If you think about your spending habits, you might easily see ways you’re losing money. Perhaps you often fall for impulse purchases on your Target run, or overspend on clothing and electronics. But other money wasters might not even register with you as expenses.

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In a recent YouTube video, financial expert George Kamel discussed nine ways you might lose money without knowing it. Avoid these mistakes to have more cash for your important goals.

If you think you’re saving by paying for streaming services instead of cable, you may be in for a surprise. A CNET survey found that Americans paid $98 per month on average for various subscriptions.

Kamel suggested ditching unused subscriptions, which can be hard to track and expensive. You can go through your statements to find forgotten subscriptions to cancel, as well as consider free alternatives, like free e-books and online videos through your public library.

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A big problem for many people is that earning more leads them to spend more. Whether you’re splurging on luxuries or just buying unnecessary stuff, that missed money will make reaching your goals a slower process.

Kamel said, “Moral of the story: Any time your income goes up, you’ve got to be intentional with that money and keep living on less.

As tempting as a convenient restaurant meal can be, you’re losing money due to the markups on the food versus cooking something at home. That’s why Kamel suggested only eating out occasionally to treat yourself.

Try planning your meals to make eating at home less stressful. Also, consider opting for generics, shopping for sale items and choosing bulk products to save money on food.

Your various credit cards and bank accounts may have fees that help the financial institutions profit while costing you money — sometimes in a sneaky way. For example, your accounts might have monthly or annual fees, or you might see fees on your statement for using your card at the wrong ATM.

Ideally, you’ll pick financial accounts that avoid or minimize fees. Kamel also suggested taking steps like budgeting to avoid overdrafts, using only in-network ATMs and not making late payments.

Kamel said, “If you’re carrying a credit card balance from month to month, like 48% of cardholders, then you could find yourself paying 25% APR.”

Such a high interest rate can quickly offset rewards or points earned. Kamel also mentioned using a credit card can get you in trouble with overspending. Using cash helps avoid these risks, but if you do stick with a credit card, at least pay it off before interest applies each month.

Keeping your savings in a traditional savings account makes you miss out on interest. While the Federal Deposit Insurance Corporation (FDIC) reported a low 0.41% national average savings rate in April 2025, some big banks pay as little as 0.01%.

Kamel suggested finding an online high-yield savings account and highlighted Laurel Road’s product, which paid a 3.80% APY as of May 2025. If you earned that rate on a $2,000 deposit, you’d have $76 in interest after one year versus only about $8 with an account paying the national average.

According to Kamel, simply having debt is a money waster since the interest will keep adding up over the repayment term.

While credit cards stand out for their especially high rates, even mortgages with much lower rates could lead to paying double the borrowed amount. Kamel also explained that auto loans lead to paying substantial interest on something that loses value.

His advice was to eliminate all debt, which you might do using the snowball method that Ramsey’s brand endorses.

Having various insurance policies is crucial for protecting your finances. However, you unnecessarily lose money when you’re paying for coverage or features you don’t need.

Kamel recommended dropping unnecessary coverages, like burial and cancer insurance, and switching out any whole life insurance policy for cheaper term life coverage. He also suggested picking higher deductibles and working with an independent broker to find cheaper options.

Kamel said, “New cars lose about 60% of their value over the first five years on average, and continue to depreciate 8% to 12% each year after that.”

If you consider the average monthly new car payment in March 2025 was $739, according to Cox Automotive, financing a quickly depreciating asset becomes unappealing. Kamel advised getting a good used car with cash, which will prevent debt and save you a lot of money.

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Sources

• George Kamel (YouTube channel), “9 Ways You’re Losing Money Without Realizing It“

• CNET, “‘Subscription Creep’ Is Real. Consumers Are Paying Over $1,000 Each Year, CNET Survey Finds“

• Federal Reserve Bank of St. Louis (FRED), Commercial Bank Interest Rate on Credit Card Plans, All Accounts

• Federal Deposit Insurance Corporation (FDIC), National Rates and Rate Caps

• Laurel Road, High Yield Savings Account for Members

• Ramsey Solutions, “How the Debt Snowball Method Works“

• Cox Automotive, “March Sees Best New-Vehicle Affordability in 45 Months, But Tariffs Loom Large“

This article originally appeared on GOBankingRates.com: 9 Ways You Unknowingly Lose Money, According to George Kamel