This week I had an auto-renew subscription get debited that I didn't expect- what else can we manage better?

Most of us these days are facing extra challenge in our cashflow with ‘cost of living’ pressures. In managing our funds, there are many tips of how we could keep a little extra in our wallets. So, I wanted to go through a few of those after I made a mistake this week with a fitness app (that I’m not using -aargh!) being renewed. It was auto-renewed and cost me- bought on a whim and then not managed, so costing me even more. Here’s a few tips to get you started:

1.     Have you created a goal to motivate you while you save?

2.     Have you created a regular savings plan to work towards your goal?

3.     Now, in January is the perfect time to write up a budget that works for you. So you can identify your spending, saving habits and opportunities.

4.     Think about the 50:30:20 rule 50% to your needs,30% to your wants, 20% to your goals.

5.     Now it’s still holiday time, relaxing longer days. It’s easy to want to be out with friends and family, which comes at a cost. Maybe think about eating out less and opting to cook more at home. Entertain at home and this can help you save extra money.

6.     Have you got an emergency fund to reduce unexpected financial stress for rainy day needs?

There are so many ways to manage your cash flow, but I think in general, taking care and monitoring expenses is a good start. So, to answer, how did I get caught out? I should have set a calendar reminder for subscription payments to keep a better track of ongoing spending and not allow them to auto renew. Have I learnt my lesson? Yes, I’ve started using the fitness app because I hate spending and getting nothing in return and beyond that I have just unticked an auto renew for an airline membership so, I’m pretty proud of myself. Hope you can take on some of these tips. Plus more and save money to get yourself ahead.

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