5 Things Draining Your Bank Account You Probably Never Even Realized

A key element of building wealth is to understand your cash flow. For most people their general understanding goes like this: money in and a few days later it’s all gone! Unfortunately there are dozens of things over time that slowly drain our resources. It’s the old “death by a thousand cuts” thing. It’s important to identify these and eliminate them if possible. Here are five common ones that should be addressed:
  1. Subscriptions you no longer use. How much is your gym membership and are you actively going? Gyms know that human psychology is intense when you walk into the gym and decide to get fit, however often times life gets in the way and you end up not using it. Like a stock that is falling in value, you often think it will recover and you don’t sell it. The gym is similar in that you think you will probably start going back soon, but it never happens. Why not go for a walk or run outside for free and keep that monthly membership fee for investing?
  2. Streaming TV services – Do you really need Netflix, Hulu, Disney+, Apple TV+, Amazon Prime TV, Showtime, HBO and Cinemax? I remember when cutting the cord was cheaper than a cable package but now all of these add up to more than a cable tv package. Try picking one that has the majority of your needs met and keep the rest of the money for your investments. You can also be strategic about the services and subscribe to one you want for a month to binge watch a series then cancel.
  3. Vending Machines – ever since I got my Apple Watch I’ve noticed how many vending machines take Apple Pay. It’s so easy when you’re bored to just grab a sugary drink or unhealthy snack and not think about the impact on your health and bank account. Plan ahead with some fruit from the grocery store or some rice cakes . Skip the sugary drinks and go for free water.
  4. ATM Fees – always have a bit of cash on hand. It could cost you not to. The other day I took my kids to the flea market and although many of the vendors are setup with Square and can take credit cards, the admission to the market must be paid with cash. I had no choice other than to use their ATM and pay a 3$ fee to get my own money. It still makes me mad to think about it! 🤬
  5. Late Fees – how many times have you forgotten to get around to paying a simple medical bill, credit card bill, or a utility bill? I try to automate as many of my payments as possible, but there are still a few that I like to manually review before I pay them. Unfortunately, sometimes they get stuck in my bag and get forgotten about for a long time until the next bill shows up with the late fee attached. I always try to ask for a removal of the fee, and sometimes it works. Best is to stay on top of your bills and not let the late fees get your hard earned cash.

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