Have you ever mis-placed a tenner? How about a twenty or even a fifty pound note? Annoying isn’t it, but probably quite rare. People tend to be careful not to leave the money in their pockets lying around.
But what about intangible cash – the money we can’t see or hold, which goes straight from our bank accounts to the utility suppliers, credit card companies and shops every month. How many times do we overspend on a product or service that could be found cheaper elsewhere.
Like water, money will find a way to leak away little by little. If there was a lot of money flooding away, we would quickly do something about it, but because it tends to quietly drip, it usually goes unnoticed.
However, all those little financial drips soon start to add up and combined together they quickly become something to take notice of.
Here are some classic examples of places where our money leaks away and with each example, the potential savings that could be made by plugging the leak:
- Gas & Electricity – Potential savings of £250 – £300 per year
- Telephone & Broadband – Potential savings of £200 – £250 per year
- Home Insurance – Potential savings of £110 per year
- Life Insurance – Potential savings of £90 per year
- Mobile Phone – Potential savings of £200 – £300 per year
So with just these examples alone there is the potential to make savings of at least £850 per year and there are plenty more money saving opportunities available.
The aim of the Money Saving Challenge is to help you reduce your monthly spending by at least £250 and show you how to use the money left over to clear your debts and grow your wealth.
Core to your success is the creation of a budget to understand and control your monthly spend and earning.
Good luck in plugging those money leaks…
Image courtesy of Melissa Dickson
