When is the last time you looked for money leaks?

Last month I was looking at my credit card statement and saw a charge there for a subscription renewal that I had totally forgotten about and was no longer using.  Suddenly I had a money leak of over $200.

And this started me thinking, given that it is pretty easy these days to put things on the debit or credit card, how much money are people losing from their own money leaks?

You could call money leaks, any money you are spending on things that you are no longer using, or no longer getting value for.  Spending causing money to drain out of your life without returning any real value to you.

So my question to you is, when is the last time you looked at your credit card or bank statement and found and stopped your own money leaks?

If you have not done this for a while (if at all), here is what I suggest you do.

Firstly, go through your credit card or bank statement and highlight all those items you:

• have no memory paying for.
• don’t feel you are getting value for any more.
• regularly spend money on.

Once you’ve highlighted those items, start looking at each one.

Make a decision as to whether you are still getting any value out of that purchase, and ask yourself questions like:

• What did I buy?
• Why did I buy it?
• Was it something bought completely without thought or almost automatically without thinking about it?

If you find that you are no longer getting value, then ask yourself what you can do to cut out those money leaks going forward.

Change that subscription to a cheaper alternative.  Cancel that subscription.  Find a better value item to reduce the money leak.  Make a mental note not to buy that particular item again.

Summary

I find that money leaks occur when people start to check out of the spending process.  It just becomes a set and forget routine and you are spending money on things that are no longer adding value to your life.

So, every now and then you need to check back into your spending habits and review for money leaks.

Why not start today and have a look at last month’s credit card and bank statements for any money leaks you have

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Do you and your family a favour and start taking steps so you can improve the health of Your Wealth and get off the treadmill of working till you drop.

Wayne Wanders

The Wealth Navigator

wayne@thewealthnavigator.com.au

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