[Marivic]

Managing finances can sometimes feel like trying to catch water in a sieve, especially when small, unnoticed expenses add up over time.

How do you identify and handle financial leakages in your personal or business budget?

Do you have specific strategies or tools that help you track and control these hidden drains on your money?

Share your tips, experiences, or methods that have worked for you to keep your finances under control and avoid unnecessary losses.

[Norbert]

Look at all the service fees, reconcile your debit and credit card statements… Keep all your receipts for each month no matter how small a purchase compare to statements,

[Stacey]

I have leakage when emergencies come up, I deplete my fund then another emergency comes up. Then I am stressed and spend more than I should.

So, I need to have more funds in my emergency fund.

I need to plan for splurges so they are budgeted rather than impulse.

[Karri]

Write everything down in a notebook so you are tracking your money down to the penny.

You will start seeing the issue in a couple months.

[Annette]

I buy my needs first. Then put money away. Then go to thrift stores or clearance in regular stores for fun.

[Jess]

By bringing in the financial plumber to find the leak and fix it? In reality, there’s no such thing as ‘financial leakage’ unless you’re dealing with a hacker/scammer, it’s just lack of discipline and control over where your money is going.

If you make a budget and track your expenses, there will be zero ‘leakages’.

[Darla]

You have to track EVERY expense.
Every expense/purchase you make should be on the chopping block.
You will see where the leaks are.

My utilities have been consistent for nearly 31 years.
I stay within my grocery budget every month and we primarily eat the perimeter of store.

Friday is our date day. It’s the day we eat out and we budget for it. Some years we couldn’t afford to do it so we didn’t.

You can buy cheaper brand items to save money. I buy store brand items when we need them.

I shop sales and use digital coupons.
We don’t drink soda or buy sweet drinks.

I primarily drink water and my husband drinks coffee and tea. Our daughters are primarily water, too.

Generically speaking, try to cut your utilities, groceries, and fuel expenses by 10%.

No eating out for a month.

[Pauline]

I have an emergency fund but that’s a calculated expenditure. I’m not sure what a leakage is.

[Melissa]

Review & adjust the budget monthly.
If you have a misc. catagory, eliminate to specific expenses. Use cash where you can.

If you budget $100 a week/$400 a month for groceries take cash to the store.

Break it down to weekly or bi-weekly so you don’t run short at the end of the month.

Power may fluctuate. See if you can get readings during the billing period so you can adjust usage before bill is due.

If you have a written budget you should be able to see where the extra spending is happening. Sign up for Fetch.

You need every receipt to get gift cards. My husband is on board and sets out every receipt so I can acan it.

I also can see how the money was spent

[Lisa]

May want to check the bills. Often slight increases in bills ruin a budget.

[Diane]

That’s when I make whatever sacrifice is necessary to repair the leak. I cut all non-essentials, sell stuff (including plasma), perform chores for friends and neighbors, take on second part-time jobs, utilize food banks, etc.

I have even taken a room mate til I get my ER fund built back up or the repair/debt paid OFF.

Every penny counts!

[Cindy]

I have a spreadsheet on my phone of my expenses. Every time I see a new expense I put it on the sheet. I review it every day.

I Unfollow lots of subscriptions on Fridays. Or while I’m waiting in a doctor’s waiting room.

Learning to say no to family and friends when they want to spend money for fun.

I’m not saying don’t have fun but instead, find alternatives that are less costly or even free.

When it comes to vehicles, have one for the entire family and live close enough to work so that one of the parents or both can walk to work. Same with schools.

Make sure the kids can walk to schools. If there are no options in your area to have transit or places are not walkable, then consider changing locations and do your homework beforehand.

(I’ve moved provinces for better living conditions and walkability. It’s expensive at first to do this but in the end, it’s worth it. Also walking more is better for one’s health.)

[Linda]

Learning the difference between wants and needs! Looking over the budget periodically to cancel the “leaks” For us it’s our security monitoring we never use and a monthly bug spraying company.

[Author]

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