7 MONEY MISTAKES You're Making That Are Costing You BIG!

Hey Peak Performance Seekers,

Welcome to this week’s AI for PI (Amplifying Insights for Performance Improvement) Newsletter! 🏆

You ever check your bank account and wonder, “Where did all my money go?” If you’ve been there, you’re not alone! Sometimes, we’re losing money in sneaky ways that don’t even show up on our radar.

The good news?

Awareness is the first step to plugging those leaks. Let’s dive into seven common ways you might be losing money — and how to stop it!

1. Subscriptions You Forgot About

We’ve all done it — signed up for that free trial and forgotten to cancel it before it renewed. According to a study, more than 60% of people have recurring subscriptions they don’t use. Streaming services, gym memberships, or that app you used once… these small charges add up.

Fix: Go through your bank statements, identify unused subscriptions, and cancel them. Apps like Truebill or Rocket Money can even help you track them down!

2. Not Shopping Around for Insurance

When was the last time you compared rates for car or home insurance? If it’s been a while, chances are you’re paying more than you should. In fact, studies show that consumers can save an average of $400 a year by simply switching providers or negotiating better deals.

Fix: Shop around at least once a year. Many insurance companies offer discounts to win new customers, and some will match competitors’ rates if you ask.

3. Late Fees and Interest Charges

Late fees on bills, credit cards, and loans are silent money killers. Did you know Americans pay over $12 billion annually in late fees alone? Ouch! Those $25 or $35 charges may seem small, but they add up over time, not to mention the compounding interest if you’re only making minimum payments.

Fix: Set up automatic payments for your recurring bills and focus on paying off high-interest debt as quickly as possible. Apps like Mint or YNAB (You Need A Budget) can help you stay organized.

4. Not Maximizing Employer Benefits

If your employer offers benefits like a 401(k) match, flexible spending accounts (FSAs), or health savings accounts (HSAs), and you’re not taking advantage of them, you’re leaving money on the table. For example, a 401(k) match is essentially free money, and missing it could cost you thousands over your career.

Fix: Review your benefits package and make sure you’re taking full advantage of any matching programs or tax-advantaged accounts.

5. Buying Name Brands Without Comparing

We all have our favorite brands, but paying more for a label doesn’t always mean better quality. In fact, 90% of shoppers who switched to generic brands for things like medication or groceries reported satisfaction. The price difference between name brands and generics can be substantial, especially for everyday items.

Fix: Next time you shop, compare the generic and store-brand versions of your go-to products. You might be surprised at how much you can save!

6. Letting Food Go to Waste

We’re all guilty of tossing out food that expired before we got around to eating it. But did you know that the average household wastes about $1,500 worth of food every year? That's money going straight into the trash!

Fix: Plan your meals for the week and make a grocery list based on what you already have. Apps like Mealime or Paprika can help you meal plan and cut down on food waste.

7. Energy Vampires in Your Home

Ever heard of phantom energy? This is the electricity your appliances and electronics draw when they’re plugged in but not in use. On average, phantom energy can account for 5-10% of your monthly electric bill. Devices like your TV, microwave, and gaming consoles are common culprits.

Fix: Unplug devices when not in use or use power strips to easily cut off power. You can also invest in smart plugs that can be controlled with your phone, so you’re not paying for unused electricity.

Final Thoughts

A lot of these money drains are so subtle, they fly under the radar — but together, they can cost you big time. By taking a few simple steps to address them, you could easily save yourself hundreds (or even thousands!) of dollars a year.

So, what do you think? Ready to start plugging those money leaks?

Until next time,

Jennifer

Three things to ALWAYS remember:

Be CONFIDENT!

Be EMPATHETIC!

AND ALWAYS HAVE PASSION!!!!