Consumer Watch: Avoid these three spending traps
OKLAHOMA CITY (KOKH) —
Working to build a better budget can help more people feel secure in their finances. A major part of feeling financial secure also includes avoiding spending traps.
Some of these Fox 25 Consumer Watch tips for avoiding spending traps will have little to no change in how you live your life right now, and increase the chances of having more money in your pocket.
1. Email subscriptions: Many of us are fans of buying something, that might be clothing, shoes, power tools, or books. Email subscriptions are a useful way to learn about sales, but for the most part, they are an attempt to get you to look at products, and tempt you into buying. The Fox 25 Consumer Watch tip is to hit that unsubscribe button, and if you really need something seek out the item, and a good price at that point.
2. Gym memberships you are not using: You have good intentions, but if it's been a month, or months, it's time to cut that spending out of your budget. The Fox 25 Consumer Watch tip is to get rid of memberships you are not using. That doesn't mean you shouldn't be exercising. Try getting into the habit at home for free. If you've developed a work out habit, you might consider getting a new membership later.
3. Not tracking your purchases: Tracking how much you spend on what you buy is essential to your budget, but we're not just talking cost. Track how much you use that purchase you just had to make. After a few months of tracking how much you actually use what you buy, you'll have hard evidence over whether your purchases were impulse buys or if you really needed it. This can help inform how you spend money in the future.
The big take away here is that your spending plan can, and should be fluid. Maybe you are not using a subscription or membership, so don't let it keep draining your bank account. If you need it again later, you can always sign up again at a later time.