#Youre #Losing #Money #Realizing
Returning items can be inconvenient and cost you money in restocking or shipping fees
If you want to live more comfortably on a budget, being frugal can only benefit you. Even though you’re checking your spending and saving on what you buy, you may not notice some less obvious ways you’re losing money.
In an episode of the Frugal Fridays series, YouTuber Kade Caden highlighted these seven things to avoid:
A waste of energy
Wasting energy that can contribute to higher utility bills. For example, your home may not have efficient appliances or sufficient insulation, or you may keep lights and other equipment on when not in use. Changing your behavior and buying efficient appliances for your home can help reduce wasted energy, writes Yahoo Finance.
Wasted food
Feeding America pointed out that food waste costs Americans more than $444 billion a year. Caden recommended the following steps to avoid food spoilage or not being used. Examples include freezing leftovers, not buying things you won’t use in time, and careful meal planning.
Unused gift cards
GoBankingRates previously reported that unused gift cards are costing Americans $21 billion. Caden emphasized how easy it is to forget about gift cards until they expire. Use your gift cards immediately if possible or set a reminder so they don’t go to waste.
Gambling habits
Whether you’re playing the lottery or casino games, there’s a good chance you’ll waste money instead of winning a big prize. It’s also easy to get caught up in the excitement of winning and keep betting your money. Caden recommended avoiding gambling or at least budgeting carefully and stopping when you reach a certain amount.
Credit card interest
Caden discussed how credit card interest charges lose billions of dollars a year. The Federal Reserve’s latest consumer credit data showed a high average interest rate of 22.75% for those charged in November 2023. She stressed that you should use cards responsibly by not spending more than you already have. to cover the balance.
Credit card late fees
Although the Biden administration recently curbed credit card late fees, they are still a waste of money that can be prevented with financial planning and automatic payments. If you are charged, ask your creditor about potential relief.
Return store
Returning items can be inconvenient and cost you money in restocking or shipping fees. Caden talks about how some people end up not completing the return and wasting money on things they don’t even use. Carefully consider purchases to avoid regrets and potential returns.
