Five Times You Could’ve Wasted Money This Month

It’s easy to spend money, a little harder to save it. But could you be spending much more money than you realise? If so, you won’t be the only one. Many of us look at our bank balance pre-payday and ask ourselves: ‘where has my wage gone?’

In our latest article, we focus on the five occasions you could have wasted money this month, without even knowing it. We also provide some practical tips to help you put more funds aside for a rainy day. Read on…

Shopping Without a List

If you’re prone to dashing to the shops without a shopping list, you could be spending way more per month than you intended. After all, supermarkets rarely position the essentials (like milk, bread, and eggs) near the doorway. Instead, you usually need to make your way to the middle or back of the shop, passing all kinds of ‘tempting’ offers and treats on the way.

Of course, a shopping list isn’t always going to stop you from picking up the odd treat or two – but when we head to the supermarket (or indeed any shop where we need more than a couple of items) without a list, we’re setting ourselves up to spend more. Every time.

If you want to know how to stop overspending, make that list. It’ll take mere minutes. Then, make a promise to yourself to stick as closely to it as possible – and you could save yourself a small fortune.

Unity Mutual’s Leonie Leigh swears by online shopping, too, when it comes to reining in her spending. She says: “With shops like ASDA, you can get the Delivery Pass for about £6, which pretty much pays for itself for me. You can also search for exactly what you need online and set the price to ‘low to high’. I did a shop one week instore at an alternative supermarket and the next at ASDA online and spent £40 less because I have no control over myself in thespecial buys aisle.”

Commuting and Parking

Spending a fortune on petrol and parking?

So, this could well be an obvious one, but have you considered car sharing? If you’re currently using your car – or taking the train to avoid hefty parking charges – you could benefit from setting up an office car sharing scheme.

This will only work, of course, if you and your colleagues live close enough to each other, but if there are five of you sharing one car, you could split up the week to ensure everyone drives just once.

Not only is it a more sustainable way to get to work, but you could all stand to save a fair amount of money too.

Succumbing to Social Media Ads and Trends

Huge TikTok fan? Or maybe you love nothing more than catching up on your favourite influencer’s content on YouTube or Instagram. There’s many an article about social media impacting mental health, but we’d say it can also negatively affect your bank balance. If you allow it to.

Consider the last time you made a quickfire purchase – and ask yourself what sparked it? If you find yourself thinking about splurging on something because a celebrity has waxed lyrical about it, step away from your phone for a second and give it some more thought.

If the item in question is something you already had on your wish list – or it’s a genuinely helpful or practical purchase – it may well be worth buying it. If not, keep it on your wish list for at least another week or so and ask yourself if you still want it once a little time has passed. The chances are, you could have previously been tempted to act on impulse which, over time, could add up to a lot of pounds spent.

Not Keeping an Eye on Your Transactions

How often do you keep an eye on what’s coming in – or, more importantly, leaving – your bank account? If scanning your banking app or paper statements isn’t something you do regularly, this is a habit worth forming.

By focusing on your daily, weekly, and monthly expenditure, you might be able to better track where you’re spending the most money (and where you can cut back). Make opening and scanning your banking app a daily ritual; you may well be surprised where your money is going.

Buying Cheaper Items

You’ve heard the saying ‘buy cheap, buy twice’ – and it makes perfect sense. If, when the kettle finally packs in, or the toaster goes kaput, you look for the cheapest available replacement option online, you could be doing your bank balance a disservice in the long run.

Getting a bargain is one thing but deliberately looking for the cheapest possible version might not always be the best bet. Instead, keep an eye out for sales on branded goods and always read online reviews carefully to check you’re getting the best product(s) for your money.

Do you overspend – and on what? Join the conversation over on Facebook. Plus, don’t forget to check out our range of savings products if you’re keen to put aside more funds each month.

Until next time…

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