6 invisible ways you're losing money

#1. Unconscious overspending

The big purchases are easy to keep track of: the new rug, the piano lessons for the kids, the hammock for the backyard. But no one wants to scribble down every packet of gum they buy.

So they don’t. And every tiny tap of the debit card can go without record. The same goes for that streaming subscription you never use and that free trial that suddenly became not-so-free.

To make sure you’re only spending what you want on the things you want, consider using a budget app, like You Need a Budget (YNAB). By keeping track of what you spend and offering insight into ways to save, YNAB customers save an average of $600 over the first two months (according to YNAB). Try YNAB free for the first 34 days, to see if it helps.

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#2. Extra investing fees

Investing is essential to building wealth; you shouldn’t let your money stagnate in some savings account that pays next to nothing in interest. But depending on your broker or investing platform of choice, a range of forgettable fees could be ripping into your profits.

Even discount brokerage firms will charge anywhere from $5 to $30 in commission when you buy or sell, while at full-service firms that number can easily hit $100. That’s in addition to any management fees you need to pay just to maintain your account.

Take a moment to consider how much value you’re really getting for that money. If you can’t see the benefit, consider sticking with the cheapest option you can find.

Wealthsimple has a robo advisor service Wealthsimple Invest that comes with a mere 0.5% management fee, plus its discount brokerage service. There's also Wealthsimple Trade, which charges zero commission on exchange-traded fund (ETF) and stock trades — talk about value.

#3. Inflated insurance rates

It’s easy to set-and-forget all of your insurance policies, but you should always be mindful how much money is leaving your bank account every month in relation to the coverage you need and the premiums that are being charged.

Are you sure the company that offered you the best coverage for the best price years ago is still the superior choice? Rates change fast, and any loyalty discounts you might be getting by sticking around could pale in comparison to the savings you find elsewhere.

Some experts suggest poking around for better rates at competing companies every 6 to 12 months. That includes car insurance, home insurance and life insurance premiums. If you haven’t already invested in life insurance, remember that term policies are much cheaper than whole or universal life insurance policies (contracts that include an investment portion). For instance, spend a few minutes online with PolicyMe and get an instant term policy quote — plus couples get 10% off in the first year while parents are eligible for $10,000 in free Child Coverage.

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#4. No (or low) interest bank accounts

Banks only flourish because they get to hold on to our hard-earned money. Make sure they’re paying a fair price for the privilege.

Traditional savings accounts from the big banks typically pay a pittance in interest — typically between 0.01% to 0.1%.

Online banks don’t have brick-and-mortar locations or other pricey overhead costs, and typically offer better savings earnings rates as a result. For instance, EQ Bank is currently offering 2.25% to all its customers signed up for its high-interest savings account — and you won’t pay any monthly fees, either. Set up an automatic payroll deposit and your savings rate could jump up to 4% on all account deposits — and you still won't pay monthly fees.

#5. High mortgage interest

No one actually likes their mortgage, so don’t act like you’re attached to it. If you can switch to a better loan, do it.

Don’t miss out on an opportunity to refinance and potentially slash your monthly payments by hundreds of dollars. For instance, take five minutes to complete a mortgage account review with Homewise and you could find a much cheaper rate. To simplify this process, use the company's free online comparison services to track down the best offers from dozens of lenders.

So long as you’ve got good credit and minimal debt, you should qualify for the lowest rates available. Just be sure to check your credit score before you get started.

#6. Shopping without getting rewarded

Even when you’re spending money, you should be making money. Too many people leave cash on the table when they could get rewarded for buying items they want anyway.

Purchasing just about everything with a cashback or reward credit card is one obvious method — start by finding your ideal reward card or cashback credit card.

Likewise, using a shopping app, like Swagbucks, lets you earn free gift cards when you shop online. Plus, you can reap even more rewards by answering surveys or watching videos, if you have the time.