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Nobody likes the feeling of checking your bank balance and being stunned at how much money you’ve spent. Some of these expenses are known to you. You’re aware that you paid your phone bill, you know you’ve spent money on rent, etc. But, other expenses can happen almost without you realizing. Before you know it, you’ve spent way more cash than you ever expected to.
As if that wasn’t bad enough, this seems to happen every single month. How is this possible? It’s probably because there are plenty of hidden ways you can lose money. Allow me to explain this in more detail by showing some of these ways:
Do You Have An Excessive water bill?
How much attention do you give to your water bill? I’m willing to bet the answer is somewhere between not much and none at all. We don’t think about this expense as we’re used to paying for it. But, the chances are you’re spending way too much on water every month. This comes from bad habits that waste water, but it can also come from things like leaky pipes. A leaky pipe will literally flush money down the drain! Sometimes, you need to get your plumbing fixed to avoid wasting water, and to stop spending so much needless money.
You Might Be Losing Money on Old subscriptions
So many of you will have old subscriptions to things that you don’t need or use anymore. This might be a magazine that keeps getting sent to your home and left unread. It might be a streaming service that you used but gave up on. Regardless, these subscriptions don’t go away unless you cancel them. Even if you’re not using the services anymore, they still take money from your bank every month. You could even lump in gym memberships here as well. Cancel any subscriptions or direct debits that you no longer have use for. This stops the endless flood of money from leaving your account every month.
Are You Losing Money on Your Taxes?
Clearly, everyone has to pay taxes. I’m not saying that taxes themselves are a cause for concern! If you’re making money, then you’re paying taxes. However, the amount you pay will vary depending on how much you earn. For whatever reason, this can sometimes get messed up and you end up in the wrong tax bracket. As a result, you pay more tax on your wages every month than you’re legally required to. Therefore, you’re basically losing money without even knowing it. The taxman won’t contact you and tell you you’re overpaying, it’s something you have to find out for yourself. So, check your tax bracket and see if you’re paying as much as you should. If you’re overpaying, then contact the tax authority in your country to get a tax rebate and reclaim your lost money.
Does it make sense now? These three ideas all represent instances where you can spend money without being aware of it. Therefore, you have to try and get control of these things to stop that from happening. This should stem the tide of money leaving your account, meaning you save more each month.