August 23, 2022


Personal Finance

Six Ways You’re Wasting Your Money Without Realizing It

Six Ways You’re Wasting Your Money Without Realizing It

Let’s talk about ways you could be wasting your money without realizing it. Do you ever check your bank statements at the end of the month and think to yourself…where did all my money go? I can assure you that you are not alone! The little things add up—the subscriptions that are not used or needed, the daily coffee runs, impulse shopping days, eating out, or even just choosing convenience over saving, there are many areas that can add up little by little.

At Deerwood Bank, we want to provide realistic ways to help you save money and cut out unnecessary spending. This is why we have listed out six ways you may be wasting money without realizing it!

Unnecessary or Unused Subscriptions

Have you ever forgotten about ending the free trial to a subscription from last year? I think we have all been there! While $4.99 a month may not seem like much, if you have not made that subscription worthwhile, then before you know it a year goes by and $60 is gone—it all adds up! Do a monthly transaction review to make sure you are not getting charged for subscriptions you do not need, you could be wasting your money without realizing it.

Bank Fees

Bank fees are extra fees that can be eliminated. You can do this by comparing fees and checking for fees like overdraft fees, late fees, service charges, starting fees, annual fees, etc. To avoid unnecessary bank fees, do your research on which accounts of yours charge fees and talk to your banker about alternative accounts that better suit you.


Saving money on utilities can be easier than you think.

  • Switch to energy-efficient light bulbs
  • Change air filters regularly
  • Keep air vents clear and open
  • Replace old appliances with energy efficient ones
  • Switch to a programmable thermostat
  • Turn off lights and unplug unused cords
  • Seal door leaks and windows

Not Using Your Credit Card to Your Advantage

It’s true, if you do not have the money, do not spend it! So is the problem with credit cards. But, credit cards can also be put to good use if you’re responsible with them. A good tip for any credit card user is to not spend more than you can pay off at the end of the month. By paying your credit card off at the end of every month, you can avoid fees, build credit, and earn points that you can use for whatever you want! Talk to your personal banker about finding a credit card that can be put to work FOR you!

Fast Food and Coffee Runs

How much do you spend on coffee, fast food, or dining out because of convenience? How much does this add up to each month? Each year? Instead of eliminating the cost all together, try to pace yourself by allowing one day per week for coffee/fast food/dining out. Using an envelope budgeting system might help make this an easier task.

Buying Too Cheap or Buying Too Expensive

You do not need to keep up with the Joneses, but you also should not buy cheap items that you’ll have to replace in a few months. So, how do you balance it all out? Buy what is reliable! A low-quality tool online may be cheap, however, it will not last you a long time. Identify what’s both practical and priority for you. If you prioritize brand name clothing, maybe buying out of season could be more practical. This will allow for you to not have to buy more often, or break your bank and make you sacrifice one thing or the other.

There is no better feeling than saving your hard-earned money! Following these simple saving tips will help cut unnecessary spending every month. It may not be easy, but it will help towards long-term financial success!

Heidi Tollefsrud

Heidi Tollefsrud

Heidi Tollefsrud is the Vice President – Customer Experience Director for Deerwood Bank. A graduate of the University of Minnesota Duluth, Tollefsrud manages Deerwood Bank’s entire retail banking department while also working to streamline and integrate the customer service experience across all delivery channels.

In her free time, Tollefsrud enjoys spending time with her friends and family while they explore new places in nature. On a warm summer day, you might be able to find Heidi riding her motorcycle on a nice tour around a local lake.

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