Do you sometimes feel like your money is disappearing without really knowing why? Even with a well-structured budget, certain discreet expenses can slowly but surely undermine your savings. Here are seven common hidden expenses, along with simple tips to help you regain control.​
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1. Forgotten subscriptions​
Streaming services (video and audio), apps, newspapers, and paid newsletters: a few dollars here and there can quickly add up.
- Tip: Review your subscriptions every three months and cancel the ones you no longer use.
2. Bank fees​
​Few people avoid monthly bank fees unless they maintain a minimum balance, which is unrealistic for many. Out-of-network ATM withdrawals and unnecessary interest charges can also eat away at your budget.
- Tip: Compare banking packages and avoid independent ATMs or machines from banks that are not yours.
3. Impulse purchases: creating needs you don’t really have​
​A coffee here, a small online purchase there, a stop at the drive-thru of your favorite fast-food restaurant. These expenses seem harmless, but when combined, they have a real impact.
- Tip: Apply the 24–48 hour rule before making any non-essential purchase, and plan your morning coffee before leaving home.
4. Food waste​
​Food thrown in the trash is money wasted. An average family wastes nearly $1,300 in food every year!
- Tip: Plan your meals, make a grocery list, and freeze leftovers.
5. Poorly adapted or extended warranties​​
Paying for unnecessary or duplicate coverage is common. For example, in Quebec we refer to the legal warranty, while in Ontario we speak of implied warranties. These laws govern the expected useful life of a product.
- Tip: Ask the retailer questions and check online reviews for product reliability.
6. Neglected maintenance costs​​
Postponing vehicle or home maintenance can lead to costly repairs.​
- Tip: Follow a preventive maintenance schedule and create a budget category to set money aside for upcoming maintenance.
7. Sneaky price increases​
​Phone, internet, and electricity bills often increase without being noticed.​
- Tip: Review your bills and shop around for providers regularly. Adjust your energy or
mobile data usage to better suit your needs.
By becoming aware of these hidden expenses and adopting healthy financial habits, you can free up hundreds—or even thousands—of dollars each year. Budget balance starts with vigilance and informed choices.
If you are still experiencing difficulties despite making changes to your habits, know that we are here to help you regain control of your finances.
If you feel you no longer have control over your financial situation, there is no shame in consulting a Licensed Insolvency Trustee, who can guide you and help you see a future beyond debt.
There are several ways to contact the Ginsberg Gingras team:​
By phone: (800)567-1905
Website: ginsberg-gingras.com