She Strengthens

Start Fresh: 9 Budget-Draining Expenses to Cut in the New Year

As the calendar flips to a new year, many of us feel a sense of renewal and a desire to start fresh. What better way to harness that energy than by taking control of our finances? Here are nine unnecessary expenses to eliminate from your budget in the coming year.

Gym Memberships Without a Purpose

If your gym membership has become a mere aspiration rather than a regular habit, it’s time to reassess. Cancel that contract and explore free online workout programs or affordable fitness apps instead. If you still want to join a gym, wait a few months and reward yourself with a membership once you’ve established a consistent workout routine.

Food Waste: A Budget and Environmental Drain

Throwing away uneaten food is not only a waste of money but also harmful to the environment. Re-evaluate your schedule and cooking habits to avoid buying food that will go to waste. Choose meals that fit your lifestyle, and consider meal prep or cooking classes to reduce food waste.

ATM Surcharges: A Hidden Expense

ATM surcharges can quickly add up, especially if you use out-of-network machines frequently. Consider switching to a bank or credit union that reimburses ATM fees. You can also explore alternative ways to access cash, such as withdrawing a lump sum from your bank or using cashback services at retailers.

Late Payment Penalties: Avoidable and Costly

Late fees can be a significant budget-buster. Set up automatic payments, email or text reminders, or partner with a friend to stay on top of due dates. Chipping away at debt is hard enough without added penalties.

Activation and Upgrade Fees: Negotiable and Avoidable

These arbitrary fees are often used by companies to pad their bottom line. When upgrading your phone or service, negotiate with your provider to waive these fees. You have the power as a consumer to demand better.

Early Termination Fees: A Barrier to Change

When switching cell phone companies, try to negotiate with your new carrier to cover early termination fees from your old provider. If not, consider transferring your contract to someone else or using a third-party service to minimize the cost.

Bottled Water: An Unnecessary Luxury

Bottled water is an environmental nightmare and a financial drain. Tap water is clean, inexpensive, and readily available. If you’re concerned about water quality, invest in a filtering system and reusable water bottle instead.

Bank Account Fees: Avoidable and Unnecessary

Bank account fees can range from a few dollars to over $20 per month. Negotiate with your bank to waive these fees or switch to a provider that doesn’t charge them. You can also fulfill certain requirements, such as maintaining a minimum balance, to avoid these fees.

Unused Subscriptions: A Hidden Budget Drain

Take a hard look at your entertainment subscriptions, from video streaming to music and audiobooks. Cancel any unused accounts and consolidate your spending to avoid unnecessary expenses.

By eliminating these nine budget-draining expenses, you’ll be well on your way to taking control of your finances and starting fresh in the new year. Remember, every dollar counts, and making small changes can add up to big savings over time.