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3 Ways You Might Be Wasting Money

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Written by: Urban Adams | Dynamic Wealth Advisors

It can be tough to stick to your ideal spending plan this time of year. That means it’s extra important to identify wasteful habits and make sure you’re not creating unnecessary barriers for yourself.

Here are a few common ways people accidentally overspend along with some ideas for how to avoid making the same mistakes.

Mistake 1: You never review your bank statements.

Even when life is busy, it’s important to review your credit card and bank account statements and activity on a regular basis — weekly if you can. Staying informed will help you remain mindful of your financial habits and allow you to spot bank errors or fraud before things get out of hand.

Mistake 2: You pay for things you don’t use or need.

As you review your spending activity, also take note of which elective expenses aren’t bringing value to your life. Whether it’s a little-used gym membership, a music streaming subscription or too much takeout, consider the areas where you might be able to cut back.

Mistake 3: You don’t automate any tasks. 

Are you taking advantage of all the tools available to help you reach your financial goals? These days, it’s easy to schedule monthly deposits to your savings account or automatically accelerate your retirement fund contributions over time. Automating tasks can save you time and energy and eliminate the temptation to overspend.

Correcting these wasteful behaviors can help you start the new year with more financial confidence and better peace of mind.

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