The end-of-financial year is upon us, and while we’re all excited to receive our tax cheques in the coming months, it’s also a time for us to take a look at what we’ve spent in the past year, and find out where we could have saved. RESCU’s Money Maven is here to highlight the areas where you’re overspending, and with the help of amaysim advisor and home money expert Greg Smith, tell you how you can save more money from now on.
If you’re looking at your bank account and wondering where all your money has gone, then listen up closely, because new research has shown that it’s hidden costs that are eating up all our hard-earned cash!
So who are the people behind these hidden costs? The five top offenders are as follows:
- Banks (49%)
- Mobile Service Providers (31%)
- Energy suppliers (31%)
- Airline Tickets (29%)
- Buying a house (26%)
Greg Smith says that consumers are being reeled in to ‘fantastic deals’ by cheap headline rates, but we’re failing to read the fine print, in which all of these hidden costs place themselves.
So how can we prevent this from happening in the new financial year?
Greg Smith has put together his ‘five end of financial year savings fixes’ to help us escape these hidden costs:
Damage control: Identify the three bills that are hitting you the hardest and look for cheaper alternatives. For example, with a lot of competition in the mobile market, there may be a better product to suit your needs. Just by changing your plan, you could save.
Be social: Check out Internet forums, blogs, discussion boards and comparison websites such as PhoneChoice, Greenslips.com.au and Creditcardfinder.com.au to see what others are saying about a “perceived” bargain. Also check out the company website, if the offer is confusing, there’s probably a reason for that!
Pretty please: Most banks and financial institutions have what’s known as a set of ‘under the counter rates’ that they can offer reductions. If you don’t ask, you don’t get, and with so much competition in the market, it’s worth it.
Everybody’s free: Enjoy the recent industry shifts to pay as you go models from gyms and mobile service providers. Avoid being locked into contracts where you are at the mercy of administration costs and exit fees.
Cashing in: Credit card scanning can be handy, but they are also rife with hidden charges. Transaction, annual and booking fees, costs incurred from cash and international withdrawals are just a few. Where possible try to use ready money.
Happy saving! x
