We all know them: the small expenses that creep into our lives secretly, quietly and at the end of the month create a tidy hole in our budget. These so-called “money guzzlers” are often inconspicuous, but they can prevent us from achieving financial freedom in the long term. But don't worry, we'll show you how to track down and eliminate these budget traps to get your finances back under control — and still treat yourself.

What are money guzzlers?

Money guzzlers are small or recurring expenses that seem harmless at first glance, but add up to a significant sum over time. Typical examples include:

• Unnecessary subscriptions: Gym memberships, streaming services, or apps that you barely use.
• Coffee purchases on the go: Sure, the cappuccino to go is delicious, but five euros a day quickly adds up.
• Spontaneous online purchases: The fancy shoes on sale or the gadget that you don't actually need.
• High extra costs: Such as high fees for banking products when you get similar services cheaper elsewhere, or very expensive contracts while there are comparatively cheaper offers.

The good news: You can get a grip on these money-eaters — and decide for yourself how much of them you want to do without.

But to do that, you have to unmask your personal money guzzlers first.

Unmasking money guzzlers: Here's how

1. Take stock of your spending

Take some time to look at your bank statements from the last three months (or longer). Which regular or spontaneous issues do you notice? Mark everything that you don't necessarily need.

2. Set priorities

With every issue, ask yourself: Does it really make you happy, or could you do without it? Perhaps you notice that you like the coffee from home just as good or that your gym subscription can be canceled and replaced by jogging in the park. Mind you, this is not about making big sacrifices, but about reducing things that are of no use to us at all.

You should also identify potential savings. An electricity contract or mobile phone contract that is too expensive can be easily changed online today, which reduces your costs.

3. Create a budget

Budgeting helps you keep track of things, structure your finances and save some money. To create your budget plan, divide your income into categories such as housing, food, leisure and savings, set realistic limits that suit your living conditions, and track how you comply with them.

As I said, don't forget to consciously plan an amount of money for fun — after all, life shouldn't just mean sacrifices! If going to the café every weekend makes you happy, it's okay if you treat yourself to it. Our brain needs this short-term satisfaction. Money for long-term prevention (attention our brain prioritizes this less due to evolution) should still be left over.

You can use budget apps or classic a budget book or an Excel spreadsheet for this purpose. Choose the structure that is most comfortable for you.

4. Automate saving and investing

To ensure that your money ends up where it will benefit you the most in the long term, set up a standing order for a savings account or investment account. This makes saving a habit, and money eaters have less leeway.

If you leave your money in the account from which your spending is also deducted, you will use some of it more quickly for the dear money eaters.

The path to your financial wellbeing

Taking control of your finances is an important step towards your financial wellbeing. It's not about turning every cent around, but using your money more consciously and using it for things that really matter to you.

By reducing money guzzlers, you can:

• Reduce stress: Fewer worries about money mean more peace of mind.
• Gaining freedom: You can afford things that give you pleasure in the long term.
• Achieve your goals: Whether it's your dream vacation, a nest egg or your first ETF savings plan — with a clear plan, you'll get there faster.

“You don't get rich from the money you earn, but from what you don't spend.” - Henry Ford.

And if you can set aside more money by exposing and avoiding money eaters, you can use it to build up wealth and thus become financially free. — That's when the coffee to go doesn't matter as much anymore.;)

But remember: Everyone has a few money-eating expenses — regardless of income. Because when we earn more, we often experience “lifestyle inflation” — we adjust our spending patterns to the new income level and there is just as little money left over to save and invest if we don't handle it carefully or plan.

Get rid of money guzzlers

Identifying money guzzlers is easy. Getting rid of them usually also, but self-control is sometimes difficult for us. That's why small rewards are important in between and we shouldn't want to frantically save everything. But with a bit of mindfulness and the right strategy, you can achieve more for your financial freedom and well-being by narrowing down money eaters.

Do you need more knowledge or support? Then register on our waiting list. In our financial app, you can learn more about budgets & co. and have helpful tools to track your spending. Or you visit our Webinar “Money Date: How to Manage Your Finances” on February 12, 2025, which is also about your financial overview (including money guzzlers) and budgets.

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