But if you haven’t stepped foot on a treadmill in months it might be time to cancel that membership. An unused gym membership could be costing you $700 a year or more. Instead, look for a gym that offers a “pay-as-you go” option so you’re aware of how much you’re spending on classes when you do attend.