6 Ways You’re Losing Money Without Realizing It

One thing I think most people don’t like including myself is being finessed, btw that’s the feeling that someone is taking advantage of you.

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1. Bank Fees
– This should be a thing anymore but a lot of people have loyalty towards banks that have no loyalty towards them

These Fees are:
– Monthly maintenance fee: Most banks if you don’t keep more than $1000 to $1500 dollar inside they charge you $12 a month
– Overdraft Fees: Omg I spend way to much, but why would you let them take the money ( $30 with some banks)
– Statement Fees: you want a copy of your statement okay that will be $5

Solution:
– Get an online bank, I recommend Sofi, it doesn’t have of those fees what so ever plus it has a bunch of other features I like

Tip: yes its FDIC insured

2. Subscriptions
– This one is massive because we live in a world where you can’t buy anything anymore, it’s just better to pay a monthly fee and get access to everything

Study:
– A study was done in 2018, where people were asked how much they spent on subscriptions and they said like $80
– But the true amount was closer to $238 per month, because Spotify, phones bill, wifi, and everything else

Solution:
– Write them all down
– And look up competitor pricing
– And call them ask for a discount or tell them you’ll leave

3. Free Investing Money
– If you work for a company that gives you’re a 401k match ( that’s free money ) you want to take it
– And every dollar you invest today will be worth around $17 in 30 years or so
– So you want to invest and get all that free money

Ps:
– Don’t just stop there
– Invest more money at least 10-25% of your money
– That way you have a nest egg for yourself in the future

4. Buy In Bulk ( now don’t go buy 20 bags of toilet paper)
– My favorite two words in the world are
– Costco and BJs and Sams club
– When you go and buy food in bulk it will save you a lot of money

I saw a video the other day:
– That explained that shopping at whole foods is 30% more expenses
– And what you care about is organic food why not just buy in bulk and save money

5. Atm maybe and Credit Card
– Now this Is not opinion this is based on a study that was done
– So if you disagree with me, you are kinda disagreeing with facts

First Off:
– I made an entire video on Atm machines and how to start a business
– But using them is a complete convenience factor
– And you should be using them because they are very expenses

Credit card:
– A study was done that showed people that use a credit card spend 18% more money than they would with cash
– Because cash activates the pain part of your brain so you don’t want to spend to much
– And spending with credit makes it easy and if you don’t pay, you pay twice with the interest

6. Buying Cheap stuff
– My mom is the definition of this entire thing
– She buys a bunch of cheap things that end up breaking and she has to rebuy
– For example Knives, Phones, and things that she’s going to use a lot and need to be good quality

However:
– I can already someone in the comments smiling saying
– Yes this why I buy Gucci and Prada, quality is everything
– No, that’s not what I mean, and the other clothes are made in the same factories and you are just paying for the brand

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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