These six minor yet common expenses add up and cost you THOUSANDS every year

Takeaway coffee, bank fees and television subscription services have been listed among the top six expenses that can cost you thousands of dollars every year, experts have revealed.

While the cost of certain expenses may seem minuscule and innocuous at first, the finance gurus from Australian micro-investing app Spaceship shared how quickly multiple costs can accumulate.

For example, a $5 takeaway coffee a day would cost $1300 a year (based off the working week) and television subscription services cost on average $10 a week, or $520 a year. 

In-app purchases

First on the list was in-app purchases that ask for a cost to purchase certain inclusions.

Those who are addicted to certain apps, such as Candy Crush, may fall victim to these upfront costs.

In-app costs are often tiny, usually starting at just 99c, but gradually build as the game progresses.

For this reason, it’s important to be aware when playing addictive phone games and ask yourself if you need to buy anything.  

Takeaway coffee

Treating yourself to a daily takeaway coffee is a definite way to spend loose change fast.

If you were to spend $1300 a year just on coffee, this money could have been saved in a high-interest account or invested in the share market for a potential return. 

But on the same token, it’s important to reward yourself every now and again.  

A $5 takeaway coffee a day would cost $1300 a year (based off the working week)

Bank fees

It’s essential to take note of your bank’s service fees and whether you should change banks based on this amount.

Certain banks charge a monthly fee while others charge a yearly fee, and using an ATM will also often charge you a cost.    

Movie and television subscriptions 

These days millennials are paying hundreds by subscribing to multiple television and movie subscription services. 

From Netflix to Disney+, Binge and Stan all costing a minimum of $10 each, it all adds up and would cost thousands every year. 

‘If you regularly find yourself flicking between options, you probably aren’t optimising how you spend your money on these services,’ the experts wrote.

Rideshare apps

Popular rideshare platforms such as Uber and Didi are an easy way to get where you need to go, but can be expensive at times. 

‘These little fees quickly add up. We know they save time and seem like a throwaway expense, but think about how good you’d feel if you had that money in a savings account instead?’ experts wrote.  

These days millennials are paying hundreds by subscribing to multiple television and movie subscription services. From Netflix to Disney+, Binge and Stan all costing a minimum of $10 each, it all adds up and would cost thousands every year (stock image)

Interest rate charges

While there are different benefits from owning certain credit cards, it’s essential to repay bills on time to avoid be charged interest.

In Australia, most banks offer between 30 and 55 days to repay the amount owed interest-free.

But if the amount isn’t repaid on time a fee will be charged.