8 Hidden Ways Your Bank Account is Leaking Money

Paying off debt can often feel like a never-ending battle, especially if you're already living paycheck to paycheck. Logically, you know the importance of putting extra cash toward your debt snowball or avalanche, but finding those extra dollars to make a meaningful impact can feel impossible. Here’s the good news — your bank account may be leaking money in places you don’t even realize. Fortunately, by plugging these leaks, you can find extra funds that can help accelerate your debt payoff.

Find those extra funds and turn them into debt payments

1️⃣ Subscription services you don't use

One of the most common and sneaky drains on your bank account is subscriptions. You may be paying for services like streaming platforms (Netflix, Spotify, Disney+, etc.), gym memberships, magazine subscriptions, and even software tools that you don’t actively use.

What to do:

Audit Your Subscriptions: Go through your transactions in your Fruition account and check for recurring charges. Look at your email for subscription confirmation emails and trial renewals that have turned into regular payments.  Don’t forget about subscriptions that are billed through the Apple App Store or Google Play Store.

Cancel or Downgrade: Cancel any subscriptions that are no longer necessary. If you're using a service minimally, see if there’s a more affordable plan or alternative that fits your needs.

Even if you save just $10 to $50 a month, that’s an extra $120 to $600 a year to direct toward paying off your debt.  You can always start them back up in the future if you need them.

2️⃣ Unnecessary insurance or overpaying for coverage

Yes, you need insurance. But are you overpaying without realizing it? Premiums may have increased over time or you might have added coverage that isn’t essential.

What to do:

Shop Around for Better Rates: Compare insurance rates from different providers. Many insurers offer discounts for bundling policies or for being a loyal customer. Even switching providers could save you hundreds of dollars per year.  You may also be eligible for discounts for being a safe driver, taking defensive driving classes or for your student having good grades.

Review Your Coverage: For auto and home insurance, make sure you aren't overinsured for things like personal property or liability. Additionally, if your car has depreciated significantly, you may no longer need comprehensive or collision coverage.

By shaving off $20 to $100 a month on insurance, you can free up that cash for more aggressive debt repayment.

3️⃣ Bank fees and ATM charges

Bank fees, ATM withdrawal charges, overdraft fees, and maintenance fees can rack up quickly. Withdrawing money from ATMs outside your bank’s network or having insufficient funds in your account can lead to fees that eat into your finances.

What to do:

Switch to a No-Fee Account: Many online banks and credit unions offer fee-free checking accounts with no monthly maintenance fees, no overdraft fees, and access to free ATM networks.

Avoid Overdraft Fees: Set up low balance alerts on your bank account to avoid overdrawing. Alternatively, link your account to a savings account or another line of credit to cover potential overdrafts.

Use In-Network ATMs: Stick to ATMs that are part of your bank’s network to avoid unnecessary withdrawal fees.

By avoiding just $5 to $10 in fees each month, you could save an extra $60 to $120 a year for debt repayment.

4️⃣ Cutting back on dining out and delivery fees

Getting a coffee on the way to work, grabbing lunch at coworkers, ordering dinner from a delivery service, or going out for drinks after a long day—these habits might seem small, but they can quickly add up to hundreds of dollars a month.

What to do:

Meal Plan and Cook at Home: Cooking your meals at home can save a significant amount of money. Set aside one day a week for meal prep and stick to a shopping list to avoid impulse buys. If you love to dine out, pick one day a week and really lean into the treat.

Cut Delivery Services: While food delivery is convenient, the service fees, tips, and markups on menu items can make it much more expensive than dining in.

By reducing dining out and delivery expenses by even $50 a month, you could free up another $600 annually for your debt repayment.

5️⃣ Unused gift cards and store credits

You might have accumulated gift cards or store credits over time, either from gifts, returns, or rewards programs. These cards often sit in a junk drawer or digital wallet, unused and forgotten.

What to do:

Cash Them In: Check your wallet, purse, or email inbox for any gift cards or store credits that could be converted into cash or used to reduce spending. Consider selling gift cards you don’t plan to use for a slight discount, or use them for essentials instead of spending cash.

It might be small, but recovering anywhere from $20 to a few hundred dollars without digging into your paycheck can feel like a huge win.

6️⃣ Evaluate your phone plan

Are you paying for extra data, unlimited plans, or phone insurance that you don’t really need?

What to do:

Switch to a Lower Plan: Do your research and see if you can downgrade to a less expensive plan. Do you need unlimited everything plus that hot spot?

Consider Prepaid or Budget Carriers: If you’re open to it, prepaid plans and smaller carriers like Mint Mobile, Cricket Wireless, or Google Fi often offer similar coverage for much less.

Shop Around for Better Deals: Make sure you’re not overpaying for your current provider by comparing rates with competitors.

Saving $20 to $50 on your monthly phone bill can provide another $240 to $600 annually to direct toward your debt.

7️⃣ Overpaying for everyday purchases

It’s easy to overlook the potential for savings in our everyday spending. Sure, it might not be your first thought to price check or buy generic brands, but the savings can add up in the long run.

What to do:

Cut Back on Non-Essentials: Evaluate your daily habits and determine where you can cut back. Sometimes checking the spending wheel in your Fruition Folio can be very… illuminating 👀. Did you realize that you had spent so much on groceries or shopping over the last several months? Taking a look at our overall consumption can add up to significant savings.

Use Coupons and Discounts: Take advantage of coupons, cashback apps, and loyalty programs. Small discounts add up.

By reducing these small but regular expenses, you could find an additional $20 to $100 a month to put toward your debt.

8️⃣ Sell unused items or assets

Use this as an excuse to do some closet cleaning. That blazer you haven’t worn in 5 years? List it. That table you’ve been meaning to refinish but never seem to get around to it? Sell it.

What to do:

Have a Garage Sale or Sell Online: Take some time to declutter and sell unused items through an in-person yard sale (see if your neighbors or friends want to get involved!) or apps like eBay, Facebook Marketplace, or Poshmark. This can provide a quick influx of cash to pay down high-interest debt.

A garage sale or online selling could net you anywhere from $50 to a few hundred dollars, depending on what you sell.

Find your extra cash

Paying off debt can be a challenge, but it's also a matter of finding and redirecting the money that’s already slipping through your fingers. By auditing your subscriptions, cutting back on unnecessary expenses, and finding creative ways to recapture lost funds, you can unlock the cash needed to accelerate your debt repayment. Even small changes can add up over time, and every dollar you redirect toward debt gets you one step closer to financial freedom.