7 hidden expenses you can cut from your spending today

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Most of us could do our finances a favor by pinpointing expenses that should be cut. In fact, nearly half of Americans often live paycheck to paycheck, according to a study by Fifth Third Bank.

And, a recent GOBankingRates.com survey found that 69% of Americans have less than $1,000 in their savings accounts, while about one third have absolutely nothing saved for the future.

Eliminating unnecessary expenses could help give you more cash to build savings and break the paycheck-to-paycheck cycle. As a result, you might be able to stop worrying about money and free yourself from financial stress.

In addition to trimming big monthly bills and plugging some big leaks in your budget, you can get spending under control by looking at these seven hidden costs that can be cut.

1. Bank fees

If you're living paycheck to paycheck — or trying to improve your budgeting — you're likely keeping tabs on your checking account balance. However, you might not be paying attention to bank fees that could be eating away at your wealth.

"A typical monthly bank fee is $15," said Shannon McLay, a financial planner and founder of The Financial Gym. If you've been a long-time customer and also have loans, credit and debit cards from the bank that are generating money for your financial institution, ask to be refunded for monthly fees, she suggested.

"I have advised dozens of clients to do this, and none of them have ever been rejected," added McLay. Eliminating a $15 monthly fee could save you $180 a year.

Or, you could switch to a bank that doesn't charge a monthly maintenance fee and lets you earn interest on your checking account balance. For example, consider these 10 checking accounts that pay interest and don't charge monthly fees.

2. Credit monitoring services

A variety of companies, including the three major credit bureaus, offer credit monitoring services to check credit reports and notify individuals of changes, which could be signs of fraud. McLay said she sees many clients paying $9.95 per month for credit monitoring.

"Ten dollars a month might not seem like a problem," she said. "However, $120 for a year adds up, especially when you can monitor your credit for free."

You can check your credit report for free once a year at AnnualCreditReport.com. Additionally, you can get a free report annually from each of the three credit bureaus — Equifax, Experian, and TransUnion. Time it so that you get one report every four months to keep tabs on your credit throughout the year.

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3. Monthly subscriptions

Maybe you bought a magazine subscription to help with a fundraiser at your kid's school, and now there's a pile of magazines you never read. Or, perhaps you signed up online for a 30-day free trial for a service, forgot to cancel it and are now getting charged every month. Monthly subscriptions could easily be eating away at your household budget.

"In today's day and age, it seems like everything is subscription based," said Clint Haynes, a Kansas City financial planner and president of NextGen Wealth. "I have seen countless clients paying for these subscriptions they never even use."

To free up money in your monthly budget, check your bank and credit card statements for subscription fees, and cancel the ones you're not using.

"You will be amazed at how much you'll be saving on an annual basis," Haynes said.

4. Sodas with meals

That daily soda with lunch or dinner could be costing you more than you think. Americans households spend $6.6 billion a year on soda, according to Water First, a project by Tweens Nutrition and Fitness Coalition.

Andrew McFadden, a certified financial planner and founder of Panoramic Financial Advice in Fresno, California, recommended cutting out sodas to save money — especially when you go out to eat.

"It's hard to do, especially when meals come packaged in a combo meal," he said. "But the truth is you can save 50 cents to a dollar every time you opt for just the entree and the side with a water, versus the combo." If you dine out frequently, this could save you $25 to $50 per month.

Cutting back on soda also offers nutritional benefits. In fact, drinking a soda a day can add 10 extra pounds of weight gain a year, according to Water First.

5. Kids' extracurricular activities

Soccer, tennis, karate, dance, piano lessons, art classes — your kids might be benefiting from participating in all those extracurricular activities, but your budget is unlikely to thank you.

"Sometimes we overschedule our kids," said Donna Freedman, author of "Your Playbook for Tough Times: Living Large on Small Change, for the Short Term Or the Long Haul." "Take a hard look at what you're paying for and the value you're receiving. Remember that it isn't just the price of the activities and lessons but peripheral costs — gasoline, fast food, post-game treats, uniforms, tournament travel, team fundraisers — that can hack your budget."

Freedman recommended asking your kids to prioritize activities and name some they'd be willing to drop.

"It's hard to quantify how much you'll save," she said. "But here are a couple of numbers to consider: The average annual cost of extracurricular activities runs from $463 for elementary schoolers to a startling $1,124 for high-schoolers. As for youth sports, one researcher has found that costs run as high as 10.5% of gross family income."

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6. Holiday overspending

The amount Americans spend on the holidays has been rising over the past several years, according to a Gallup poll. Last Christmas, consumers expected to spend, on average, $830 each on gifts. But 30% of those surveyed said they expected to spend $1,000 or more.

"I am not being a Grinch here — [I'm] merely suggesting that you dial it back a notch," said Freedman. For example, those who had planned to spend $1,000 could save $200 by trimming their holiday spending by 20%, she added.

To cut back, Freedman recommended making and sticking to a gift list, using price comparison sites such as PriceGrabber.com and NexTag.com, and searching for online coupon codes at sites such as RetailMeNot.com and Savings.com.

7. Driving to work

Yes, you have to go to work. But, you might not have to drive your car to the office.

"Suppose you could go from two cars to one — or from one to none — temporarily," said Freedman. "Walk or bike to your job for six months, and you could save an average of $1,084 on gasoline. Carpool or take public transit, and the savings would still be pretty big, even if you're paying for a bus pass or giving gas money to a colleague." You also could cut insurance costs by letting your insurer know that you're not using your car to drive to work daily, she added.

Sites and apps such as eRideShare, CarpoolWorld, and Carticipate can help you find a ride to work. Or, check with your local public transit system to see if it offers a vanpooling option that provides free use to those who are willing to take half a dozen or more people along for the ride, said Freedman.

Cutting these and other hidden expenses could put more cash back into your budget to pay down debt, build an emergency fund and boost retirement savings. And eliminating unnecessary spending will give you more money to do the things you enjoy.

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