Splurging on that designer item you've had your eye on – and our bank balances aren't too pleased about it.

At its highest point ever recorded.

You might think you're being quite thrifty with your money, but you'd be surprised to discover just how much you're wasting on small items that can add up to a significant amount in the long run.

Discover the common pitfalls where your money may be slipping through the cracks, and find out when investing a bit more can make all the difference.

Your daily coffee

From time to time is perfectly fine, and that's absolutely okay.

If you're always picking up a large cup of coffee on your way to work, or spending more time chatting with your local barista than with your manager, you're probably going to be spending a lot of money on hot beverages.

And while £3-£5 on coffee per day may not seem like a lot, it could total £75-£100 a month - or more than £1,000 per month. What can be done instead?

You could reduce your spending by making more judgements about where you cut back, perhaps by limiting yourself to a single coffee run a day, or alternatively, you could brew your own at home and transport it to work in a flask.

You're likely to find complimentary coffee available in the office kitchen. It might not be your perfect vanilla cappuccino with chocolate on top, but it's a welcome perk that will give you a caffeine boost nonetheless.

Buying lunch every day

Let's be clear - we're not here to be judgemental, so I'd say there's no harm in grabbing a meal deal on your way to work, or meeting a mate for a quick baguette and a natter during your lunch hour, is there?

If you're looking to cut costs, rethinking how often you buy lunch is certainly worth exploring. With meal deals typically costing between £3-£5, and other establishments charging even higher prices for their standard sandwich-snack-drink combos, it's possible that you might be shelling out £15-£30 a week, or even more, on lunch alone.

Saving £100 a month is a considerable loss if you continually purchase sandwiches. A simple way to reduce your expenses is to prepare your own lunches at home and bring them to work. Even taking this action twice a week can significantly decrease your lunch costs, resulting in a substantial saving. A convenient way to tidy up your finances.

Items that you can purchase at a reduced price that you probably do not require.

The attraction of a sale is considerable. After all, who can resist the urge to purchase that much-needed item when it's sporting an accompanying prominent '70% off' sticker.

But do bear in mind that along with making a purchase comes the risk of buying clothes and household items you'll never wear or use, all because the deals can be so appealing and enticing.

That could mean a great deal is simply a false economy, and you may end up throwing money away.

CNN Business suggests that the most effective strategy when considering a sale is to allow a 24 hour period to pass before actually purchasing the item that has caught your attention.

Ordinarily by then, the excitement will have dissipated, allowing you to make a more informed assessment about whether it's something you truly want or require.

Unused subscriptions

Subscriptions are an integral part of our daily routines, encompassing everything from on-demand streaming services and online news publications to food and beverage subscription packages. Yet, how many of these subscriptions do you actively make use of on a regular basis?

You're probably binge-watching Netflix right now, but if you're spending a set amount of money each month on a subscription service you don't get around to using, then it might be high time to reevaluate your expenditure.

Julie Ramhold from DealNews spoke with CNN Business about how many of us inadvertently fall into the trap of signing up for a free trial, only forgetting to cancel the service before being left significantly out of pocket.

‘Subscriptions are set on autopay and people aren’t even aware they’re paying for products they rarely use, making it a simple way to mindlessly waste money.’

Having a quick glance at your bank statements should help you spot any services you've been subscribing to in the past but haven't used recently - or at all. Cancel those and your account will appreciate it!

Unused gym memberships

One can't help but ponder how many of us have joined a gym, but then only ventured inside once before abandoning our membership for good.

You might well find yourself paying for a gym membership every year, which sounds obvious, but actually going there is another matter altogether, so the costs can really stack up, likely running into hundreds of pounds.

If you're one of those individuals who aren't making the most of their membership, there's some reassurance. Research highlighted by USA Today has found that a large proportion, nearly two thirds, of people who sign up for gyms fail to use them.

If that's the case, you might want to cancel your gym membership right away, potentially saving you a substantial amount of money – or, if you do use the gym, consider downgrading to a more affordable option. You may have to make do without some luxuries, like the sauna and hot towels, but you'll still be able to get a good workout.

Brand name food

Are you one of those who chooses big brand names over supermarket own-brands when doing your weekly shopping? You might be wasting money unnecessarily.

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It's often found that the standard supermarket brand is comparable in quality to its premium alternative with the recognisable manufacturer logo.

According to Dave Ramsey's advice on Yahoo! Finance, it makes sense to compare branded and own-brand products while grocery shopping, especially when it comes to things like medication, cleaning products, and dishwasher tablets, as a supermarket's own brand often meets expectations.

At first glance, buying own brand kitchen cleaner may only cost you a few pennies less than a branded one, yet the cumulative savings can add up over time.

Credit card interest

Many of us carry a credit card in our wallet, often brought out occasionally for bigger purchases or as a treat every now and then.

But it's all too simple to spend a fortune with these wee credit cards - and that can leave you with a very hefty bill indeed.

It's only natural that, the more your balance grows, the higher the likelihood that you'll end up paying off the interest charges instead of the original debt.

You can avoid this by only using your card when absolutely essential and settling the full balance at the end of each month.

But if you've been unable to achieve that, it might be worth considering applying for a card with a 0% interest rate on purchases, which could allow you to make a significant reduction in the amount you owe.

What's the value in splurging a bit of extra cash?

Now that you've got the hang of sipping on a budget-friendly coffee, bringing your own lunch to work, opting for own-label products, and denying yourself a gym membership, what's the point of treating yourself to more cash? Here are four examples of things where splashing out a bit will really be worth it...

Mattresses

It might be tempting to choose the cheapest mattress when you're on a tight budget, but it's worth spending a bit more to get the top quality one you can.

You'll likely spend a lot of time in bed, which means the mattress will be your companion for a considerable amount of time. While a budget-friendly mattress may seem like a cost-effective option, it will probably not last long, which could ultimately cost you more money in the long run. In contrast, investing in a higher-quality mattress will likely pay off as it will last for several years without needing to be replaced.

Consumer expert Chris Jager said to Lifestyle News in Australia: "A top-of-the-range mattress will dramatically enhance the quality of your sleep. This can lead to numerous indirect benefits – ranging from vitality levels to general mood and spinal alignment."

So get shopping, folks.

A high-quality winter coat

You may not need to worry so much if you reside in a warmer climate, but for those of us in colder regions, a good quality warm coat can be a lifesaver when venturing outside in freezing temperatures.

Regardless of your shopping preference - whether you're someone who always looks for cheap deals or a fan of buying second-hand items - a good-quality winter coat is an essential purchase that is well worth investing in.

Christina said on BuzzFeed: 'With my name-brand winter clothing, such as North Face or Columbia, I feel perfectly at home even in a blizzard at a freezing -2 degrees,' implying that with more budget-friendly brands, 'you would be utterly frozen and utterly miserable.'

Tyres

If you drive yourself, you'll be aware of just how infuriating it can be to get a flat tyre - but what about when it comes to swapping it?

You know, it's generally advised that blowing a bit more cash on good quality tyres is a sensible investment.

Bigtexasrob said: ‘Suitable tyres can make or break the use and enjoyment of a vehicle, I'll spend what it takes to ensure I'm having a good experience.’