1. Your App Addiction
In the list of things to waste money on, smartphone apps are a big one. Those $1.99 purchases seem inexpensive enough, but they can snowball — especially if you have kids who are adding to the overall purchase price or frequency.
Consider free app downloads exclusively or cap yourself and your family with a monthly app budget.
2. Paying Bank Fees
Many banking fees can be avoided, so there’s no reason to pay these if you don’t have to. Instead, find a financial institution that will allow you to avoid certain fees.
With the right checking account, you can avoid the monthly fee with a monthly direct deposit or minimum daily balance of $500 or more. When it’s that easy to avoid a fee, you should always take advantage so you can keep more of your money in your account.
3. Not Checking Your Credit Report
People with top-tier credit ratings qualify for the lowest finance rates when car or home shopping. Over a 30-year term, a quarter of a percentage point can add up to thousands of dollars.
Check your credit history regularly and clean up any problems as soon as they arise.
4. Having Wine With Dinner
Buying wine with dinner is a pricey proposition. Restaurateurs routinely mark up bottles by about three times the wholesale price — sometimes more. Consider a BYOB-friendly restaurant instead or, if you can bear it, skip the wine altogether when dining out.
5. Leasing Your Car
A 2019 cost-comparison report by car cost site Edmunds found that the overall cost of leasing a compact SUV can be over $5,000 more than the cost of buying a similar car used, and it is about $7,000 more than buying the same car new when you take equity into consideration.
Drop the lease and invest the difference, and you can boost your overall financial scenario.
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.