Get rid of the black holes that are dragging your finances.
1. Pay for what you don’t use
Situations, where you give money for nothing happen more often than you might imagine. Let’s say you decided to go in for sports and paid for a year of training. But then they stopped going to the gym; they got injured, or the impulse did not last long.
Often, in this case, people wave their hands and do nothing, losing an impressive amount of money. However, it is possible to resell the subscription, if the terms of the contract allow it, or to terminate the contract with the institution and return part of the funds.
Read also: 3 Financial Lessons Everyone Must Learn
The gym you don’t go to isn’t the only black hole where the money goes. Perhaps your payment for housing and communal services still contains a television antenna and a radio point, although these wires are not connected to your apartment. Your account is automatically debited for subscriptions that you no longer use but are too lazy to cancel them. And even auto payments can be bad help here if you don’t constantly control them.
Another weak point in terms of finance is cellular communications. Let the operator offer you an “extremely profitable” tariff with a huge package of SMS and minutes within the network. If you only use the mobile internet, why would you pay for it? It often turns out that wholesale is not cheaper at all. Look for the exact set of services you need.
2. Buy more than you can eat
No matter how good a product’s price is, you will be wasting money if it ends up in the trash can. To prevent this from happening, do not take more than you can eat, look at the expiration dates. And, of course, make up the menu. It will help to optimize purchases to distribute products by day and avoid surplus correctly.
3. Inattentively reading documents
From the law’s point of view, if you signed the papers, you agree with everything written in them. Not reading documents is a bad habit that can lead to dire consequences.
For example, you buy travel insurance overseas. But it says that you will only receive compensation if you poison yourself with mandrake root on a full moon. And the rest of the cases are not insured. As a result, you will have to treat a cold while traveling at your own expense and even waste the policy’s money. To prevent this from happening, always read the contracts very carefully.
4. Store long-term savings at home
If you are saving for old age, children’s education, or some other delayed goal, there is no point in keeping bills at home. Over the years, some of the money will gobble up inflation. The amount seems to remain the same, but the purchasing power of savings will decrease.
It is worth at least considering banking products like savings deposits and deposits. But at the same time, you still have to keep your finger on the pulse to navigate if the situation in the country starts to change again. Better to start investing. Make money work, and it will not only beat back inflation but also make a profit.
5. Don’t waste bonuses and skip promotions
It seems that even tiny shops around the house now have their own loyalty programs. Usually, the buyer is offered either discounts or the opportunity to pay with bonuses accumulated on the card.
There are so many offers that the brain itself marks all such information as spam and deprives you of the opportunity to save money. Points on the card may have their own expiration date and expire, and discounts end. Therefore, whenever possible, keep track of this information for the stores you buy most often.
Adapted and translated by The Cop Cart Staff
Sources: Life hacker