Money Leaks, Time to Plug Them

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Dear Member,

With the long July 4th weekend coming up, itʼs a great time to log into your bank account and look at all of your spending for the past 90 days. You can probably do this in about an hour or less. However, it could save you a lot of money, which in turn can be used for wealth accumulation rather than just being flushed down the toilet.

What are Money Leaks?

They are things you pay for every month, most of them automatically, but you donʼt use or need them at all. In the past year, I have come across money leaks in my own life.

Now remember, the goal here isnʼt to cut your budget on items you enjoy or use, this is simply to find things that you donʼt use or need anymore. Many are good things, like gym memberships, but if you havenʼt been to the gym in a year, then maybe it’s time to come to terms with reality and cut that $80 a month from your expenses.

Here are a few of the money leaks I found….

  • LegalZoom alert for a family trust that we never even set up.
  • Gym Membership
  • Showtime (Dexter ended 9/2013 & havenʼt watched Showtime since)
  • Godaddy Domains that Iʼll never use
Money Leaks can include a lot of other things…

  • Old credit card annual payments
  • Extra cable channels
  • 401k deposits
  • Credit card interest
  • ATM fees
  • Overdraft fees
  • Speedy shipping
  • Daily coffee trips
  • Impulse purchases
  • Eating out (appetizers & desserts)
More advanced Money Leaks that you can also plug are your taxes and insurance. Spend some time speaking with a true professional on how to optimize your life to pay less in tax.

Money leaks can add up and are totally unnecessary. Spend some time in the next few days and plug those holes.

Best Regards,
Daniel Ameduri

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