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Have you ever considered how much money your laziness might be costing you? It’s easy to overlook the small, everyday habits that slowly drain your finances. From neglecting to switch to a better savings account at a FDIC-insured bank to sticking with a traditional bank that offers a lower interest rate, the cost of laziness can add up quickly.
In a world where digital advertising terms and various affiliate marketing programs entice us to spend more, it’s crucial to be mindful of our financial decisions. This blog post dives into how seemingly minor acts of laziness, like not switching banks or failing to unsubscribe from unwanted services, can lead to significant financial losses.
Whether it’s missing out on a better deal at the grocery store or failing to capitalize on top picks for investments, these habits can have an immediate consequence on your wallet. Let’s explore the not-so-hidden costs of laziness and discover how a little effort can go a long way toward a healthier financial situation.
1. Being too lazy to change your banking account
For most people, deciding on a bank to store their money is a monumental decision that is taken with more caution than getting into a romantic relationship. Yet, as daunting as that task seems, it is very much doable.
Of course, it’s also a hassle to change your bank. It requires tons of paperwork and annoying verifications of identity. But a lot of the time, there is a big financial reward at the end of it. Why keep your money at a bank with high fees and little interest when you can easily find a secure bank with lower fees and higher interest?
You don’t need to move your money around every couple of months. But you should check in and compare offers every couple of years. It’s not guaranteed that there always is a better offer, but wouldn’t you rather make sure instead of losing out on money unintentionally?
2. Being too lazy to unsubscribe immediately
So, you’ve just subscribed to a free trial and are eager to start using the service. But hold your horses! Are you 100% sure you want to pay for this service after the free trial is over? The same question goes for paid subscriptions. Are you sure that you want to continue using this service after the month/year you paid for is over? Because if you are not, it would be safer to unsubscribe immediately after signing up.
Forgetting about a cancellation deadline has happened to all of us at least once. Sure, most of the time, the financial repercussions for one additional month or year of subscription are not the end of the world. But it is still money wasted.
So do your future self a favor and unsubscribe before you dive deep into the free trial.
Although beware: In some rare cases, unsubscribing means you can’t use the service anymore, even though the trial/month isn’t over yet. So read carefully what the website says as you click the unsubscribe button.
3. Checking out prices before a subscription renews
Let’s stay with our favorite money-eating machine: subscriptions.
If you do have a subscription that you’d like to stick to in the long term (e.g., Netflix, Amazon Prime, NordVPN, etc.), it can still be useful to consider unsubscribing for a day instead of letting the subscription renew automatically.
For one, the prices may have changed without you being aware of it, and you don’t want to be caught by surprise when you look at your bank statement. Secondly, if it’s been a year or longer, then there might be new and cheaper services you could choose as an alternative. And lastly, a hack to keep in mind: If you were unsubscribed and sign yourself up again, you get the chance to use discounts that you would have missed out on during the auto-renewal.
But be careful! Some of those discounts are only for first-time users of the service. So do quick research before going through the unnecessary hassle of unsubscribing.
4. Quick search for discount codes
Many websites have wonderful discount codes that are waiting for you to use them. So why not take a minute or two to do a quick search and see if you can get 10% off or get free shipping? You’d be surprised at how often there is a code you weren’t aware of.
If you want to save time, you can, of course, simply install one of many free code finder apps to do the work for you. For example, right now, the app PayPal Honey is advertising that its users save on average 115 € a year.
That kind of money can go straight into your savings and investment account!
5. Picking up pennies from the ground
Fair warning: If you are anti-Law of Attraction, then this one is probably not for you.
I’m not going to pretend that you can become rich by picking up pennies from the ground. And unless you are dangerously broke, those pennies won’t make a visible difference to you financially. However, what it does is send the message to yourself that you appreciate money no matter how it reaches you.
And as soon as you truly embody that energy, the Universe sends you all kinds of opportunities to gain money. You might start receiving a surprising bonus at work, a higher-than-expected tax return, or a free meal at a restaurant because they messed up your first meal. There are endless weird and unexpected ways in which money can reach us if only we are open and ready to receive it.
6. Planning ahead when getting fuel
Since most of us are still driving economically unfriendly vehicles and the fuel prices are much higher than they were a couple of years ago, this is a great opportunity to save some money.
First of all, you shouldn’t let your tank get so low that you are forced to get fuel at the next available gas station. Because that one is rarely the cheapest option. Next, learn which of the gas stations around your hometown and along your regular routes offer the cheapest fuel. To make things easier, download one of those apps that tell you the prices in real-time.
Do quick research on the cheapest time of day to get fuel in your area. Obviously, you should avoid rush hours since those tend to be most expensive, but even outside of that, there are differences in price. In my area, for example, studies show the gas prices are cheapest between 7 pm and 8 pm as well as 9 pm and 10 pm.
If you can arrange to be at a cheap fuel station during one of the cheaper times without having to drive far away during inconvenient times, then why not do so?
7. Keeping lists for holiday sales
Every year there are big sales on the same dates: Easter, Mother’s Day, Father’s Day, Fourth of July, Amazon Prime Day, Black Friday, Christmas, New Year’s, etc.
I’m sure you are already using many of these opportunities to buy things at a cheaper price. However, are you strategic about it? How often did you remember something you needed to buy only after such a sale day was over?
A better way of approaching these sales is to keep a list throughout the year, in which you note down all the things you want to buy when they are more affordable. You can use this list also to write down gift ideas. That way, you’ll never be late with gift shopping, and you can get them at a cheaper price.
BONUS: What to do with your savings?
If you follow any or all of these tips, you are going to casually start saving some money throughout your daily life. The default result of this is that you have more money in your regular bank account that you can spend elsewhere.
However, I want to propose a different action step for you. Anytime you save money that you were prepared to spend, put it into your savings or investment account. After all, if you were emotionally prepared to spend that money before you found that 10% discount, it should be no hardship to relocate that exact amount into your savings.
That way, you not only get to celebrate saving money, but you also can feel proud of yourself for doing something for your future. This good feeling will reaffirm your desire to find more clever ways to save money, which will, in turn, help you to see opportunities to do so everywhere.
In the end, a little effort can make a big difference in your financial life. Whether it’s taking a few minutes to unsubscribe from unnecessary services or spending a bit of time comparing better deals, these small changes can lead to a better rate on your savings account or a reduced higher interest rate on your credit card.
Don’t let laziness cost you a lot of money in late fees or missed opportunities for better financial management. By being proactive and mindful, you can turn your financial situation around and enjoy the benefits of making the right investments.
Remember, every bit of extra income or saved money can contribute to a more secure future, whether it goes into a retirement fund or a new laptop computer. So, take that extra time and go the extra mile—you’ll be glad you did.
And always keep in mind: a well-managed financial life is not just about cutting corners, but about making informed choices that align with your long-term goals.
Now, armed with these insights, you’re ready to tackle the challenges of personal finance head-on and make your money work harder for you.
