11 small leaks in your spending that are costing you thousands.

leaks that cost you thousands

In the world of poker, players talk about a “leak” being a mistake that you consistently make time and time again that eats away at your profits and in many cases can turn a winning player into a losing one over time.  Similarly, we all have leaks in our own lives that although they seem small on their own, when combined and repeated over and over again are costing us hundreds, if not thousands of dollars each year.

CNN put together a list of 11 money leaks that many of us have. While we can think of many others, here is the starter list:

  1. Paying full price for tech accessories.  Cost: 50% or more for the price of the accessory.
  2. Paying for more data than you use each month. Cost: Up to $360 per year.
  3. Subscribing to BOTH Netflix and Amazon Prime. Cost: Subscriptions to both cost $175 per year.
  4. Paying for high priced organic food. Cost: Up to $120 or more per year.
  5. Paying for a storage unit to store unnecessary items. Cost: $480 to $1,800 per year.
  6. Forgetting rewards, points and miles. Cost: $205 or more per year.
  7. Weekly trips to the dry cleaner. Cost: Up to $400 per year.
  8. Renting your cable modem from the cable company. Cost: $48 to $84 or more per year.
  9. Not programming your thermostat. Cost: $180 per year.
  10. Using multiple insurance companies. Cost: $300 per year in lost discounts.
  11. Unspent Flexible Spending Account (FSA) funds. Cost: $120 per year on average.

Read the full article here.

As you can see there are a lot of opportunities to take small actions that can free up significant amounts of cash in the coming year.

Comment below with the leaks that you know you have that you’d like to plug up going forward and how much you think you’ll put back in your pocket.

Image By: Maarten Van Damme

About Anthony Candella

Anthony is the founder and Directing Attorney of YourCreditAttorney.com and has been helping consumers just like you understand and improve your credit and financial situation since 2003.