Tap and pay—so fast and easy, but oh so deadly when siphoning money out of our bank accounts without realizing it. So often, we’re distracted at the checkout; we tap, pay, and walk away without considering how much we spend. Add to that the direct debits of insignificant amounts for apps and subscriptions that we barely notice until we look at our account balance. So, what are the most common things we spend our money on that add up over time? Keep reading to learn more!
The Common Things We Spend Money on That Add Up Over Time
1) Food delivery
We’re encouraged not to drink and fry; instead, we drink Uber Eats. Whether you use DoorDash, Menulog, Uber, or Deliveroo, the late-night pre-hangover feed from local fast food joints costs us a fortune. Australians spend an average of $40 weekly on food delivery. But if you’re feeding a family, a McFamily Box with the delivery fee and the service fee soon add up to at least $65+, and you could go somewhere for a fairly decent meal for that cost.
2) Gym memberships that you don’t use
You start with a hiss and a roar at the gym. You know you should make an effort because you’re paying for new activewear, new shoes and three months down the track, but can you be bothered? A survey by Finder.com found that Australians are wasting $1.8 billion on gym memberships they don’t even use. The average gym membership sits around $1248, depending on where you live and the type of gym you signed up with. That’s a lot of money down the gurgler if you don’t use it for working out.
3) Game upgrades
Remember when you were addicted to Candy Crush? Buying crystals and boosts to make it to the next round is not the best use of your income. Many in-app games require purchases to get rid of annoying ads or to help boost your powers to level up. It might only be a dollar or two, but these games can be addictive. Essentially, there are no rewards other than a boost to your ego if you reach the last level, and then what? These games are effectively another form of gambling.
4) Every single streaming app available
FOMO (fear of missing out) drives us to ensure we have all the latest streaming apps, be it Disney Plus, Prime, Amazon, Stan, or Foxtel. Without counting the additional recent releases you can purchase or rent to have almost every single streaming app (We didn’t include MGM or AMC, or Shutter), you can expect to pay around $145 each month. Too many choices can also mean you spend most of your time looking for something to watch. Download one at a time and when you get bored with it, cancel it and download a different streaming app for a while. It can save you a lot of money in the long run.
5) Online shopping
You can shop to your heart’s content from the comfort of your very own recliner. As your fingers tap in the hunt for global bargains, a few dollars here and there soon add up, particularly if you’ve forgotten to switch the currency to AUD. It’s even easier to spend money using Zip or After Pay. Buy now; worry about it later. The Financial Review revealed that Australian households spent $62 billion last year on online shopping. It was predicted to double in 2022.
Meet Our Experts:
Gerry Incollingo is the Managing Partner of LCI Partners, a firm specializing in accounting advisory, lending, wealth, property, insurance, and legal.
