How To Find Your Financial Leaks and Seal Them

No one likes it when money has left their account and they don’t know why. Find your leaks and fix them before it is too late.

You know when you log into your account and you feel the unease build as you read that the balance is less than you thought it would be? It’s awful, isn’t it? So let’s stop that from happening.

The marketing is too good

There are so many talented marketers in the world, and they have made it so very easy to say yes to whatever it is they are marketing to us. It happens every day. You get an offer and it is said to be free. Completely free. But! It never is. It is only free up until a point. Like all those trials that we are so quick to sign up for. Too quick. If we’d read the fine print, we would know that we would need to end the trial almost the very same day we sign up for it, if we want to be sure to avoid an ongoing subscription fee.

Always read the fine print and do be cautious

For example, earlier this year, I downloaded an app. It had a trial and since I just wanted to see what it looked like, I accepted the trial. It wasn’t what I was looking for, so I ended the trial and the subscription, far before the trial ended. However, a subscription was still made for 30 gbp. The app itself was completely different from what it was marketed as, so I couldn’t use it at all. But that mistake cost me 30 gbp, which is a huge amount to spend on nothing. Apple couldn’t care less and would not give me a refund.

The point being, it is so easy to get stuck in a subscription service and not know it because we didn’t read the fine print. We trusted that A was A. But if we’d read the fine print, we’d know that A only seemed like A, but was actually Q.

Always track your money

So check your payment accounts, whether you use PayPal, a regular bank or a digital wallet like Wise or Revolut. If money is leaving your account, and you don’t know why, track it. Track it, find the source, and cancel it. If you have agreed to automatic payments unknowingly, retract those agreements and reach out to the business in question and cut that cost.

If you’re lucky, you will be able to end the service then and there. But sometimes you can’t. Sometimes you’ve signed up for the service for a certain period of time, and you may need to pay for it until that time has passed. However, it never hurts to ask. So always consult the business in question, explain your situation and ask them what your options are.

Don’t let the pretty words and pretty people fool you

We all love a good bargain, but don’t turn your head every time you hear something is free. Something can be free and before you know it, turn into a massive expense for you. There are many ways to get to try out streaming services be it for books or tv-shows and movies or music. You may think, “Free? I love that for me!” but only say yes if it is a service that you actually would use or enjoy using, and if you find the fine print agreeable.

It was only last year that I found my bank balance had become lower when it shouldn’t have. I then found out that a free three month trial to a book listening app that I never ended up using had turned into a subscription. I had been paying for it for two months, but fortunately I managed to stop it before they took the third amount from my account. Of course there was no way for me to get back the money that had already gone to their service.

Your leaks are not always obvious, so mind your spending

There can be other money leaks that are less obvious. You could be overpaying for your food, your services or other expenses. You could be paying for fees that you’re not even aware of. Essentially, you could be losing money due to mindless spending. Mindfulness is not just important in your every day life and to care for your physical and mental health. You also need to live mindfully when it comes to your finances.

1. Never go with the first option you find. Do your research. Find out where you can save money and where you need to spend it.

2. Always pay attention to the fees. That’s how they get you. Something may appear to be quite a bargain until you realise the shipping costs more than the purchase and they have three different fees on top of it.

3. Be wary when it comes to trials and ads that market something that as free. Always read the fine print and figure out what they’re actually selling and if it’s worth it.

4. Track your bank balance. Set up barriers so that you have to approve every payment. Don’t give businesses permission to withdraw money for a product or service from your account on their own accord.

5. Consider the environmental impact. Something may appear to be cheaper or simpler, but is it really? What are the consequences? Is it possible for you to buy it in person, or at least pick it up personally? Is it a need or could you borrow something similar from someone else? Could you rent it? Is there a local option? Just be mindful and shop around. Take your time and make good decisions.

Good luck!