✨ The Hidden Expenses That Are Secretly Sabotaging Your Budget

Sponsored by Fizz

Whether you’re currently in college, just graduated, or are simply finally getting your financial life in order, welcome to our latest series, The Back-To-School Budget. For the next four weeks, we’ll be getting back to financial basics, from figuring out a savings plan that actually works, to finding more flexibility in your day-to-day spending. And thanks to Fizz, you can start building credit as you master all the basics of managing your money.

Now that we’ve arrived at the last installment of our four-week series getting back to money basics, hopefully, you’ve started getting a clearer picture of your finances. Maybe you’ve downloaded a budgeting app for the first time, or opened a high-yield savings account, or even started contributing funds towards a big savings goal. You’re taking the small steps necessary to be a financially functioning adult, and you should feel great about yourself.

Then, you log into your banking app, and you see it: the annual fee for a subscription service you ended up never using, putting an unsightly wrench in all of your progress.  

Today’s task: identify all of the tiny expenses that are secretly sabotaging your budget progress.

Now, these aren’t just limited to forgotten fees, though in our subscription-heavy spending environment, those are definitely making an impact on most of our budgets. (Seriously: the average adult is spending over $1,000 a year on subscription services!) Take some time to comb through your previous charges (or use an app to help you) and make a list of any of the following:

• Monthly fees for apps/services you forgot about, or no longer use.

• Avoidable charges you could eliminate by switching providers, such as certain bank fees.

• Auto-renew charges that only hit annually.

• Late fees on bills, or other penalty fees.

Then, one by one, determine your plan of action:

• Unsubscribe from services you are not actively using, or that aren’t adding value to your life.

• Shop around for a new checking account if your financial institution is charging you tons of hidden fees.

• Cancel auto-renewing memberships, if you don’t want to be hit with a big annual fee all at once. You can always sign back up later!

• Set reminders for all of your monthly bills, or set up autopay. 

Remember, this is not to say that any and all subscriptions or apps aren’t worth it — plenty of them make our lives easier! But take the time to gain clarity on where your money is going, and determine what’s worth it (and what really isn’t).

And once you’ve gotten your expenses under control, it’s time to start seriously working on your credit — a hugely important financial tool, especially for life after college. Enter Fizz. Fizz is the #1 credit & money app for young adults. Whether you want to build credit safely, manage your money or have no idea where to start, Fizz is there to help you every step of the way.

One of the best features of Fizz is their debit card that helps you build credit — and, unlike other financial providers, there are no hidden fees. With a Fizz card, you can earn 3% cash back in a category of your choice and other exclusive offers (up to $300 in annual cash back and rewards value). That means more money in your bank account as you work towards your savings goal. There are no interest rates, late fees, or minimum deposits to worry about, and no credit checks or cosigners required. Your card connects to your bank account and gives you a line of credit based on how much money you have, making sure that you spend responsibly. The card is also paid off automatically every day from your connected bank account, keeping you from building up big balances throughout the course of the month. Users also get real-time spending insights, access to budgeting tools, real-time credit monitoring, and more. 

Take the guesswork out of your spending and join over 100,000 members to kickstart your financial journey. Click here to join Fizz today.