8 Ways You Probably Waste Money Without Noticing

It seems as if every day, life just gets more and more expensive. Thankfully, the punishing inflation we've dealt with since 2021 has fallen to a more manageable level (it's down to just 3%, per the last Consumer Price Index Summary Report), but I'm willing to bet you still see too much money leaving your checking account every month. What can you do? Take a good hard look at this list, and take steps to stop wasting money in these areas.

1. Bank fees

Bank fees are sneaky, because they often amount to no more than a few dollars a month (say, in the form of an account maintenance fee), but they add up over time. I lost $50 to savings account fees in 2022, and I'm still a little annoyed with myself.

You can avoid paying needless bank fees by reading the fine print on your accounts and ensure you're following the guidelines (for example, I paid fees to my bank because my savings account balance was too low). Another thing to try? Switch banks -- many online-only banks in particular have done away with fees altogether.

2. Food waste

The problem of food waste is a serious one in this country -- one-third of purchased food is thrown away. Not only is all this wasted food terrible for the environment, but it can also have a financial impact -- throwing away food you've purchased is like tossing cash in the trash. Stay on top of the contents of your fridge, freezer, and pantry, and shop with a list. And while you're at it, reconsider buying food in bulk unless you're sure you can finish it before it goes bad.

3. Utility costs

Sure, it's easier to turn your home's heat up than it is to put on a sweater or plug in an electric space heater, but it will result in a higher heating bill. Similarly, you might run your air conditioning all summer long, without considering shutting it off on cool nights and opening windows instead. If you own your home and can make changes like new energy-efficient windows and better weather sealing, I recommend it. The savings might not be huge, but they'll add up over time.

4. Impulse buys

Spending an unplanned $5 or $10 here and there is so easy, and you might not notice the impact on your personal finances, but that extra money can make a big difference if you stash it in a savings account instead.

Let's say you spend $25 on impulse purchases every week, equaling $1,300 in a year. This is likely not a complete emergency fund for you (unless your monthly expenses are super low), but surely $1,300 would really come in handy the next time you have an unplanned expense, like a home or car repair. So think twice before you spend randomly -- or give it a line in your budget, so at least you know you're spending it, and planning around it.

5. Credit card interest

If you have to carry a credit card balance forward and it's not on a card charging 0% APR, you'll accrue interest on it -- and credit card interest isn't cheap, averaging 24.52% as of this writing. If you've gotten into the habit of casually carrying over a few hundred dollars in charges from month to month, you might not notice your balance ticking up thanks to interest, but breaking this habit sooner rather than later can help you save.

6. Unused streaming services

We've all done it. You sign up for a streaming service, justifying it to yourself by noting that it only costs $12 a month. But then you stop watching it, and that $12 charge keeps showing up on your credit card statement month after month. Streaming video is one of the great things about the 21st century, but it is also one more way to waste money. Get in the habit of auditing the services you pay for every month, and if you're not watching one of them, cancel it. If you miss it later on, you can always rejoin.

7. Buying name-brand foods

This is another one that I'm absolutely guilty of, and I'm trying to break the habit. I recently discovered that store-brand peanut butter is pretty good, while store-brand frozen fruit bars are not. Lesson learned! If you only buy name-brand foods, I recommend trying some store-brand items to compare. They're often noticeably cheaper, and in the case of Costco's Kirkland Signature, some products are made by the big brands anyway!

8. Speeding

Thankfully, gas prices have also come down from the heady days of 2022; AAA reports that the average price for a gallon of regular gas as of July 16 was $3.564 (it was $4.548 a year ago). That said, improving your driving habits (and especially slowing the heck down) can help you save gas, and therefore money. Follow the posted speed limits, don't overload your vehicle, and keep it in good running order.

I'm willing to bet that you can save more money by employing at least one of the tips above. After all, why waste money if you don't have to?