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The Common Things We Spend Money on That Really Add Up Over Time

Tap and pay—so fast and easy, but oh so deadly when it comes to syphoning money out of our bank accounts without realizing it. Often, we’re distracted at the checkout, we tap and pay and walk away without giving a second thought to how much we’re spending. 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 really add up over time? Keep reading to learn more!

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The Common Things We Spend Money on That Really Add Up Over Time

1) Food delivery

We’re encouraged not to drink and fry, so instead we drink and Uber Eats. Whether you DoorDash, Menulog, Uber or Deliveroo, the late night pre-hangover feed from local fast food joints is costing 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 out with a hiss and a roar at the gym. New activewear, new shoes and three months down the track, you know you should make the effort because you’re paying for it, but can you really 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 simply 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 super 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 make sure we have all the latest streaming apps, be it Disney Plus, Prime Amazon, Stan, Foxtel or all of them. 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 simply 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 hunt of 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 when you’re using Zip or After Pay. Buy now, worry about it later. The Financial Review revealed that Australian households spent a whopping $62 billion last year in online shopping. It was predicted to double for 2022.

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Meet Our Experts:

Gerry Incollingo is the Managing Partner of LCI Partners, a firm that specializes in accounting advisory, lending, wealth, property, insurance and legal.

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