Common Budget Leaks You Should Be Aware Of

You know that you don’t spend a lot of your money lavishly, but somehow, you’re left with basically nothing to put towards savings each month. You’ve cut down on your extra expenses, and you’re taking your own coffee to work, but you still haven’t got enough left over at the end of each month to deal with things like budgeting towards your new house.

You’re not alone. It’s all-too-easy to overlook the tiny leaks in your budget. You’re often busy with countless things in your day-to-day life, like work, family, and other relationships. Plus, it’s worth noting that it’s extremely easy to spend these days. All you need to do is flash a contactless card somewhere and you’re ready to go.

Here are all the things you need to think about if you’ve been wondering where your cash is going each month. These budget leaks could be the cause of your most common financial concerns.

How Much Do You Spend on Lunch?

You know that you write a list when you go shopping for your standard food each month, so you can’t be spending over the odds on meals right? Well, even if you’re careful about the food you eat at home with your family, there’s always s a chance that you could be spending way more than you intended on food that you eat when you’re out and about.

For instance, think about how much you generally spend on lunches with friends at work. If you’re spending £5 every day on a sandwich and drink, that’s quickly going to add up. Making your own meals at home will save you a lot of extra expense.

Do You Drive Everywhere?

Driving to wherever you need to be is convenient- but it’s not the most affordable way to get around in some cases. When you drive to the store that’s closest to your house instead of walking, you’re not just having a negative impact on the environment, you’re also putting extra money out of your income into things like fuels and maintenance.

If you’re normally spending a fortune on driving, think about what you can do to start cutting down. Maybe you can begin walking to the shop more often, or just sharing your car with other members of your family, so that you’re not the only one paying for maintenance. You could even think about carpooling to work.

Have You Compared Your Bills?

We often spend a fortune on things like gas and electric, broadband, and other household bills that we see as essential without even thinking about it. We assume that we have no choice but to spend on these things, which means that you’re stuck spending the same amount each month. However, that’s not the case. You can always consider looking at different suppliers instead.

Comparing your current suppliers to some of the other options on the market could help you to save a small fortune on extra expenses. You might find that you can save around £100 a month just by using a different supplier for your gas, electricity, and insurance.

When Did You Last Check Your Subscriptions

Subscriptions are pretty expensive, but they’re quickly becoming a common part of our lives. Whether you’re subscribing to streaming services, or you’re spending a small fortune on things like gym memberships, it’s easy to forget all about the expenses that come out of your account once a month. To ensure that you’re safe, make sure that you go through your bank statements every couple of months and check for subscriptions that you might have forgotten about.

If there’s anything there that you’re paying for which you don’t use, then you could always jump in and start cancelling things. You might not even notice that some of these extra services or products are missing from your life.

How Often Do You Order In?

Finally, think about how frequently you get home after a long day and order food because you simply don’t have enough time to cook, or you just don’t feel like opening the freezer? If you’re constantly exhausted by the time that you get home, consider prepping some of the meals you need for the week in advance instead, this will make it less likely that you’re going to order in.

You could also think about cutting down on the amount you eat out slowly. For instance, if you usually only eat homecooked meals once a week, try upping that to three, then four.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.