It is time to take stock of your current subscriptions and direct debits and consider whether you need them anymore. If not, then cut them loose.
A lot of subscriptions these days have an automatic renewal policy unless you cancel your Credit Card or PayPal authorisation with the supplier.
I got caught this way once myself with a subscription for a virus protection program for my previous computer. Luckily I was going through my credit card statement the day after I had been debited. I simply rang the supplier and got them to reverse the payment. These days I pay most things through PayPal because they have a dispute resolution department that can get my money back for me.
Do at least an annual review [ the more often, the better off you will be ] of your subscriptions to ensure that you aren’t paying for something you don’t actually use. Whether it is a Spotify account, Pay / Cable TV, a Magazine subscription or even a Gym membership. If you’re not utilising the service then you’re just wasting your money.
Books & Magazines:
Why purchase books and magazines if you aren’t going to keep them?
I have written about this in two previous posts: Books, Magazines & more … FREE ! and No Money Required – more Free books and entertainment where you can use your Library Card to access books and magazines at home online for Free. Check out these links for suggested sites.
If your Library does not stock a particular magazine, ask the Staff to get it in for you. It is your money that they are spending, after all, contributed as Rates and / or State Taxes.
Do you really need that newspaper subscription if you only read the newspaper headlines or the top 5 stories ?
Forget buying or subscribing to a newspaper, just read them online for free [ unless, of course, Rupert owns it! ] Otherwise read the news for free on sites like google news and customise it to your interests.
My Library also provides hard copies of high circulation newspapers from all around the Country.
Sure, it is convenient to do your shopping online, however not only do you miss out on any daily markdowns, delivery fees apply each time you order, no matter how small each order. Cut this out and it could be like getting a week’s worth of groceries free each month !
Markdowns can be stock nearing its use-by or best-before date, or it could be clearance stock. That is, a line the store has decided to not stock again or end of line so it is heavily reduced.
Just about every shop has a clearance shelf, or in some cases, portable shelving on wheels if they have a lot of stock to move. Run your eye over these regularly and score some bargains. Keep in mind what things you can put away for gifts later on.
Credit card surcharges:
Does the retailer charge you a fee to use a Credit card ?
Then pay cash, use a Debit card or PayPal or take your business elsewhere.
Check if you are paying a yearly fee to use your Credit card. This fee is normally negotiable with your bank so call them for cheaper options.
Late payment penalties:
Do you forget to pay your credit card on time ? Or any bill for that matter ?
You can put a permanent monthly reminder in your phone, to activate a few days before your credit card or bill is due.
Otherwise, add up all your credit card bills for the last year and divide by 12 months to work out your average monthly spend. Then set up an automated transfer payment through your bank before the due date; a great option if you are paid monthly.
Do the same for all your bills. Avoiding late payment fees can literally save you hundreds per year. Otherwise, essentially you are throwing your money down the [ someone else’s! ] drain.
Tip: Make sure you have enough savings otherwise the bank will slug you an overdraw fee. Read one of my previous posts: Make Your Money Work for You
Home loan features you don’t need:
How long has it been since you took out your home loan ?
You could be paying for things you no longer require such as redraw facilities; an offset account or home loan protection insurance. Time to review your requirements and then have a chat with your bank manager and find a new deal.
This is a bugbear of mine. Years ago I went to see my bank after I noticed I was being charged to keep my money in that bank.
I said to the bank clerk “I don’t pay bank fees” as I pointed to my bank statement.
She responded with “Oh, are you are student ?”
I said “No” and I put my case forward that I had been a loyal customer for many years.
The bank clerk went to see the bank manager and he agreed. I had my bank fees reversed and have never been charged again.
Peak electricity charges:
Is your electricity charged out at a higher rate during peak times?
Check your appliances like your dishwasher or washing machine for a delayed timer function. Set it to run during off-peak hours when you are not paying the premium electricity rate.
Utilising off-peak rates can save you a small amount on each use, but small amounts will add up and before you know it your electricity bill will come down. Read about Growing Snowball effect in The Name
What hidden fees have you cut from your life? Share your secrets so we can all save more