Three Sneaky Expenses That Are Ruining Your Budget
As someone who has always followed a “pay myself first” budgeting approach, allocating a specific percentage for savings and retirement before addressing other expenses, I’ve only recently begun to scrutinize my spending habits due to changes in my financial situation. Here are three stealthy budget killers I’ve identified that might also be affecting you.
1. Excessive Spending on Food Delivery:
During the early days of the pandemic, to minimize health risks, we opted to spend more on food deliveries instead of dining out or shopping in stores, thinking of the safety of our newborn. This habit stuck, bloating our monthly budget by $1,000 to $1,500. Realizing that this was no longer necessary post-pandemic, we cut back by cooking more at home, saving us around $1,000 each month and unexpectedly aiding in weight loss for both me and my wife.
2. Unnecessary Premium Gas:
When I purchased my car in 2016, it recommended “premium gas.” Without proper knowledge, I used Plus (89 octane) instead of the recommended Supreme (91 octane). I only discovered my mistake during a cost-cutting review in 2023 but found out my car ran fine even on Regular (87 octane), which was cheaper. Switching to a lower octane saved me over $2,300 since the purchase of my car. Additionally, buying brand-name gas like Chevron or Shell, which can be 30-60 cents more per gallon, proved to be an unnecessary luxury, as generic gas met the same quality standards.
3. Sneaky Subscription Costs:
Subscriptions can drain resources without notice. For instance, I was unknowingly paying $9.99 monthly for Apple TV+ since I forgot to cancel after the free trial, influenced initially by a series I liked. After realizing this oversight, I canceled it immediately, saving a significant amount over time. It’s essential to regularly review and prune unused subscriptions, which can silently eat into your budget.
Cutting Back on Unnoticed Expenses:
These hidden expenses can slowly undermine your financial health. By identifying and eliminating them, you not only save money but also streamline your spending habits, contributing to a more sustainable financial lifestyle. Whether it’s dining in, using regular gas, or canceling unneeded subscriptions, each small change can lead to significant savings.
