Maximise your money by reviewing and analysing your bank statements.
In our everyday financial management, it's easy to overlook a straightforward tool for saving money: our bank statements. These regular summaries are more than a record of our income and expenses; they're a practical resource for identifying ways to cut costs. Most of us don't give our bank statements more than a cursory glance, but a closer examination can reveal surprising opportunities to trim our spending.
This blog will show you how to use your bank statements to spot and eliminate unnecessary expenses. We'll guide you through a simple process to identify recurring charges, evaluate your current subscriptions, seek better deals, and discuss how speaking with a mortgage broker can potentially reduce your largest monthly expense. All it takes is a closer look at the information you already have to start saving money in areas you might have previously ignored.
Let's start exploring how your bank statements can be a key tool in your personal finance toolkit.
Uncover Hidden Expenses
Many of us overlook a simple yet effective way to save money – reviewing our bank statements. Your bank statements hold a wealth of information that when examined closely, can reveal opportunities to cut unnecessary expenses, identify trends in your spending, and ultimately boost your savings. The first step is to gather three months' worth of statements to gain insight into your financial habits.
Identify Recurring Charges
By going through your statements, you may discover recurring charges for services you no longer use, allowing you to free up funds for more important priorities. Scan through these statements and highlight every recurring charge. These could be subscriptions, memberships or even small habitual expenses that add up over time. Make sure you aren’t paying for the same thing twice!
Cancel Unnecessary Subscriptions & Payments
Evaluate each expense. Ask yourself, do is still use this product or service? Is there a cheaper alternative or negotiate a better deal? Common expenses such as internet, streaming services, household bills and app subscriptions are those that you don’t necessarily notice coming out but add up.If you have answered “No you don’t use this product or service” then cancel the account. You will be surprised how much you will save!
Look for a better deal
Don't overlook potential savings on household bills, streaming services, and more. Finding a competitive deal for subscriptions is crucial in today's economy. With the widespread adoption of subscription-based services across various industries, consumers often find themselves bombarded with recurring charges. Seeking out competitive deals ensures you're getting the best bang for your buck. By comparing prices and features among different providers, you can potentially save a fair amount of money over time. Be sure to contact your power company and ask if they can do a better deal, generally they can. Additionally, regularly reviewing and renegotiating your subscription rates can prevent you from overpaying for services that may have become cheaper or outdated over time. Ultimately, prioritising competitive deals for subscriptions allows you to optimise your spending, freeing up funds for other expenses or savings goals.
Optimise your mortgage by speaking with a broker
Refinancing or consulting with a broker every two years can be a game-changer in securing a better deal and ultimately saving you money. Mortgage rates and market conditions fluctuate over time, and what was once the best option for you may no longer be the most favourable. By reassessing your mortgage regularly, you can ensure you're taking advantage of competitive interest rates and terms that align with your financial goals. Moreover, speaking to a broker allows you to tap into their expertise and access a wider range of mortgage products tailored to your specific needs and you will be able to ensure you're not paying unnecessary fees on your loan.