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Money finds a way to leak, unless you are super watchful of it. We are surrounded by so much stuff that we don’t even realize what we’ve picked up or why and are soon parted with some more of our cash.

This lack of awareness can be a costly thing. In this post we discuss five ways in which we routinely spend more than we should (without even realizing it) and how to stop that from happening. Read on for some enlightenment!

Paying More Taxes than Necessary

Nobody likes crunching numbers and ruining lovely Saturday evenings in the process. Well, most of us don’t, but if you do that once or twice a year you may end up saving thousands of dollars in the process.

There are so many ways you can keep more of your hard-earned cash that it’s criminal not to explore all of those options. Case in point, did you know that energy efficient homes in the US get extended tax credits? Yep, that’s right. Wherever you may live and whatever your age or occupation, there are many ways you can cut down on your tax bill.

This is a well-covered space and there’s some excellent advice on the Internet. None of it is advertised, which is why you will have to seek information. Start with contacting your accountant. It is time consuming and it may be boring, but hey, if you save money at the end of it, that can only be a good thing, right?

Spending on Stuff You Don’t Really Need

A friend’s mother recently got fixed her old Toyota Corolla, spending more almost a thousand dollars in the process. In her defense though the car does look pretty fab now and also has some attractive accessories onboard. There’s just one problem. She hardly drives and her partner never drives. The car was fixed in the hopes that when somebody comes visiting them they will have a vehicle on hand to show the guests around. Pretty sad waste of a thousand dollars, if you ask me.

Many people hold on to old stuff or upgrade it just because they own it without really thinking if they really need it. If your house is full of stuff you haven’t used in ages and which you don’t even see yourself using in the next few years, put it up on ebay or give away to charity. Space is good for one’s pockets as well as sanity.

Empty nesters, you have the option to rent out anything you don’t use – like a functional car or an empty room in your house. Join a community like the AARP or check out a website like TheHartford AARP to learn about other ways in which you can save money.

Bloated Insurance Covers

The insurance policy space is an ever evolving one and immensely competitive. In order to outdo each other insurers keep coming up with all kinds of interesting discounts. If you haven’t given a second thought to your insurance cover in some time, maybe you should. For all you know you could be eligible for some discount or the other – gender discount, good driving discount, multi-vehicle discount, et cetera. Check out a reliable list of all car insurance companies in the US to make a fair comparison and find a policy that will save you money on premiums.

Shopping on Credit

Consigning your credit card to the dustbin could be the best thing you could do for yourself but we realize it is a tad extreme. That little card of plastic has been the source of non-stop grief for many. It makes so many weird things possible!

The whole idea of ‘buy now pay later’ is the spawn of the devil. It lures us into a false sense of security only to trip us bad later on. With a credit card in our hand we feel we are richer than we really are. We feel many things are within our reach, when they aren’t.

Time to put an end to this misery. For the next few months, only buy things in cash or via your debit card. Try it. Even if it is difficult in the beginning, stick with it for a while. It’s even better to go cash-only. Why? Because cards make us spend more, pure and simple. If you step into the grocery store for your weekly shopping with only $20 on you and no cards to fall back on, you will be forced to shop wisely. That $5 spent here or there which you would have in case of no cash and a debit or credit card with you will be pared back and it will start making a difference to the tune of hundreds of dollars in only a few months’ time.

And as far as online shopping on credit is concerned, forget it. You buy only that which you can pay for at the time. That’s it. Insist on seeing the money being deducted from your bank account when making the purchase. Anything else is just fooling yourself. Only making minimum payments when it comes to paying the bills and the rest later? Well, you’ll end up paying even more in form of interest than you would have if you had paid for your shopping when you did it.

In all fairness, we do need credit cards – for big purchases and to build our credit score. But did you know that each time you miss a payment, or get delayed in making a payment, there are consequences? Well, you do now. So steer clear of that dreaded word—credit (as long as you can help it).

Not Reading Labels (or Reading Them All Wrong)

Brands have the habit of ridiculously pricing their ware just because people are willing to pay more for the shiny and well-marketed stuff. But just because something is priced high doesn’t necessarily mean that it will have extra quality backing it. Similarly, in-house brands at your favorite grocery store may not have any jazz associated with them but they are usually a safe bet and will save you a lot of money over time since they are reasonably priced. For all the things that you don’t think you need to buy the priciest versions of, simply choose the supermarket’s own brand and you will be more than fine.

Also, don’t be fooled by labels like ‘organic’ or ‘fair trade’ and end up spending more on a bag of potatoes than you absolutely must. And what on earth is organic tea? Don’t spend on foolish things.

Author Bio:

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Tracy Vides is a freelance writer and often shares her thoughts on various topics such as technology, auto, insurance and more, with her unsatiable passion for writing. Catch Tracy on Google+.