Financial Expert Dishes Out 8 Money-Sucking Expenses You're Probably Guilty Of Every Month

Being financially healthy is a goal many of us strive for, but with an endless array of expenses vying for our hard-earned cash, it can be tough to know where to draw the line. According to financial expert Anthony O'Neal, there are several seemingly harmless expenses that could be quietly draining your bank account each month.

While some expenses are self-explanatory, others might come as a surprise. But don't worry, by knowing what expenses to cut, you'll be on your way to financial wellness in no time.

So, what are these money-sucking expenses? Let's dive in and explore the eight things Anthony O'Neal says you should stop buying to become financially healthy.

1. Subscription services

Many of us are guilty of subscribing to services we hardly ever use. Whether it's a streaming service, a gym membership, or even a monthly delivery of household goods, these often-unused subscription services can quickly add up and deplete our accounts.

Take the time to sit down and make a list of all the subscription services you have. Evaluate each one and decide whether it's something you truly use and value. If not, it's time to cut the cord.

2. Single-serve coffee and other daily expenses

Small, daily expenses can add up quickly. Whether it's grabbing a coffee on the way to work, buying lunch, or snacking on grab-and-go treats, these often-overlooked expenses can quickly drain your account.

Make a conscious effort to plan your meals and start saving by brewing coffee at home or prepping your lunch the night before.

3. Fancy gadgets and gizmos

We've all seen it - the latest smartphone or trendy gadget promising to change our lives. The truth is, while these fun tools might be delightful, they often come with hefty price tags that our bank accounts can't support.

Before buying something fancy, stop and think about whether it'll add value to your life. Be honest, and ask yourself if you truly need it or just want it.

4. Upgrades and lavish purchases

Whether it's that next pair of designer shoes or an increase in house size, many of us tend to prioritize keeping up appearances over our financial goals. Unfortunately, keeping up with the Jones' is a losing game that can cost you dearly.

It's key to set your priorities and learn to be content with what you already have. Only then can you make meaningful strides toward your financial ambitions.

5. Restaurants and unnecessary meals out

We've all had those evenings where cooking a meal just seems too daunting. Instead, many of us turn to our favorite takeout joints or dine at local restaurants. But, if you're dining out frequently, you should see which other spending areas can be cut to save up for those moments.

Give meal planning a try. There are countless ways to prepare meals quickly and easily in the comfort of your own home.

6. Gas-guzzling cars

Our gas-guzzling vehicles are no longer just environmentally unfriendly. According to Anthony O'Neal, if your car is old or of poor mileage, continuing to drive it can significantly disservice your finances, too.

Look for solutions like selling your current vehicle for a lower-maintenance car, cancelling gas-guzzling car insurance policies and finding ways to lower your fuel consumption.

7. Expensive dates and entertainment

Anthony encourages people not to shell out big money on fancy dinners or unnecessary entertainment. These activities eat away at the pocket and offer little personal satisfaction in the long run.

Tap into your creativity to arrange free activities that challenge and excite the mind and body!

8. High-end habits

As you consider your monthly expenses and where your money could be saved, keep an eye out for expensive daily routines or 'vices.' Perhaps your personal brand of expensive coffee sticks you at an unwarranted price. At the end of the day, we crave the products we're aware of, because repetition has an effect, and we have learned to associate taste, quality, and convenience with brand.