We all spend more than we should from time to time – whether it’s overindulging at Christmas or treating yourself to that designer outfit you’ve always wanted – and our bank accounts don’t thank us for it.

That said, nobody wants to find themselves unable to pay for bills, food and other essential expenses, so sticking to a budget and not frittering away your hard-earned on luxuries you can’t afford is pretty important, especially with the cost of living higher than it’s ever been.

And while you might think you’re very sensible with your cash, you might be surprised to learn how much you waste on items which may seem small but the cost of which will mount up considerably over time.

Read on to find out ways in which you might be wasting your money – and when paying a little extra for something actually does pay…

Your daily coffee

We all like a pumpkin spice latte or a fancy cappuccino from time to time, and there’s nothing wrong with that.

But if you’re picking up a huge shot of java on your way in to the office every day, or you’re spending more time talking to your local barista than your boss, then chances are you’re spending a whole lot of money on hot drinks.

And while £3-£5 on coffee might not sound like much, this could add up to around £75-£100 per month – or more than £1,000 a month. What to do instead?

Well, you could cut back – even downsizing to one coffee run a day will pay dividends – or just brew your own at home and take it to work in a flask.

If your office has a kitchen, you may well find free coffee on offer there too. OK, so it might not be your favourite vanilla cappuccino with extra chocolate sprinkles but at least you’ll get your caffeine fix.

Buying lunch every day

OK, we’re not playing judge and jury here, so let’s start by saying there’s nothing wrong with grabbing a meal deal on your way to work, or meeting a friend for a quick baguette and a catch-up during your lunch break.

But if you are looking for ways to save some cash, cutting back on the number of times per week you buy lunch is worth considering. With the average meal deal costing anywhere from £3-£5, and other sandwich shops charging even more for your standard sandwich-snack-drink arrangement, you could be spending anything from £15-£30 a week, or significantly more, just to eat lunch.

It could be potentially costing you in excess of £100 a month. If you’re looking to save money the answer’s obvious – make your own sandwiches at home and take them to work with you (even doing this twice a week will see your lunch budget drop dramatically). An easy win for your wallet.

Sale items you don’t need

The lure of a sale is huge. After all who can resist having that must-have item when it’s sporting an enormous red ‘70% off’ tag?

But a note of caution here – with sales comes the risk of buying clothes you’ll never wear, and household items you’ll never use, all because it’s tempting and bargainous.

And that could mean, instead of bagging a real bargain, you’ve ended up wasting your money.

Instead, CNN Business advises the best way to approach a sale is to wait 24 hours before buying something you’ve got your eye on before making the purchase.

Often by then, the excitement will have worn off, meaning you can better judge whether it’s something you really need or want.

Unused subscriptions

Subscriptions are a big part of everyday life, covering everything from streaming platforms and news websites through to food and drink services. But how many of your subscriptions are you actually using?

We get you’re probably working your way through Netflix as we speak and that’s fine, but if you’re splashing out monthly on a streaming service you never watch, or a magazine website you never read, then it could be time to rethink how much you’re spending on things you’re not using.

Julie Ramhold from DealNews told CNN Business that a lot of us fall into the trap of signing up for a free trial – and then forgetting to cancel the service, leaving us seriously quids out.

‘These things get put on autopay, and then people don’t even realize that they’re paying for something that they don’t even use,’ she explained. ‘That’s an easy way to chuck money out the window.’

The easiest solution to this is to check your bank statements to see if there are any services you’re paying for you haven’t used recently – or at all – and then cancel them. Your account will thank you later.

Unused gym memberships

Speaking of unused things, how many of us have signed up for a gym membership, only to visit twice and never darken their doors again?

Probably quite a few, which in turn means you could be wasting hundreds of pounds a year on a gym membership without ever actually visiting the place.

If you’re one of those people you’re not alone. USA Today previously reported that 67% of gym memberships go unused.

If you’re that person, you might want to cancel that membership as soon as possible, potentially saving you hundreds of pounds – or alternatively if you do use the gym but you’re trying to cut costs, consider switching to a cheaper one. You might not get a sauna or hot towels but you’ll still get a decent workout.

Brand name food

If you’re one of these people who shuns supermarket own-brands for the big brand name when you do your weekly shop, you could well be spending money needlessly.

Especially as it’s often the case that the supermarket version is just as good as the fancy one with the big name slapped across the packaging.

Dave Ramsey told Yahoo! Finance that it pays to compare brand names and own brands when shopping for groceries, particularly when it comes to areas such as medications, cleaning supplies and dishwasher tablets, where a supermarket own brand will do just fine.

It might only seem as though you’re paying a few pennies less for own brand kitchen cleaner but the savings will all mount up, eventually.

Credit card interest

Most of us have a credit card lurking in the back of our wallet, and we might even be tempted to use it from time to time, whether it’s for larger purchases or the occasional bit of over-indulgence.

But it’s all too easy to splash the cash with one of these little bits of plastic – and that could mean you wind up paying a whole lot of added interest when it comes to the bill.

And of course the larger the balance gets, the greater the chances that eventually you’ll be paying off just the interest rather than the actual bill.

You can avoid this by only using your card when absolutely necessary and paying the balance off in full every month.

But if you haven’t managed that then consider applying for a card with a 0% interest deal on purchases, meaning you can actually pay off a chunk of what you owe.

What’s it worth spending a little extra on?

So now you’ve worked out how to save money by cutting down on coffee, taking a packed lunch to work, buying own brand goods and cancelling your gym membership, what is it actually worth splashing out on with the cash you’ve saved? Here are four examples of things where spending a little extra will pay off…

Mattresses

It might be tempting to get the cheapest mattress available if you’re on a budget, but this is one area where you should always buy the best you can afford.

Given how much time you spend in bed, you and your mattress are going to be together for a long time. A cheaper, lower-quality mattress will also wear out faster, while a more expensive one will last for years, meaning you don’t have to spend even more money on replacing it.

Consumer expert Chris Jager told Australia’s Lifestyle News: ‘A premium mattress will significantly improve the quality of your sleep. This can provide a whole host of indirect benefits – from energy levels to everyday mood and spine alignment.’

So get shopping, folks.

A good quality winter coat

This may not apply so much if you live in a warmer country, but those of us who have to venture outside when the temperature drops below freezing will know the value of having a decent warm coat to offset the worst effects.

And whatever your shopping style – whether you’re a bargain obsessive or a fan of preloved – a decent winter coat is one item you definitely shouldn’t skimp on.

Christina said on BuzzFeed: ‘With my name-brand winter clothes — like North Face or Columbia — I can sit outside in a snowstorm at -2 degrees and be perfectly comfortable’, suggesting that with cheaper brands ‘you would be freezing and miserable.’

Tyres

If you drive you’ll be aware of how annoying it can be to get a flat tyre – but what about when it comes to replacing it?

Well, according to folks on Reddit splashing out a little more on decent quality tyres is pretty essential.

Bigtexasrob said: ‘Appropriate tires can make or break the use and experience of a vehicle, I’ll spend what it takes to make sure I’m having a good time.’

Baby equipment and car seats

Splashing out on designer wear for your newborn – which will inevitably get ruined – is one thing, but when it comes to buying equipment for your bundle of joy, it’s a good idea to get the best you can afford, particularly when it comes to items such as car seats which you want to be as secure as possible.

Unlikelypisces said on Reddit: ‘Car seats function better and the ease of getting your baby in and out everyday is worth it. For strollers, premium name brands hold up very well and have good resale value so you actually get your money back.’

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