The American middle class is the backbone of the economy. But their wallets are getting lighter every day. If that sounds like you, it’s not your imagination; hidden costs are getting outrageous, and it’s vital to stay on top of them. Here are six sneaky expenses that are slowly draining the wallets of the American middle class, one debit card swipe at a time.
Coffee
The daily coffee craze is often touted as something that will drain your wallet, but many people underestimate just how much of an impact it makes on your finances. $5 a pop every single morning is an astronomical expense compared to what you’d spend by making coffee at home—which is mere cents, by the way. By the end of the year, you could have bought a used car—or at least a very fancy bicycle. So, unless you want to start a “Go Fund Me” for your caffeine addiction, it might be time to invest in a coffee maker.
Subscription Services
There are too many subscription services. It’s not like they aren’t worth it if you’re using them. But are you actually using all of them? You might be one password away from a full-blown streaming addiction, only to realize you haven’t opened Disney+ in eight months. Help yourself out by reminding yourself to cancel or pause subscriptions when you aren’t using them; much like your morning coffee, this is an expense that adds up fast!
Surprise Utility Expenses
You could swear you’re not using any more electricity than last month, but your bill says otherwise. If you feel like you’re being charged as if you’re a department store that leaves their lights on all the time, you aren’t alone. Do your best to remember to turn off lights as you leave a room and invest in energy-efficient home improvements, like lighting or thermostats you can set up with your smartphone to turn on and off at certain times of day.
Groceries
You’re not imagining things—groceries are getting more expensive. But that’s partially because the way we shop doesn’t operate within our best interests. Buying stuff simply because it’s on sale is something many people do, thinking they’re gaming the system. But if it’s something you aren’t going to use, the only thing you’re playing is yourself. Oh, and don’t forget to make a list and stick to it so you aren’t tempted by the many impulse purchases at the end of the aisle.
Convenience Purchases
Convenience is the double-edged sword of modern living. Having food delivered to your door sounds great, until it’s a year later and you realize your fast food addiction could have funded a small vacation. Cooking at home is an underrated way to save money. And if you feel like you just don’t have the time, reevaluate how you’re spending your time and ask yourself that question again.
Sneaky Miscellany
This is the “Bermuda Triangle” of finances—the little things that seem to make your paycheck’s life flash before your eyes. You can combat these general expenses by keeping a spending journal or budgeting for absolutely everything; we recommend trying both. If you write everything down, you’ll probably discover that the person responsible for all that money disappearing was, in fact, you.
