.png){kind=small}
.png){kind=small}
With the year drawing to a close, it’s the perfect time to reflect on your financial habits and set yourself up for a successful 2025!
Use this final month to review your finances, identify small money leaks, and make small changes that could save you hundreds in the long run.
Here are four key "money leaks" to focus on:
1. Review Your Subscriptions
Take stock of all the subscriptions and memberships you’ve been paying for in 2024. With so many services we pay for, everything from gym memberships to streaming services, it’s easy to lose track of recurring payments. Cancel or downgrade any subscriptions you’ve hardly used to boost your personal finances in 2024!
Ask yourself:
Have I used this service enough to justify the cost?
Is there a cheaper alternative, or could I pause/cancel it?
2. Review Your Accounts
When was the last time you compared your banking options? If you’re still using the same account you opened years ago, you might be missing out on better deals. By switching to accounts that better suit your financial goals, you can maximize the benefits and make your money work for you.
Look for:
Savings Accounts: Opt for accounts with higher interest rates. Even a slight increase in interest can make a big difference over time.
Reward Accounts: Some current accounts offer cashback or points on spending.
3. Review Your Inbox
Your email inbox could be costing you more than you think! Retailers love sending frequent reminders about sales and exclusive discounts, which often leads to impulsive spending. A cleaner inbox means fewer opportunities to spend unnecessarily.
Take a moment to:
Unsubscribe from mailing lists that frequently tempt you.
Set up a separate email for non-essential subscription emails to reduce temptation
4. Review Your Spending
One of the best ways to prepare for 2025 is by analysing your spending habits in 2024. Where did you overspend? Once you’ve identified areas of overspending, set realistic goals for improvement in 2025. For example, if you overspent on takeout, aim to limit it to once a week and try meal prepping.
Common overspending areas include:
Food
Shopping
Travel
Take this opportunity to review your financial health and start the new year with a solid plan. Plugging money leaks now not only helps you save immediately but also builds a strong foundation for hitting your 2025 financial goals.
By taking these steps now, you’ll ensure that your financial resolutions for the new year are off to a strong start!
Comments