It’s a New Year – Let’s Stop Wasting Money

Whether we admit it or not, we make resolutions when a new year rolls around.  You are going to do this, or you aren’t going to do that.  Whatever your intentions, they might be called a resolution – albeit a silent resolution.

With inflation at a high point, we are all looking to stop wasting money.  Here are some areas that might not have crossed your mind as being a money waster:

  • Memberships that you aren’t using – gym memberships (oh, yes, that’s right; new year, you are going to start going to the gym!), a club membership, a membership for an area of interest – say Ancestry.com, apps on your electronics such as a meditation app, financial app, game app that continues to be charged to your method of payment even though the app on your electronic device hasn’t been opened or updated in eons.
  • Subscriptions to media – newspapers, magazines, food deliveries, cosmetic boxes, etc. 
  • Fees being paid on investments – such as mutual fund fees.  Could you find investments that have a lower cost and generate a good return? 
  • Bank fees – when was the last time you took a look at your bank statements to determine if you could change the type of account to avoid certain fees (so many banks now charge for check images or for a hard copy of your statements) or even change the type of account to earn a higher rate of interest on your accounts.  Don’t be afraid to contact your bank to see if you can do better.
  • Food deliveries – the pandemic opened the door for food delivery services, but do you realize what those fees can amount to?  It usually isn’t a dollar or two or three but much more.  If you want to order prepared food, you may want to consider curbside take out.
  • What about good ole dining out?  Or stopping for the coffee in the morning?  You have probably noticed those prices rising. 
  • What about your gas hog?  Prices at the pump have risen and you may be driving a gas guzzler.  Good luck in finding a new car – I hear they are in short supply.  In the meantime, check your tire pressure, use the recommended grade of motor oil and if you have an older car, an engine tune-up may help improve mileage.
  • We love our pets and do our best to spoil them.  But, do they really need that $100 bed or that $10 toy? 
  • You love to read books.  Have you visited your local library lately rather than buying a new book to read?
  • The weather is cold outside, but rather than jacking up the thermostat, how about wearing one of those cozy sweaters or jackets you have?  It is said that sleeping in a cooler environment provides for better rest.
  • What about a leaky faucet or toilet or a drafty window?  Attending to these can help save money.
  • And finally, we know how much we depend on electricity.  But how much electricity do we waste?  Do we turn of lights and appliances that aren’t being used? 

One last thought; think about the impact on our environment by the waste we produce.  Do your part to help your budget as well as your environment. 

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About the Author

Kay Sowa is a paralegal in the Trusts and Estates Group at Capehart & Scatchard, P.A. She is an IRS Enrolled Agent, an Accredited Estate Planner®, and a Certified Trust and Fiduciary Advisor. She oversees the trust and estate administration practice for the firm. She is an accomplished author and lecturer who has frequently spoken on behalf of a number of organizations including the National Business Institute and the Institute of Paralegal Education.

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