5 easy tips to stop your money leaking

5 easy tips to stop your money leaking

Just before Christmas, I sat down to write and wondered why my seat was wet. It seemed strange. I couldn’t remember dropping a drink on it or putting down a wet umbrella. I heaved a sigh shoved a dry towel on the seat and set to work, thinking no more about it. A couple of days later it rained. I was puzzled how loud the dripping sounds were as they landed on the window sill outside. Wasn’t double glazing supposed to make things quieter inside? Pushing my seat back, I felt it. A drip, a rather large drip. I looked up and there above my head the wall paper sagged in an ominous bow and another globule of water formed ready to land directly on my head. I had not taken the time to notice the drips which could have prevented further water damage.

5-tips-to-stop-your-money-leakThis story came to mind when I was thinking about the comment I hear most  when I talk to groups of women about money.

‘ I don’t know where it  goes!’

Here are 5 areas where money can leak out unnoticed and some tips to combat it

  1. Paying more than you need to for standard items like gas, telephone and electricity

There are lots of websites such as Money Savings Expert to help with checking whether or not on the best tariff. Use these to get better rates.

Tip 1:  Find better rates for your standard items

 

  1. Keeping up payment for services you no longer want

Spend 30 minutes going through all your accounts and checking for rogue payments, those that are coming out of your account that you no longer need. Maybe an old subscription to ‘which’ magazine when you got 3 months free copies and then forgot to cancel

Tip 2: Cancel old subscription

  1. Open loop spending. That’s spending without any limits or control. Simply going shopping with no plan.

Allocate an amount of money to be spent on food for example.  Make a list of what you need and buy only what’s on the list. If the thought of this sounds grim make a promise to yourself to try it and see how you get on.

Tip 3: Make a shopping list and buy only what is on the list

 

  1. Prioritising the wrong things for spending.

This one may take a little longer. Say most of your spending is frittering away on coffee in cardboard cups, regular trips to restaurants for meals that weren’t that good or another pair of shoes to add to the 30 pairs you already had and the month seems to last for longer than your money. Maybe your putting off saving for things that are important to you, holidays or protection for your family,  pay these first.

Tip 4: Pay Yourself first

 

  1. Habitual Spending.

Think about the things you do habitually with money. Always have a coffee when you’re out shopping whether you need one or not. Always give the kids what they ask for when they’ve used up their pocket money.

Tip 5: Pause and chose a different way

 

 

 

Footnote:  I know that for many of us tips only go so far. Money doesn’t feel quite as simple as that, it’s laden with emotion and expectation.  The thought of saying no to your kids or fearing some terrible deprivation if you can’t have what you want now are just some of the scenarios that pop up around money. That’s really what my work is about, helping women create healthy relationships with money.

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5 Responses to 5 easy tips to stop your money leaking

  1. Thanks for the post, this year I am taking note of every penny I spend to see where I ma letting money slip through my fingers. This has just reminded me of a direct debit I need to cancel.

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