Let's Spring Clean Your Wallet: Everything that Might be Draining Your Account

Spring is a time of new beginnings and fresh starts. Cleaning your room, reorganizing your house, or getting yourself on a new routine are all things that we think about when we hear “spring cleaning.” We often forget about another area that needs some looking after- our wallets. Whether it be physical or digital, here is a guide to spring cleaning your wallet.

 

Take a Look at Your Monthly Expenses

Over the course of the month, pay close attention to what you spend on. Some things are non-negotiable -- such as mandatory monthly payments. However, there are other expenses that may be easily eliminated to clean up your wallet. Make a list of your payments and prioritize them. From there you can see what is necessary and what is not.

 

Re-evaluate Your Shopping Habits

What do we do when we get bored? We online shop. While this is definitely an enjoyable act to engage in, it is draining your wallet. Take a step back before purchasing and evaluate whether or not you really need it.

Food shopping can be another draining ordeal. Tip number one is to never food shop on an empty stomach. You are much more likely to over shop when you are hungry. Also, always make a list before shopping. This will lead you to stick to what you really need instead of wandering off and buying unnecessary items.

writing in book with cup of coffee and croissant Photo by Cathryn Lavery from Unsplash

Cut Down on Food Delivery Services and Dining Out

Food delivery services can be a great tool for busy students, but they should not be used all the time. It is much more expensive than going to pick up the food yourself or making your own food at home and can be done without.      

Dining out with friends is a fun social activity. Oftentimes, however, we end up spending way more than we intended when going out to eat. Instead of relying on deliveries and fast food, try to prep meals at home. This is healthier for your body and your wallet. Three pre-made meals in containers Photo by Ella Olsen from Pexels

 

Sweat the Small Stuff

Too many times we find ourselves buying items here and there because “it’s only $5.” Regardless of the amount, these things add up. When making a purchase, try and decide if this is something you really need.

The same goes for buying just because there is a sale. Unless the purchase is necessary, skip out on splurging just for a good deal.

 

Check-in on Forgotten Subscriptions

How many times have you signed up for a free trial and forgot to cancel? Be sure to frequently go through those subscriptions and make sure they are not draining your account. This is also the case for old services that you do not use anymore.

 

There is no time like now to freshen up all areas of your life. Try out these tips to avoid the things that may drain your account.