It’s difficult to save up enough money for a down payment on a house, even when working with new home builders with in-house financing available. Every dollar you save counts. Yet, it’s all too easy to miss single expenditures that are some $5 to $10 a month, and these small money leaks can have a surprising impact on your finances. This is especially true when you’re saving up for a down payment. So how can you stop these nearly-invisible money leaks from your finances?
Where is my money disappearing to and how can I stop it?Even when you budget out your money, you might be confused where these small money leaks are coming from. But you’re not alone. Here are three of the most common areas where many folks experience small money leaks:
- Subscriptions. Subscriptions and memberships have become increasingly popular in recent years as online shopping becomes more common. Take a moment to look at the subscriptions and memberships you’re signed up for. Get rid of the ones you don’t use or the ones you don’t need.
- Bank fees. Bank fees, like overdraft fees, can cost you a surprising amount of money. Some banks require you to opt in for a protection plan to keep you from over-drafting your account, but even this protection plan can cost you money. If you’re paying a monthly fee to access your money, it may be time to look into changing your bank.
- Food waste. Odds are you have your food cost budgeted, but how much of your food are you actually eating? Consider making a list of the food you end up throwing away at the end of every month. It may be worth taking those food items off your grocery list.