When you’re trying to save money, focus first on cutting the biggest expenses from your budget. This is common sense. But it can be easy to overlook smaller purchases that can add up to big expenses. You hardly notice when it’s just a few dollars here and there, but over time, that can turn into a lot of money — and, often, faster than you think.
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Here are five places where many people overspend little by little, often without even realizing it.
Impulse Purchases
It’s so easy to add one more item to your cart. It can happen when you’re shopping online or in a store. It’s usually something small and inexpensive, which makes it seem trivial and easy to excuse. But when it happens repeatedly, these small extras can quietly eat away at your monthly budget and sabotage your savings.
Brick-and-mortar stores know to place these low-cost items right by the checkout to get you to spend just a little more at the last minute. And it can be even harder to resist when you’re shopping online. You’re being hit with targeted ads, and that impulse buy is just a click away. To resist, make a shopping list before heading to the store and stick to it.
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Brand-Name Products
Brand loyalty can be expensive. In fact, according to Salsify, 87% of customers will pay more money to purchase an item from a brand they trust. That extra cost might not matter on a single item, but over a year of grocery runs and household shopping, it can total up to hundreds of unnecessary dollars.
Many generic and store-brand products are made in the same facilities or use nearly identical ingredients. Name-brand medications contain the identical active ingredients that generics do but can cost 79% more, per Tebra.
Try switching to some alternatives. You don’t have to go all-or-nothing. Buy the generic versions one by one and test which ones you like.
Delivery and Takeout
Convenience comes at a cost — and that cost builds up fast. This can be one of the biggest drains on your budget, and maybe one of the hardest to resist. Eating out is already more expensive than cooking at home. But delivery apps can also add a hefty fee. And often, the restaurant charges more for their delivery menu to cover the extra costs on their end.
Plan your meals ahead of time each week, and then make shopping lists based on your meal plan. You can also cook larger batches so you have leftovers ready to go. When you have your next meal already waiting in your fridge, it’s even more convenient than delivery.
