ALL NEWS

Seven ways you can save some money

Apr 27, 2022, 9:10 AM

save money...

Adobe Stock Photo via CNN.

Originally Published: 27 APR 22 10:02 ET

(CNN) — With inflation pushing the price of just about everything higher, it’s more important than ever to keep track of how you’re spending your money.

Over time, however, even the most budget-conscious consumers may find themselves spending more than they need to on certain expenses.

(KSL NewsRadio’s Dave and Dujanovic tackled this topic recently in the podcast below!)


 

Here’s a look at seven common money traps — and tips on how to cut those costs.

1. Bank fees

Whether you’re paying fees for withdrawing money from an out-of-network ATM or paying monthly service fees for simply having a checking account, small fees can add up to a significant amount of wasted money over time. The average monthly fee for non-interest checking accounts (excluding free checking accounts) last year was just over $5, according to a Bankrate survey, while the fee for interest-bearing checking accounts was more than $16 for those who didn’t meet the requirements to waive the fee.

Cut the waste: Change banks. Nearly half of checking accounts don’t have monthly maintenance fees at all, according to Bankrate. The cost of monthly fees, if you’re unable to avoid them with your current bank, likely outweighs any interest you’re getting paid on that account.

2. Sale items you don’t need

There’s no denying the thrill you get when you purchase an item for less than its typical price. But spending money on something you don’t need just because it’s on sale can quickly lead to overspending.

Cut the waste: The next time you’re tempted to purchase something on sale, wait 24 hours before making the purchase. Often the initial excitement of getting a deal will wear off, and you’ll be able to walk away from the transaction.

3. Subscriptions you don’t use

A Chase study last year found more than 70% of consumers wasted more than $50 per month on recurring payments for things they didn’t need or want. One culprit for this, said Julie Ramhold, a consumer analyst with DealNews, is that people often sign up for free trials and then fail to cancel when the trial period expires.

“These things get put on autopay, and then people don’t even realize that they’re paying for something that they don’t even use,” Ramhold adds. “That’s an easy way to chuck money out the window.”

Cut the waste: Even if you have your credit cards set for autopayment (which is a smart way to avoid late payment fees), carefully look over your statement each month and cancel any charges for items or services you don’t use.

4. Food waste

Up to 40% of food in the United States is never eaten, according to the Natural Resources Defense Council. While the amount of food your family is throwing out may be lower, we’re all guilty of having to toss salad greens that wilted or leftovers brought home after a dinner out.

Cut the cost: Look through your refrigerator before you head out to the supermarket. Then plan your meals (and your shopping list) around the items you already have. That way you’ll not only be sure to use those items before they go bad, but also less likely to purchase new groceries that go to waste.

5. Extended warranties

While extended warranties on your car, appliances, or other electronic devices may offset the cost of future repairs, they’re not always a great deal for consumers, according to Ramhold. Sometimes the cost of the plan will exceed the cost of any potential repairs, or it doesn’t cover the issue that you have, Ramhold said. Plus, many credit cards include extended warranty coverage for some purchases, so you may be paying for coverage you already have.

Cut the waste: Rather than paying for an extended warranty, consider directing your extra cash toward an emergency account that you can use to cover the cost of repairs, should they arise. If you already have a fully funded emergency account, you may be able to skip this expense entirely.

6. Overpaying for insurance

Like most other services, the cost of home and auto insurance typically goes up over time, but if you’ve been with the same provider for several years, you may want to shop around to see if you can find a better price.

“New customers get new-customer deals,” said consumer savings expert Andrea Woroch. “You may be able to find a policy that offers the same or better coverage for less.”

Cut the waste: Check online sites like Zebra.com or Policy Genius to get insurance quotes. If you’re happy with your current coverage and provider, you may be able to use those quotes as ammo in negotiations for a better rate.

Other ways to slash your bill: Bundle home and auto insurance with the same provider or increase your deductible. By doing those two things, Woroch said she was recently able to cut her insurance bill by $1,100 per year.

7. Credit card interest

High-interest debt and fees on credit cards cost American households an average $1,000 per year, according to the Consumer Financial Protection Bureau. While credit cards can be a useful tool, they become an expensive burden that can drag down your finances when you carry a balance.

Cut the waste: If you are carrying debt, focus on paying down your existing balance and put your cards on ice for now.

“If you’re having a problem with credit card debt, it’s probably a good time to put the card away and use the cash method instead, or use a debit card,” Ramhold advised.

The-CNN-Wire
™ & © 2022 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

All News

Demonstrators in support of trans rights gathered outside the Utah Capitol in early 2024. (Aimee Co...

Simone Seikaly

High court decision may impact transgender-related medical treatment for Utah minors

The Supreme Court will hear a Tennessee case arguing that a ban on all medical treatments prescribed to help minors transition is unconstitutional.

10 seconds ago

Xfinity outage...

Amie Schaeffer

Xfinity outage leaves thousands without internet for hours

An Xfinity outage left tens of thousands of customers without internet service for several hours. The outage started Sunday afternoon.

2 hours ago

A Delta Airlines flight experiences turbulence, causing the injury of three passengers. (Photo by B...

Mariah Maynes

Booking.com warns of uptick in travel scams

Booking.com is warning consumers about a 900% increase in travel scams.

3 hours ago

A group of Weber State University students, faculty, and community members pose with the school's f...

Mariah Maynes

Weber State outdoor group conquers climb to Mount Everest base camp

According to Weber State University, a group of 16 students, faculty, and community members climbed to Mount Everest's base camp.

3 hours ago

A small American flag is illuminated by fireworks on Monday, July 4, 2022....

Tammy Kikuchi, Reporter

Fireworks season nears in Utah, here’s what you need to know

Fireworks can now be sold across Utah, but you can't light them off just yet. And they can never be lit on U.S. Forest Service or BLM land.

4 hours ago

Salt Lake City Ballot Box. Recent poll shows that about half of Utahs are worried about the economy...

Mark Jackson

Poll finds that voter preference reflects Utahn economic worry

As Utah heads toward primary election, a new poll shows that 48% of Utahns believe their financial situation is currently getting worse.

5 hours ago

Sponsored Articles

Underwater shot of the fisherman holding the fish...

Bear Lake Convention and Visitors Bureau

Your Bear Lake fishing guide

Bear Lake offers year-round fishing opportunities. By preparing ahead of time, you might go home with a big catch!

A group of people cut a purple ribbon...

Comcast

Comcast announces major fiber network expansion in Utah

Comcast's commitment to delivering extensive coverage signifies a monumental leap toward a digitally empowered future for Utahns.

a doctor putting her hand on the chest of her patient...

Intermountain Health

Intermountain nurse-midwives launch new gynecology access clinic

An access clinic launched by Intermountain nurse-midwives provides women with comprehensive gynecology care.

Young couple hugging while a realtor in a suit hands them keys in a new home...

Utah Association of Realtors

Buying a home this spring? Avoid these 5 costly pitfalls

By avoiding these pitfalls when buying a home this spring, you can ensure your investment will be long-lasting and secure.

a person dressed up as a nordic viking in a dragon boat resembling the bear lake monster...

Bear Lake Convention and Visitors Bureau

The Legend of the Bear Lake Monster

The Bear Lake monster has captivated people in the region for centuries, with tales that range from the believable to the bizarre.

...

Live Nation Concerts

All the artists coming to Utah First Credit Union Amphitheatre (formerly USANA Amp) this summer

Summer concerts are more than just entertainment; they’re a celebration of life, love, and connection.

Seven ways you can save some money