Financial Blind Spots (Part 2)

The second financial blind spot exists as a result of a convenience that technology has brought about.  I am talking about the direct debit set up.  Don’t get me wrong.  This is a very convenient set up.  Not only does it free up more of our time, it also makes sure that we pay the bills on time and that (to a certain degree) we do not spend the money on something else.

So how can direct debit lose us money?  Simply because there are some standing orders and direct debit accounts that we overlook – we don’t use them anymore yet they are always debited against out account.  For example, you have a magazine subscription which you don’t really need or want yet unless you “manuallyâ€� cancel, the subscription rate is regularly debited.  Or how about a gym membership that you don’t use?  The idea is that you should keep track of what is on direct debit and make sure that you get rid of all the ones you don’t use anymore.

Last, but most definitely NOT the least, we have shopping as a blind spot.  I am sure many would agree that if you go to the supermarket without a list, the chances are that you would end up spending more.  The same thing applies when you go to the department store without a clear idea of what you are going to buy.  You end up buying more.  The lesson?  Make a list of what you are going to buy or at least have a clear idea in mind.  This will save you a lot of money.