ARE YOU LOSING MONEY EVERY MONTH WITH AUTO-DEBITS? TIP 2 OF THE $100.00 CHALLENGE.
A great way to find immediate savings and add money back into your budget to pay off debt or save, is to review your bank accounts for recurring expenses that are auto-debited. A quick review of your bank accounts may help find you money you forgot you had.
When was the last time you reviewed your account for recurring expenses you are paying for that you either are not using, forgot about or are being billed for in error? It is a good idea to look over the last several months for purchases or fees that are being auto-debited and ask three very simple questions:
- Am I still using this product or services?
- Is this an expense I can eliminate or cut?
- Am I being charged this in error and for how long?
If you are not using the service and/or it can be eliminated or reduced, then your next step is to take action. Make the phone calls or go online and make the changes. Make sure you get written confirmation of the changes you make in case you are charged again in error.
A really great example to look for is perhaps an automatic withdrawal for a subscription you are not using. Another is gym memberships. Are you actively going? Are there free activities you can do to replace the membership?
If you are being charged in error, then go back and see how long it has been happening and dispute the charges. Make sure you have provided any documentation of the error as well.
This exercise is one that should be repeated at least once a year. Circumstances and needs change all the time.
We’d love to hear if you “found” any money using this strategy. Let us know in our Facebook Group.
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