If you are wanting to get more money-savvy, there are many things that you can do to speed up this process! Below, we run through some of the common cash drainers – make an effort to stop spending on these!
Late Payment Charges
Late payment charges often occur where you forget about an upcoming bill. You must avoid this! It’s an unnecessary cash drain and could eventually cause damage to your credit profile.
Instead, you should set reminders and get organised. Make sure you have cash available in your account for that unexpected forgotten bill. To avoid any possible damage to your credit score, set up a direct debit or standing order for the payment.
Parking and driving fines are an irritating cost to your pocket but can be avoided.
Be extra vigilant when leaving your car parked. Make sure you have thoroughly checked that you have parked correctly to avoid a fine. Double-check. Even if you regularly park in the same area, things may have temporarily changed. Also, it’s worth remembering that driving fast uses more petrol and increases your risk of an accident.
Paying for an overdraft, withdrawing money from your account at a chargeable cash machine, or paying to have an account should all be avoided.
You can avoid the need to utilise an overdraft by leaving a small buffer in your account for an emergency. Many banks now offer accounts that pay you for holding a balance with them. Finally, you can avoid all chargeable cash points by simply planning your cash needs better.
Automatically Renewed Subscriptions
By not keeping track of the accounts you have signed up to, it is very easy to be paying recurring charges for memberships and subscriptions you no longer use.
Spend time once a month to run though your bank statements and ensure that you are not paying for any unexpected accounts. Many accounts allow you to cancel subscriptions and get a refund if you can show you have not used the service.
Untapped Discounts or Negotiation Opportunities
People often miss out on discounts that are due to them or they don’t realise that with a bit of haggling they can get a discount.
Keep a lookout. For example, when buying a car remember that prices are often inflated, so start low and negotiate. Consider discussing your mobile, TV or broadband contract arrangements with your provider, as they often have retention deals they can offer to you. Many restaurants have vouchers that you can locate simply by doing an online search.
Check out this post for tips on how to avoid contactless card payment fraud!