Assume you graduate with a salary of €55000/month. You purchase a cup of almond milk with caramel for €7.4. You go for lunch with your buddies, costing €18/meal. Don’t forget the tax with every purchase you make every day. You spend €400/day to get to and from the office. Later, you order a food costing €50/meal.
If you calculate these costs, you will get a fair idea of how much you spend every day. You can also include sudden emergency expenses like – car repair, treating the leakage, etc. If you even spend €500 on emergency repair per month, the costs may exceed drastically. Here, encountering hidden expenses may help you improve your savings. The blog lists the best ways to check for unexpected costs.
6 strategies to find hidden costs in usual life expenses
There are multiple things that you spend on every day. It may include transportation, food, educational stuff, or other things. However, some expenses go unnoticed and lead to a bigger portion of your budget. Leading a packed life does not leave you with much scope. However, reading the below aspects may help you reduce unnecessary expenses.
1) Check delivery fees
Delivery fees are one of the most hidden costs that one does not check often. It is especially true when you need something urgently. However, these costs may add up to one of the biggest expenses per month. You may incur one on food delivery, grocery, and parcel delivery. Check and improvise on how much you spend unknowingly.
Check for the aspects that may offer free shipping. New portals for food delivery may help you with that. Moreover, some credit cards may also offer one. In Ireland, the average delivery fee may range from €9-€12/kg. The amount may increase according to the package weight. This is apart from the actual fee of the item that you pay. Always check the cost split of the items before ordering them. Compare the delivery fee and other aspects.
It is ideal to get cash on delivery initially. It will help you better understand the cost split. If you forgot to arrange the money, don’t worry. Check the instant cash aspects that you may get despite your poor credit history. Get affordable loans for bad credit in Ireland’s marketplace. It will help you get instant cash online or at doors at your convenience. You can pay the vendor without panicking. Later, repay the dues in easy monthly instalments.
2) Analyse the ATM Charges
Using out-of-network ATMs can lead to paying more unnecessarily. You may not realise this at that time but after checking the slip you will. These fees may roll over and make up a bigger part of your purchase. Always check whether the ATM you are dealing with falls under the network. However, you may not encounter any fee for cash withdrawals on general ATMs.
However, the ATMs hosted by a business may request one. You may spot privately owned ATMs at supermarkets, kiosks, grocery stores, and nightclubs. It may cost €2-€3 surcharge per transaction.
If you use an ATM at least twice per day, you pay €120 alone per month on just ATM fees. Therefore, try to plan transactions and depend on free ATMs. Carry cash to supermarkets and other public spots. It prevents you from using private ATMs.
3) Check your auto-renewals
Most individuals often forget to check their auto-renewal services. You may be paying a lump sum every month even if you don’t use the services anymore. For example- check your OTT channel subscription. How often do you watch movies or shows? If the count stands to zero, it is high time to unsubscribe.
It will automatically disconnect the auto-payment aspect. Additionally, check for the cable and gas connections. Are you still paying for the older ones unknowingly? If yes, it may be unnecessarily ruining your budget and monthly savings.
The average cost of an OTT subscription is €28.26/month. Netflix alone accounts for €23.99 for the premium version and Amazon Prime for €6.99. Not checking these timely may drain your account unknowingly. For example- if you continue to use the services for a year without using it often, you pay 12×28= €336 every year.
4) Track unused Gym membership
Most individuals take up the gym membership early during the new year. It costs €30-€70/month. The price may vary slightly depending on the location, facilities, and additional services.
However, they don’t get enough time to make it up to the gym. If you may relate to the situation, it is time to cancel the gym membership. If you believe you can make time for the gym, then try it for 2 months.
If it does not work anyhow, it is time to take it back. Instead, you can try a home gym by investing in gym tools and equipment. Partner it with some good gym and exercise videos. It will help you keep up with the schedule without missing. It is just a one-time investment instead of monthly payments. It helps you save time and money. Moreover, you can concentrate on your health whenever you want to.
5) Booking last-minute tickets
If you have been facing serious financial concerns, last-minute bookings are a big no. You may not want to miss that movie due to the perfect timing and schedule. However, booking last-minute tickets may prove costly. It is because every single person wants to get their hands on the tickets. The high demand may lead the company to raise the price at the last minute.
Moreover, the convenience of booking online has its charges. Therefore, you pay twice the actual price sometimes. However, you don’t watch movies every day, but be careful with these things.
It may affect your budget or the money you have saved for something else. Even if you want to book tickets at the last minute, check credit card offers. Can you get it cheaper? If not, then you must pay dues.
If you do not have sufficient money to cover the huge difference, don’t worry. You may get an instant loan online in the Ireland marketplace. It will help you get cash instantly to bridge the gap and book tickets immediately. Tap it if you lack sufficient cash and cannot wait further. The ease of approval and quick turnarounds make it a favourable option.
6) Expenses on convenience shopping
You may not be familiar with this, but a little convenience may break the bank. Individuals want to get everything without much physical work. This leads to spending more than it would cost. Convenience is a luxury that demands you to pay more. For example, you can get expert beauticians and groceries delivered to your home.
It may be convenient, but put a hole in your pocket. On average, convenience shopping costs you €150-€200 per month. It may exceed €500 for a couple. It is indeed high as it comes under wants, not needs. One must first focus on meeting essential expenses.
Alternatively, it could be an option when you genuinely run short of time. Otherwise, try to shop at grocery stores to avoid additional fees that tag along. You can prepare a schedule or fix a meeting with the beauty expert. It will help you leverage the professional experience better. Moreover, it will cost you low.
Bottom line
These are some crucial hidden costs you must look for while checking your everyday budget. Refine your saving strategy after regulating these expenses. Check how you can save on emergency costs and hidden ones.
Always request a clear cost count before using any service. Prefer effort over convenience shopping to save more. Alternatively, every financial action should be improvised before the initiative. It will help you decide right.
Author: Ella Watson
Hello everyone. My name is Ella Watson . I am a financial writer in UK working on various financial aspects. I come with more than 11 years of experience in the same filed. Currently, I am working with Loanstopocket, one of the best direct lending firms in Ireland. I write financial blogs for this platform and you can read them on the official website for your knowledge.
