With inflation continuing to increase, saving money is more important than ever. In fact, with the new year just getting started, there’s never been a better time to give your finances an overhaul. If you’ve been cutting corners but are still coming up short, here are five other expenses you might not have thought about.
Food Waste
How many times have you opened your fridge only to throw out everything that’s in it? Food waste is a huge issue, so if you find yourself throwing out more food than you’re cooking, it’s time to make a change. Meal plan prior to going to the market and only buy what’s on the list. That way, you’ll save money and end up with less food waste at the end of the week. If you do end up with food waste, you can always use it as compost if you have a garden. That way, you’ll know that what you didn’t use isn’t going to waste.
Insurance Coverage
Insurance costs can add up fast, especially when you’re paying for different kinds of coverages. In addition to bundling your insurances, you can also look online at marketplaces that allow you to compare rates from the top providers for home, auto and even student loan refinancing. You can then use these comparisons to determine whether your current coverages are costing you too much every month.
Buying Sale Items You Don’t Need
You might be the best bargain hunter on the block; however, you might also buy things you really don’t need. While shopping sale items is one of the easiest ways to save money, buying things just because they’re on sale isn’t. Take inventory of what’s in your closet and decide if you really need them. If not, you can try to sell them online or donate them to charity. Additionally, you need to check out what’s on sale in weekly flyers and determine whether they’re something you and your family will use.
Unused Memberships and Subscriptions
How many used memberships and subscriptions do you currently have? If you said none, congratulations. However, if you’re someone who signed up for various free trials only to forget about them, you might be paying for things you don’t even use. Look at your bank statement and see if you’re paying for subscriptions or memberships, you forgot about. If so, contact the business and discontinue immediately. You’ll be surprised how fast that extra money adds up in your savings account
Credit Card Interest
If it feels like all you’re paying is the interest on your credit cards, you’re probably right. Even those with excellent credit can get stuck in the never-ending cycle of paying interest. If you’re not making a dent in how much you owe, reach out to your lender. Depending on your payment history, they might offer you a lower rate. Also, make sure that your other cards are in good standing before you make the call. Credit card lenders use a scoring system that evaluates your overall creditworthiness, so make sure that all your cards are current.
