How to Identify Invisible Expenses and Be More Mindful About Money
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Are you managing your ‘invisible expenses’? Find out more about what they are and how to get them under control…
Do you know how to identify your invisible expenses? These are the costs that are probably sneaking up on you every month and making it more difficult to stick to your budget.
You might be finally getting on top of your budget, but finding that you’re still finding it difficult to incorporate all your expenses accurately. Read on to find out how to be more mindful about those little expenses that trip us up.
Ask yourself how essential are the things you’re buying
And answer honestly! A great place to start is to check all the subscription services you’ve signed up to are still useful. It’s easy to sign up for subscription music, audio books or even food delivery services and never get around to cancelling, even when you’re no longer finding them useful.
It might seem counter-intuitive, but sometimes spending more money on a product or service in the first instance can mean saving money in the long run. Do you get a weekly train ticket? Double check what the savings would be if you got it monthly instead. Getting bulk products for more money will usually mean they last longer, such as pasta, rice and toilet roll.
This works with large purchases too, getting an old car may seem like a bargain, but they are often riddled with numerous small issues and can end up more costly in the long run than if you’d bought a more expensive car to start with.
Check everything twice
Don’t just glance at your energy bills and bank statements as you get home at the end of the day, double check that all the charges and expenses make sense and there isn’t anywhere you could make some savings or improve your services.
|Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk. Representative example: APR 1270% if borrowing £400 for 4 months. Interest rate: 292% p.a. (fixed). Total amount repayable: £665.48 by four instalments of £166.37. Maximum representative APR: 1604% if full loan repaid after 7 days.|