The dog days of summer can sabotage energy levels and leave us feeling complacent in nearly every aspect of daily life. When this lethargic attitude starts affecting your finances, however, it can spell trouble for your bank account. From late fees to overlooked charges to missed saving opportunities, here are the many ways summertime laziness can cost you (and how to get back on track).
Too lazy to manage energy use.
It’s been one of the hottest years on record and people around the country are turning down the thermostat to beat the heat. However, mindlessly cooling your home means triple-digit energy bills on an expense which already eats up nearly half of your total utilities spending. Recommit to using your air conditioning when you’re actually around to enjoy it, and close the vents and doors to unused rooms to increase efficiency. Install a programmable thermostat to save up to 10% annually on cooling costs (and don’t forget to look for a rebate for the device!).
Too lazy to look for coupons.
Many shoppers don’t want to bother with coupons, but spending just 20 minutes a week to search for such money-saving vouchers can result in big savings–up to $1,000 a year, according to a recent study. However, you don’t have to dedicate that much time to this money-saving endeavor. Simply download the Coupon Sherpa app for instant access to in-store discounts like 20% off with a JCPenney coupon or $5 off an oil change from Jiffy Lube. Just a few seconds of search can yield big savings!
Too lazy to review bills for errors.
Setting up auto pay for recurring expenses is convenient, but it often causes consumers to overlook costly errors and unnecessary fees. Plus, as services move toward subscription-based pricing, it’s easy to sign up for a free trial and forget to cancel before the fees kick in. Regularly reviewing your recurring expenses will help you catch these errors in a timely manner and avoid wasting hundreds of dollars out of complacency. For those who don’t want to spend time reviewing such accounts, use Trim to find and cancel services you no longer need or want.
Too lazy to compare prices.
Since retailers promise to price match competitors to keep your business, failing to compare deals often results in paying more. With tools such as the Invisible Hand browser extension and ShopSavvy app which make comparing prices a snap, there’s no reason you shouldn’t do so! And, don’t miss out on a price adjustment when something you buy go on sale afterwards. Paribus will not only track price drops on your recent purchases, but they’ll also request money back on your behalf!
Too lazy to mail in a rebate.
Consumers frequently put off mailing in rebates until they have extra time to do so, which can lead to missed savings opportunities! Filling out the form and mailing it in takes no longer than 10 minutes so it’s best to do it as soon as you can. Rebate savings range anywhere from $5 to over $400 on everything from bedding sets to major appliances. You can also receive rebates on groceries when you use the Ibotta app, with savings like $3 back on Similac Infant Formula and $2 back on SheaMoisture Hair Care.
Too lazy to check credit score and credit report.
A study by Credit.com last year found over one-quarter of Americans have never checked their credit reports. A healthy score and responsible credit behavior make it more likely for lenders to offer you lower interest rates on mortgages, auto loans, credit cards and personal loans. What’s more, errors and fraudulent activity can drive down your score and be difficult to fix when left unnoticed. Get your free credit report from Experian, Equifax or TransUnion, or use MyLendingTree.com for instant access to your score plus monitoring capabiities and updates when changes occur.
Too lazy to redeem rewards.
The process for redeeming credit card rewards and frequent flyer miles definitely takes more time than simply swiping your plastic. However, the time spent can result in hundreds of dollars in savings. Approximately $16 billion in rewards points go unused every year, so this collective laziness further lines the pockets of airline and credit card executives. Don’t be part of this statistic! Take the time to learn how to redeem your points, which can be as easy as a few clicks.
Too lazy to brown bag lunch.
Fixing yourself lunch everyday takes effort, plus dining out with coworkers means getting a glimpse of that summer sunshine everyday. However, this habit takes a big bite out of your budget, to the tune of $1,043 per year according recent reports. Imagine the debt you could pay down or the vacation you could enjoy if you saved that $20 per week instead? Lunch prep doesn’t have to be a time-sink, either; spend just two hours on Sunday preparing make-ahead meals to last you the whole week.
Too lazy to open a retirement account.
According to the results of a survey conducted earlier this year, 1 in 3 Americans do not have any retirement savings, while nearly one-quarter of those surveyed have less than $10,000 socked away. To avoid working until you’re 80, saving for retirement should be a major part of your financial plan and overall budget. If you’re not yet taking advantage of an employer matching program for a 401 K, make the change now; you’re leaving money on the table!
Too lazy to find a side hustle.
While binge-watching Netflix costs you less than dining out with friends or going to the movies, it’s still costing you money. Instead of wasting time in front of the TV, look for ways to earn more money. Bringing in additional income will help alleviate your financial stress and enable you to pay down debts faster or reach financial goals sooner. Freelance writers, for example, can make anywhere from $50 to $300 per post, while a part-time retail gig boosts your hourly wage while giving you access to some great employee discounts.
Andrea Woroch is a money-saving expert who transforms everyday consumers into savvy shoppers by sharing smart spending tips and personal finance advice. As a sought-after media source, she has been featured among such top news outlets as Good Morning America, Today, CNN, Dr. OZ, New York Times, MONEY Magazine, Consumer Reports, Forbes and many more. Check out Andrea’s demo reel or visit her website at AndreaWoroch.com for more information about booking an interview or requesting an original written article. You can also follow her on Twitter or Facebook for daily money tips.