Three things that could be wasting money right now

As restrictions begin to ease and life returns to a semblance of normality, it is natural to want to make up for the lost time by forking out on holidays, long weekends away and exciting experiences with friends and family. 

However, it has never been more important to save where possible in order to stay financially afloat and be able to afford the vacations, pub visits and new adventures everyone is starting to plan. 

When most people think of budgeting, they believe that the best things to cut back on are luxuries such as cars, holidays and eating out. Although this isn’t always wrong, they may not have to go to extremes in order to save significant amounts.

In fact, by taking a long hard look at all monthly outgoings – from the water bill to gym memberships that never get used – considerable portions of misused cash could be saved without the sacrifice of one’s social life.

Here are three ways to save wasted money right now:

Stop getting ripped off in overhead costs

One of the largest bills people will face month-on-month is from electricity and water providers. There’s no avoiding them, but the amount that is paif will directly impact the health of a person’s bank balance.

It is commonly thought that there isn’t much discrepancy in the amount of water paid for – unless a family enjoys taking ten showers a day and leaves the taps running.

This is not always the case, particularly in a business. 

The amount of water a business pays for could be significantly more than what is actually owed. As a result, it is crucial to get a consultant such as Business Water Quotes to help ascertain how much should be paid for the bills.

It goes without saying that if one can reduce the amount they pay for amenities like water and electricity every month, they will save serious amounts. 

Cut off any memberships that don’t get used enough

Another simple way to stop wasting money is to take a long hard look at any memberships or subscriptions that are being paid for. For instance, obtaining a gym membership that is only used once or twice a month might not be the best use of one’s finances.

There’s no harm in someone admitting they don’t attend a club, play a sport or drink enough supplements to keep up with the direct debits every month, regardless of what it is. 

Instead, they can cut their losses and spend their cash on pursuits that can actually be enjoyed, rather than hobbies they can’t bring themselves to give up. 

Keep track of the small payments – they add up

A common misconception of misspent funds is that it disappears after a huge payment or in a moment of madness. This is rarely the case. 

In reality, when a person checks their bank balance at the end of the month and is shocked to find less than they imagined, it is almost always the small, invisible payments that are to blame.

It could be the £5 they spent on a chocolate bar and drink in the local shop or a few fuel payments that quickly added up. These small purchases are hard to keep track of, but everyone needs to start being conscious of them if they are to stop themselves from splurging.

The editorial unit