Often, small, seemingly harmless, everyday expenses are the ones that affect our finances the most. These so-called “nickel-and-dime expenses” are those small, recurring payments that go unnoticed but add up to a significant amount at the end of the month.
At QuéOnnda, here are five simple ways to avoid these expenses that can jeopardize your financial well-being, especially in the U.S. Hispanic community.
Strict control
The first step to avoid nickel-and-dime expenses is to have a detailed control of all your income and expenses.
There are mobile apps and online platforms that allow you to automatically keep track of what you buy, from a coffee to a monthly subscription.
This will help you identify those small expenses that, in the end, accumulate.
Plan your purchases
Before you go shopping, whether it’s grocery shopping or impulse buying, plan what you need.
Keeping a list helps you avoid the temptation to spend on unnecessary things.
Also, if you buy only what’s on the list, you’ll cut down on those small expenses you didn’t have in mind.
Before you go shopping, plan what you need
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Do not buy on impulse
Impulsive buying is one of the biggest causes of nickel-and-dime expenses.
Many times, a simple visit to the mall or browsing online stores leads us to purchase items we don’t really need.
Control your impulses with strategies such as waiting 24 hours before buying something that is not in your budget.
Check your subscriptions
Today, subscriptions to services such as streaming platforms, apps and gyms are made by automatic monthly subscription.
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If you don’t pay attention, several small charges can accumulate that, in the end, represent a significant expense.
Review your subscriptions every few months and delete those you don’t use.
Compare prices
Don’t settle for the first price you see.
Be sure to shop around before making a major purchase, especially when it comes to products that you can find in multiple locations.
This will not only save you money, but also prevent you from spending more for a purchase that is not really a necessity.
