5 sneaky ways we lose money and how to stop it

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Even the best budgeters can get caught out. We lose money without even consciously realising! Here are 5 ways that money can slip out of your wallet and how to catch it.

1. It’s the cost of a cup of coffee
Money is a negotiation tactic that works very well, and we are often drawn into it unwittingly. A typical example is a salesperson who instead of telling you the full price of the product or service they are trying to sell you, breaks it down. “It’s only the cost of a cup of coffee, five days a week! Surely you won’t let that stop you from going ahead?” they say, as you nod. “You can afford that, can’t you?”

2. Indefinite software subscriptions
You needed a program once, and since the subscription was really small, you signed up, and it is gnawing away nicely at your bottom line profits. The next thing is you have signed up for an indefinite length of time for a subscription you neither needed nor wanted. Five years go by, and the $3.60 a day purchase has ended up costing you $3.60 x 5 x 52 x 5 = $4680! Plus, it is still going!

3. LinkedIn Premium
The next one came to my attention and will save you $633.47 a year. A LinkedIn ‘Expert’ advised me that I had to have LinkedIn Premium, and I meekly agreed and signed up. After paying for this for a year, and in my business received nil benefit apart from stroking my ego as to how many views of myself and posts had received – had not earned me a cent!

4. Unused memberships
A gym membership. Hmm. Having a gym membership does not necessarily make you slim, trim, taut and terrific, but it does consistently take money out of your bank account. Use it or dump your membership and pay a casual rate on the odd occasion you can go instead.

5. Cook healthy home
Eat at home instead of going out. It is okay to go out for a meal, but how much does it cost you both in your wallet and health wise to eat out all the time? When I did a cooking class recently with a top chef, I was appalled when we did gravlax, and saw what she did to a beautiful, clean piece of salmon – the amount of salt and sugar pulverised into this small piece of salmon made me cringe! Unfortunately, not all chefs think nutrition first, rather flavour and presentation when preparing meals. How much is that costing you, health-wise?

So, you have the five possible things you now know you need to do. The next step is the most important. Who is going to keep you accountable, and help you implement them? You need a coach! That is what I do and do it very well. Contact me at Scope Business Coaching and let’s see if we are a good fit to work together.

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