By: Admin / TextrOnline
Adding money to a savings account is second nature for many people. However, sometimes we fail to notice little things that cost a lot of money. These tiny expenses cost us hundreds of dollars when they mount up and have a strong impact on household income.
In this blog post, we will explain 5 things you do that could be losing you hundreds of dollars. If you act smartly, you might save a good chunk of your income that can be invested elsewhere.
While this might seem like a minor hit on your expenses, the rising cost of electricity can greatly impact your savings. The average cost of electricity per kilowatt is 23 cents, and an average American uses 908kilowatts. This number increases over time, and people become habitual of leaving their lights on. You easily save up to $100 by switching off the lights when you are not using them. This might seem unrealistic, but when your monthly electricity consumption reduces, it cuts down your electricity bill by a lot.
Most people tend to keep paper money in their wallets. This is because coins are hard to manage, and they sometimes damage your wallet or other precious items in the pocket. Coins are known to cause scratches on aplastic or glass cell phone. However, these copper currencies hold more value than you think. Keeping change can save you from using paper money, which is of higher value. And when a $100 bill breaks into $20 bills, it becomes easier to spend. By keeping change in your wallet, you can save money over time by paying through coins and not utilizing your high-value bills.
Cutting down your habit of going to Starbucks for a morning kicker is not an ideal option if you plan to save up. Instead, you can invest in a coffee machine at home. Although the taste might not be the same as an expensive coffee, it will get you up and running in the morning.
A major hit on your household income is because of plumbing and other maintenance expense. However, if the problem is simple leakage, you can fix it on the weekend. Plumbing services cost a lot, but a simple YouTube video can be your guide to restoring your plumbing.
Taking a strip to the car wash might seem like the easiest thing to do, but these are not cheap. If you are a regular or a weekly visitor at a car wash, you could be investing more money in it than you should be. Instead of facing a regular expense, you should buy cleaning products and clean your car on the weekends.
Although these tricks are simple, most of us don’t pay attention to how much we are losing when we take things for granted. Take up responsibility and start doing most of the things yourself, and you will soon save up for a nice trip. Cutting down the electricity bill is crucial because of its rising prices. Once you make a habit of switching off the lights, you won’t ever leave them on again.