18 Ways Money Slips Through Your Fingers

There are many ways we can unintentionally let money slip through our fingers. See if you’re losing money on any of these things or missing out on earning opportunities.

by Marianne Giullian, Miranda Jackson

How often have you allowed money to slip through your fingers? This might happen if you’re disorganized, put things off or fail to recognize potential ways to save.

See if you’re allowing money to slip away because of these common money-wasters or missed savings opportunities.

1. Your Employer’s Matching 401(k) Plan

Skipping your employer’s 401k match is like passing up free money. You’re giving up part of your pay when you don’t put in enough to get the full match. Over time, the money you miss out on — and the interest it could have earned — really adds up, costing you thousands in retirement savings.

You may not be able to contribute the full match initially, but you should plan to increase your contribution gradually.

2. Coupons

Have you given up on couponing? It’s still a simple way to save, and with digital coupons, it’s easier than ever. Just a few minutes of your time is all it takes to “clip” them, and you’ll never have to worry about forgetting to take them to the store.

Digital coupons can be found online at sites like Coupons.com and on grocery store mobile apps and websites. Here are some additional apps and sites that can help you reduce grocery costs.

3. Promo Codes and Cashback Sites

Overpaying is easy when you ignore cashback offers and promo codes on sites like Rakuten and BeFrugal. Just a few extra clicks can often reduce your purchase price and cashback sites refund you for purchases you already intend to make. You’re choosing to pay more than necessary by missing out on these tools.

4. Rebates

Some stores and companies still offer product rebates. However, you can now often submit these rebates online instead of by mail, making the process much easier to get your money.

Be sure to submit your rebates quickly and include all necessary documents, or you might miss out on the opportunity.

5. Gift Cards

You likely receive a few gift cards every year. Have you ever misplaced one or never used it? E-gift cards can easily become “out of sight, out of mind.” Put a reminder on a calendar to use it. If you’re gifted a physical card, put it in your wallet with your debit or credit card so you won’t miss it.

If you receive a gift card you don’t want, consider giving it to someone else or selling it on websites like GCX or CardCash, even if you have to sell it for less.

6. Lost Items

I once helped a woman move who had 13 pairs of scissors. Whenever she couldn’t find the ones she needed, she would buy a new pair.

Having a designated spot for everything and taking the time to put things back in their place can save you money by avoiding buying duplicates.

7. Old Applianes

Outdated appliances can secretly drain your wallet by increasing your utility bills. Although Energy Star appliances may have a higher upfront cost, they use less energy and water, which saves you money every month. By keeping old models, you may end up spending more money each time you cook, wash, or cool your home.

8. Expired Food

Are you throwing money away by letting food in your cupboards go to waste before you use it? Do you often find moldy bread or leftovers in your fridge? If food ends up in the trash, you’re not saving money; you’re tossing it in the trash.

Clean your fridge every week and designate a shelf for leftovers. Keep only as much bread out as you’ll eat before it goes bad, and freeze the rest. For canned goods, use a Sharpie to write large expiration dates on the cans so they’re easy to see. Rotate your cans and move the ones that expire soonest to the front. Plan your meals around items approaching their expiration dates.

9. Gas

Gas prices can differ significantly from one station to another, even in the same neighborhood. While it may be tempting to fill up at the first station you come across, it can end up costing you more in the long run. To avoid this, try using an app like GasBuddy. You might be surprised at how much you can save, especially if you drive frequently.

Do you find yourself making extra trips to the store — and using up gas — because you forgot something or didn’t plan ahead? Instead of making an extra trip, try substituting or going without. And, use these tips for getting better gas mileage when you do drive.

10. Store Loyalty Cards

Some stores offer loyalty cards that give members discounted prices. However, you’ll miss out on the savings if you don’t join the program or forget to use your card.

If the loyalty program requires you to earn points to receive discounts, don’t spend money just to earn them. You probably won’t save money in the long run.

11. Too Much Usage

It’s easy to use more detergent, shampoo or toothpaste than necessary. Many products are just as effective with a smaller amount than we’re used to using. Over time, using less can add up to significant savings, as you won’t need to buy replacements as often, which can help protect your budget. (See Are You Using Too Much? Cut Back on These Products To Cut Costs)

12. Interest on Savings

Do you have a good interest rate on your savings account?

You can now get a high-yield savings account at many financial institutions, including online banks and credit unions, with no minimum balance requirements, no monthly fees and a competitive interest rate.

13. Disposables

Using disposable items like paper towels, plastic utensils, or bottled water can quickly add up. Although reusable alternatives may cost more at first, they last much longer. If you stick with single-use items, what seems convenient will become a steady expense you could easily avoid. (See Eliminate Disposables and Cut Costs)

14. Credit Cards

Some people let money slip through their fingers by not paying their credit card off in full each month. Others don’t send the payment in time and end up paying $25-$40 in late fees.

If you use a credit card, pay the balance in full and on time each month. And if you aren’t using a rewards credit card, you’re leaving money on the table.

15. Heat and Air

Do you check your home yearly for air leaks around doors and windows? Do you keep your air conditioning too low or your heat too high? Do you put off maintenance on your HVAC unit? If so, you might be wasting money on your electric bill.

Make your home more energy-efficient and you’ll start saving money every month.

16. Bank Fees

Keep on top of ATM transactions so you don’t end up paying money to get cash. Don’t let your checking account get overdrawn because you don’t keep track of how much money you actually have. And if your bank charges a monthly maintenance fee, consider moving your money to a fee-free account.

17. Unused Subscriptions and Memberships

Do you belong to a gym that you rarely visit? Do you have more streaming subscriptions that you can reasonably watch?

Monthly charges for seldom-used subscriptions or memberships can take money you could be using for other things. Check your credit card statement carefully each month for recurring items you might have forgotten about or no longer have time to use and cancel them. You can always sign up again later if your circumstances change.

18. Insurance

Not comparing rates with other providers when your home or auto insurance policy auto-renews can lead to unnecessary extra costs. Since rates can change and companies often offer better deals to new customers, sticking with the same provider out of habit may mean you’re paying higher premiums for the same coverage you could get elsewhere at a lower price.

It’s also essential to review your coverage amount. You might end up paying for coverage you no longer need or not having enough, which can be costly in the long run.

There are many ways that money can slip through our fingers. By following these guidelines, you can avoid some of the pitfalls and stop wasting money.