Mornings with Rebecca & Burns

Hidden Ways You Are Throwing Money Away

In a time where money is a concern for a lot of us during this pandemic, it’s crucial that we take a look at where our money is going so we can better steward what God has blessed us to better serve his Kingdom.

1. Not Tracking Your Spending

You should be able to account for every dollar you spend. Keep track of your spending with a budgeting app, spreadsheet, or even a notebook. Simply recording what you’re spending money on will make it easier to spot any hidden expenses.

2. Throwing Food Away

You might not think about it, but when you throw food away, you are throwing money away — whether you purchased it at a restaurant or at a grocery store, you paid for all of it, including the food you are tossing.

3. Not Making Automatic Contributions to Your Savings

A portion of your paycheck should be dedicated to your savings, but if it all automatically goes to your checking account, you’re likely spending it all. Have a portion of your paycheck automatically deposited into your savings account so you’re forced to spend less.

4. Keeping Unused Appliances Plugged In

Any appliance that’s plugged in is using energy, even when it’s turned off. A 2015 study by the Natural Resources Defense Council found that “idle load electricity” accounts for 23% of power consumption in the average household — and about 25% of your electricity bill. Cut down on these hidden costs by unplugging appliances when not in use.

5. Keeping Your Home Too Cold (or Too Warm) When You’re Not There

Leaving your air conditioning or heat blasting when you’re not home is a waste of money. According to the U.S. Department of Energy, you can save up to 10% a year on heating and cooling costs by turning your thermostat back 7-10 degrees from its normal setting for eight hours a day.

If you’d like to read the full list that we referenced on the air from MSN, you can click here!