(NC) In the current economic climate, you probably want to hold on to every penny possible. But when spending money is as easy as tapping your card or setting up automatic payments from your credit card, it can be easy to lose track.
However, the convenience of avoiding the checkout line for expenses like streaming services, food delivery and fitness memberships may cost us more than the monthly or annual fee. It could affect your overall financial health.
Here are three ways your bank account balance may accidentally suffer and how to avoid it.
1. Spending on unused services
A recent BMO survey found that one-third of respondents have lost money by paying for a subscription they do not use. So, think twice before you shell out for any old service, and see if there are alternatives before you take the plunge.
2. Mismanaging automatic payments
Since many subscription services renew automatically, many people lose sight of cancellation windows. The survey found that one-quarter of people have difficulty cancelling subscriptions they don’t want, and many forget to cancel altogether. Review your subscriptions even if you think you cancelled them.
3. Losing track of spending
Not checking your accounts often and only reviewing transactions that have already occurred means you miss the opportunity to cancel or change a subscription.
“Tracking monthly expenses is important to ensure you’re not leaving money on the table,” says Gayle Ramsay, Head, Everyday Banking and Customer Growth, BMO Financial Group. “Tools like the Pre-authorized Payments Manager on our mobile banking app can help track automatic payments, so you stay on top of expenses. With the right tools and information, you can decide when to cancel unused services, cancel subscriptions before an automatic renewal, and avoid surprises on your credit card statements.”
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