Still want it after seven days, two weeks, or a month? Look at your budget and determine if you can afford it. Put some distance - both in terms of space and time - between you and whatever it is you’re lusting after. But if you get into the habit, small purchases and things you buy on impulse start adding up and can create a serious issue with your spending.Ĭut out impulse buys by instituting a rule that says you have to wait a certain amount of time before you buy anything you’ve seen and want. Or you say it doesn’t matter because you definitely have $5 to spend.ĭoing this once or twice a month won’t create a major budget leak. How many times have you been out and about, with no intention to buy anything, and you pick up something for $5 or less? Because it was relatively inexpensive, you tell yourself you’ll make a mental note to add that to your budget. ![]() Keep debt to a minimum and interest rates as low as possible to avoid this kind of fee. Interest rates also count as fees! If you’re paying interest, that’s a fee charged by the lender for allowing you to borrow money. Mistakes happen, of course, which brings us back to: ask nicely and a fee may be removed for you. Use budgeting apps to help you track spending if that helps, or mark your calendar so you won’t forget. Keep track of your accounts and bills to stay organized. Late fees and overdrafts can be avoided altogether if you practice good money management habits. You won’t always get the answer you want, but trying can save you a significant amount of money. If a fee can’t be waived outright, you may be able to ask if there’s another way to purchase a service, set up an account or activate what you need without incurring a fee at all. Many times, you can get fees waived if you ask (nicely). Not all fees can be avoided, but doing what you can will help prevent money from leaking out of your budget. Everything from a $3 transaction fee to transfer money to hundreds of thousands of dollars in investment fees over a lifetime of retirement saving hurt your financial health. ![]() Take a look at these common leaks to see which one may be sinking your financial ship, and then find out what to do about it. Sometimes these leaks can be tricky to spot. ![]() 5 Common Budget Leaksīudget leaks can crop up here and there throughout your spending plan and slowly drain your hard-earned money that was earmarked for something else. Is your hand up? If so, you may have a few budget leaks that you need to fix immediately. Raise your hand if you’ve ever made it to the end of the month, confident in your ability to budget and manage your money, only to find that you’ve completely overspent and are in the red.
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