How You Can Avoid a Flood of Money Leaks | St. Johns Bank
Saving money is one of the biggest challenges that most people face, and for good reason. Every penny can quickly add up, and when a person gets accustomed to spending on a regular basis, it can be difficult to make the lifestyle changes needed to work within a budget.
While general budgeting and reducing recurring expenses are great savings strategies, today we will be talking about a type of spending that often does not get discussed at length: money leaks.
Money leaks are what we call the little expenses that add up to big costs—things like coffee out of convenience or not using coupons to save where you can. Below, we will look at some common money leaks to help you get your flood under control!
Ways to Avoid Money Leaks That Cause a Flood
Avoid consumption due to convenience. It can be all too easy to swing by the drive-thru for a coffee on your way or pick up dinner instead of cooking at home, but these convenience costs can quickly add up over time. In fact, the average American spends nearly $100 on coffee each month! While conveniences can be a great way to treat yourself on occasion, cutting back can make for big savings.
Reduce your hobby spending. Hobby spending can be a great way to keep yourself busy at home—which means going out less—and enrich your quality of life, but there are likely ways you can cut back on how much you spend. For example, your local library likely has a database of books, movies and magazines that can be accessed for free instead of purchasing these things as they come out.
Look for savings every time you shop. Do you know that feeling of buying something and then seeing it on sale the next time you go to the store? That probably happens a lot more than you even realize! Searching for discounts may seem time consuming, but it is a fantastic way to save on things that go on sale often. Every time you shop, make sure you are looking for coupons, price cuts or cash back rewards to stretch your money further.
Do you need help controlling your money leaks? That is what we are here for! Banking with us is a great way to take charge of your finances. Contact us today to learn more!