3 things you’re most likely to be wasting your money on right now

You work hard for your money. You should use it to spend on things you value, and to save and invest for the future. Unfortunately, if you’re like most people, at least some of it is wasted in ways that don’t add value to your life.

In fact, here are three things you’re wasting money on right now. Find out what it is and you can stop wasting it and put that money into a savings account or use it on fun purchases instead.

1. Unnecessary electricity

Did you know that phantom or vampire power accounts for approximately 10% of all energy costs in American homes? this is not almost It’s cool just to listen to. Phantom or vampire power is electricity that a device uses when it is plugged in, but not in reality. existence used.

Basically, you can leave every device in your home plugged in. potentially It sucks up electricity and wastes money. But the most common causes are:

• Cable boxes and DVR systems
• Cell phone and tablet chargers
• printer
• desktop computer
• gaming system
• Any device with an indicator light

In total, the cost of running all of these devices at all times adds about $200 per year to the average family’s electric bill. You can’t use that $200 to pay off a credit card, spend a night at a hotel, or buy new clothes.

Thankfully, it’s easy to stop wasting money on this. Have a power strip that turns off the device when not in use, or unplug it when you’re done using it.

2. Unused or underutilized streaming or subscription services

Answer this question quickly. How many streaming services and monthly subscriptions have you signed up for right now? When was the last time you used each?

If you’re like most people, you probably can’t answer. either one You get asked this question because there are so many subscription requests with recurring payments that can be difficult to cancel.

The average household has 4.4 active paid subscriptions, totaling $52.97 per month. Approximately 30% of all subscriptions are unused, and the average monthly cost of unused subscription services is $25.34 per month.

There’s no reason to continue paying for months or even years for a streaming service you signed up for six months ago just to watch a movie that put you to sleep in 15 minutes (I’m not the only one, right?). Check your credit card and bank statements. today See exactly how much you’re paying and cancel any subscriptions you haven’t used in the last two weeks. If you miss a service, you can always sign up again later.

3. Foods that you buy but don’t eat

I once saw a meme where someone relabeled their vegetable drawer a “vegetable hospice” because that’s where vegetables go to die. It might be a bit funny, but the actual statistics on how much food and money are wasted are no laughing matter.

More than $408 billion worth of food ends up in the trash every year, with dairy products being the most likely to end up in the trash. vegetable alone The average American family spends $1,600 a year on production costs, which is a huge loss.

There are so many better things you could do with that much money than buying rotten carrots. By planning your meals and shopping from a list to buy only the ingredients you need, you can help prevent food waste and its impact on your personal finances. Stick to that plan and check your refrigerator each week to see if you’re including any leftovers in the upcoming week’s meals.

These subscription services, wasted food, and phantom electricity costs add up to up to $2,104.08 in wasted funds each year. Follow these tips to get your money back: now So we can end 2024 with something to show for it.

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