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Don’t leave your money to burn this Bonfire Night

Remember, remember the fifth of November – but are you forgetting to keep an eye on your money? No-one has cash to burn, but these five money habits could be making a bonfire out of your dough.

From subscriptions you don’t need, to food that ends up in the bin, these small money leaks could easily add up.

1. Paying for subscriptions you don’t need

Did you know four in ten of us are continuing to pay for a subscription we don’t use anymore? It’s easy to get hooked in with a free trial, but if you forget to cancel, you could easily end up with something you no longer need or really want.

Our Quick Cash Finder could help you see how much your subscription is really costing you – are you really getting the most use out of your gym membership or music streaming service?

 

2. Failing to switch your bank account or energy provider

What is making you stick with your bank account or energy provider? Unless you’re getting good service and getting good value for money, you should look into switching.

Switching energy could save you some serious money, but research from Which? has shown millions of people are still stuck on the most expensive energy tariff. 

Changing your bank account could net you a better interest rate or reduce your fees or charges on overdrafts. All banks and building societies now also offer a free seven-day Current Account Switch Service.

You could be the one to save lots of money – doesn’t everyone want that?

3. Auto-renewing your insurance

Auto-renewing may seem like a simple path to take, but your future self won’t thank you for it. What could you use that money for instead?

When you get your quote through, do a bit of shopping around. Could you get it for less elsewhere? Don’t be afraid to phone your insurance provider and tell them if you find something cheaper. Don’t forget to check what you’re being covered for first though – you don’t want to swap for something that doesn’t actually cover you for what you need it to!

4. Wasting food

How often have you forgotten about something at the back of your fridge or cupboard and had to throw it out? Or bought yourself a takeaway or ready meal when you had the ingredients to make a perfectly good meal already at home?

5. Invisible spending

Do you often find there is too much month at the end of your money? If that sounds like you, ask yourself - do you really know everything you spend your money on? It’s far too easy to spend without really meaning to – from shop-bought snacks, to newspapers and magazines, it could be adding up to hundreds a year.

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