When it comes to cutting costs, it may be easier to pin the blame on frequent trips to Starbucks, dining out too often, or treating yourself by too many spa visits. Still, some sneaky ways bleed your money.
Keep on reading to find out if any of the below practices can be of use to you.
Renting Out a Storage Unit
paucasals/Unsplash: Consider NOT renting out a storage space
It might have seemed like a good idea at the time to rent out a storage unit that creates some extra space if you live in a small apartment. But, frequently, people use the area to hold onto things that have no use at present and will probably be just as useless in the future.
Even the smallest of units cost about an average of $40 to $50 per month, that accumulates to $480 or $600 per year – on par with the monthly costs of some households. To cut expenses, sift through the stuff stored and segregate into categories – keep, donate, or sell.
Leasing Out a Car
Leasing out a car costs more than you think
While it is a great option when you are in a fix and cannot afford a vehicle, the leasing costs tend to pile up in the long run. Also, getting a rental just to drive a new car every now and then is not practical.
Our tip is to take out a car loan with a repayment term of three years; that way, you are the owner, and the asset will last you far longer.
Taking a Credit Card on a Whim
rupixen/Unsplash: Credit cards can be expensive
At a store’s checkout, when the clerk advises you to get a credit card in lieu of a discount, think twice! Many people get one without considering the full implications of the offer.
It is a good idea if you regularly shop with the store, but that is rarely the case with most shoppers.
A survey found that the average APR offered by America’s top credit card companies has risen to 24%. Retailer cards are the right choice for the ones who do not have a credit history and are looking to build one up. But for someone with already a good credit score, it may be a bad choice.
Navigating Shipping Charges
If anything the recent trends have shown us, the future belongs to online shopping. As more and more companies go digital, it is not hard to find free shipping.
Even if you cannot meet the minimum required order criteria, there are always codes present on the internet that allow you to waive that pesky charge.
Streaming services have taken the world by storm and revolutionized the way we consume content – to the point that Cable TV now seems redundant.
A cable may come with 900 channels, but very few people actually watch all of them. If your monthly bill of cable and internet comes just under $100, then it may be worthwhile to stick to the current plan. But, if you evaluate, it is likely that you will be able to save a couple of dollars by making the switch.
Purchasing at Full Price
In this day and age, where there are many options for scoring good deals, paying full price for something is absurd. If you have your eye on something, wait for a sale or enlist the help of coupon finder websites!
Another set of great options are exploring eBay and Craigslist.
Get cracking on these situations and save yourself your hard-earned dollars!