Five Ways You’re Losing Money Online Without Even Knowing

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Yes, there are several ways that you could lose money online without even knowing. But, like most of us, if you don’t have an inexhaustible source of funds and work hard to meet our living expenses, these things could cost you dearly in the long run.

1.      Unused Subscriptions

Have you got a subscription to more than one music or movie channel? Then you need to seriously consider which of these you watch and which you never use because you are wasting serious money by paying them monthly.

Forgotten subscriptions can build up because we often forget to cancel, especially when subscribing to a free trial. However, the monthly subscriptions to nine streaming movie channels add up to about $80 a month, and the chances are likely that you also have subscriptions to relaxation, workout, kids, newsletter, and news publication apps.

Keeping up with these payments can prove extremely difficult since they may not reflect monthly on the account, and some make an annual withdrawal from your credit card. Furthermore, some services bill through a third party, bundling an amount for more than one service together and making it easier to miss.

Track these expenses by checking your statements. Make sure you understand what each payment covers and create a spreadsheet with these expenses. You should also set reminders to cancel free trials that you don’t intend to keep and cancel subscriptions you don’t use anymore.

Don’t forget you can also share some subscriptions or get them at a better price if you bring family members on board, saving you money.

2.      Expensive Delivery Apps

Most of us got used to getting restaurant meals and groceries delivered to our homes during the pandemic lockdowns. Delivery apps charge different prices for convenience, but some stores and restaurants offer free delivery or pickup when you order from them directly.

If you don’t regularly shop from a company that offers subscriptions, you are paying a prepaid delivery fee that you won’t use.

Delivery memberships like Amazon Prime at $119 annually can prove expensive since you could qualify for free delivery for many products without the membership. Walmart Plus also has an annual service fee of $90, but you could for alternative companies offering free deliveries.

3.      Cloud Storage Bills

Most of us inevitably run out of Google or iCloud storage space. Perhaps you have ended up paying for cloud storage space from many services but only use one, wasting money on more space than you require.

Do a quick audit of your storage needs for your files and photos by checking any of these you might have purchased storage for – Amazon, Apple, Google, Microsoft, and DropBox. Next, see how you can merge your files and delete any unnecessary ones.

Even though you can spread your files across several services for free, you don’t want to forget where you have everything. Once you have trimmed and tidied up your files and photos, you will know how much storage space you require, shop around and pay only for the space you need.

4.      Regular Payments Add Up

Remember that your monthly bills include credit card payments, insurance, cellphone service, and cable TV. These expenses add up, especially if you haven’t looked at what they charge you in years.

Most companies will reduce prices if you haggle with them, and many have retention offers that nobody mentioned before. Pick up your phone and tell them you are thinking of switching to another company, and you will be amazed at how keen they are to reduce prices to keep you as a customer. Even credit card and insurance rates are negotiable once your initial contract expires.

Also, if your bank is charging you fees for deposits or payments, you might want to look into moving your money to another bank with cheaper charges. Some online banks have no charges for most transactions.

5.      Various Investment Schemes

You will find plenty of propositions to make a profit online. However, remain wary of these because most ways to earn passive money may appear innovative but offer no indication of how they work. These include financial pyramids, high-yield programs, advice on financial investments, and cryptocurrencies.

Avoid the pyramid schemes because the investment will unlikely make it to the stock or FOREX markets promised.

Then again, if you decide to follow the advice of anyone on financial investments or cryptocurrencies, be wary and do your research. Some people have managed to profit by buying a particular stock or digital currency, but others have lost big money online.

Bottom Line

Digital charges and some online investments can end up costing you money. Take the time to reconcile your expenses, ditch the services you don’t need, and save yourself a packet. Additionally, don’t believe everything you see about lucrative investments online; instead, use that money to buy tangible assets or for your savings.

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