Money Leaks

In the December 2012 issue of Money magazine there is an article title ” 35 Money Leaks and How to Plug Them”.

Even if you follow a budget there may be ways that you are spending more money than you need to be spending.

They break it into three differnet categories.

You Set it and Forgot it.
There may be some expenses that you have set up to be automatically deducted from your account. There may be membership fees, storage unit fees, and subscriptions that you set up and may not use anymore but are still be charged for them.

You Overlook Cheaper Options
Instead of purchasing items that you will only use once or twice consider borrowing or renting instead of purchasing the item.

Consider if there are lower priced plans for cellphones, internet service and other services. Many people are dropping their land lines since they can get by with just their cell phones.

You Just Don’t Get Around to It
See if you could pay less for home insurance. Redeem all of the loyalty rewards, points and miles you have racked up. YOu may use you credit cards and other cards to get the rewards. But they are worthless if you don’t redeem them.

The artlce ends with ways to stop spending leaks when you are shopping.

It may be convenient to have your bills automatically withdrawn from your account on a certain date, but it is still important to look at your statements to keep an eye on you spending.

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