Your budget is hurting, thanks to inflation. How do you put a band-aid on the financial trauma? Hint: You can’t do it with thrift alone. Being frugal helps, but home lunch or bringing your own coffee can get you only so far. Here are the some common ways that people overspend without knowing.

1. Forgetting unused subscriptions
   It’s easy to sign up for a service — i.e., music streaming, video streaming, app — only to forget — it’s an auto-renewal subscription. This is a common mistake, so make sure you’re not paying for a subscription you don’t even realize you still have.
2. You’re not paying attention to banking fees
   Why should you pay a fee to access your own money? Take a look at your accounts and card fees and see if there are better options. UHFCU is proud to offer our members LESS FEES when compared to local banks, including no monthly service charges, surcharge-free access to 375+ ATMs, and no annual fee or balance transfer fees on our credit cards!
3. You’re not diversifying your portfolio
   Are you worried about the stock market? Before disaster strikes, be prepared. Consider looking at other potential locations to put your money to work. IRAs and Certificates are a great way to safely grow your money while avoiding the volatility of the stock market.
4. You’re still paying credit card interest
   Credit card debt ballooning faster than you can pay it off? You’re not alone. Between 2018 and 2020, U.S. consumers paid approximately $120 billion per year in credit card fees and interest. On average, that’s about $1,000 per household! Think of what you could have done with those dollars. Stop throwing away all that interest money and start planning to pay off your credit card debt as soon as possible. Balances that keep carrying over will cost you more in the long run. If your credit card debt is too much for your budget, consider a balance transfer to a low-rate credit card, or a Personal Loan to consolidate your debt into one, low rate. Either one can start you on the road to cancelling your debt and potentially save you thousands in interest!
5. Not saving enough for retirement
   A study by Vanguard found that, on average, a $500,000 investment over twenty-five years would grow to $1.7 million if you manage it yourself, but more than $3.4 million if you work with an investment firm.
   Of course, there are no guarantees a professional will do better than you, but with that much at stake, it would be prudent to check it out. If nothing else, they can help you create a plan, maximize your Social Security, protect your assets, and offer you peace of mind.

Reference
https://www.moneytalksnews.com/7-dumb-ways-you-waste-money-daily/.