Most of us find ourselves in a situation where all of our money vanishes every pay before we have a chance to enjoy it. The reality of it is, we often have numerous direct debits and subscriptions that eat in to our earnings without us using them. Here are a few that you may be guilty of having but not utilising:
- Gym membership
- Online clubs
- Services online such as music providers
- Magazine subscriptions
- Newspaper delivery
- Recurring charitable donations
- Software subscriptions such as anti-virus.
To establish what commitments you have made, it is worth reviewing all of your expenses from the last 3 months. This should include all transactions on your credit cards and other bank accounts.
Once you have identified all of your regular and recurring payments, it is then worth looking in to the contract to understand what you have committed to. The idea is not to eliminate anything you get value from but to cancel or reduce services that you are not.