Published on May 1, 2019 9:11 pm, by Pete Lalor
Spending in this category is so broad and varied that it’s difficult to provide advice to everyone. We’ve focused on 4 subcategories to get you started.
Dues & Subscriptions
Service providers are sneaky. The popularity of the direct debit is partly convenience and partly because providers know that people sign up and often forget. So, look and check that all your regular payments are for product or services that you use often enough that the cost is justified. Here’s a bit of insight into what was happening with one of our customers: https://www.moneybrilliant.com.au/blogs/save-money-on-subscriptions-you-dont-use-enough/
Another way to check that you are getting value from your subscriptions is to add how much they cost you and consider what other things you could do with that money over time. Is the product or service you are paying for more valuable than the opportunity cost? Here is an example of what we mean: https://www.moneybrilliant.com.au/blogs/our-guideto-cancelling-pay-tv-and-streaming-services/
Music, Movies & Books
Like other categories in Lifestyle, setting yourself a lower budget for a time period or taking a break altogether can add up quickly. If that’s not you, check out our tips for discounted movies.
If you’re spending lots on Music & looking for tips, the same applies. Set yourself a limit and shop around, whether that’s for CDs or digital albums. If you’re after a subscription service consider sharing a family plan, as that can often work out the cheapest.
Events & Concerts
For lots of people Events and Concerts are once in a while activities. If you regularly attend, you’re probably spending a fair bit. By taking a break, you’ll save some money a bit faster.
This is another category where it’s great to check out the discounted websites for your city. When it comes to long-running shows if you can wait until near the end of a show’s run you will often find tickets are less than half the original cost.
When it comes to Music and other short-run concerts it’s not so easy. So maybe it’s all about being honest about whether it’s worth the cost. What goal will you not meet or take longer to meet by attending? Of course, there are always the cheap seats if you just want to soak up the sound and the atmosphere…and sometimes that’s enough.
Betting & Lottery
Our advice in this category is blunt! Stop! It’s almost certain you know this, but your chances of winning are infinitesimally small. So small that you’d be better off saving the money you spend on Betting & Lottery and investing it in a high interest savings account.
If spending on Betting & Lottery is more than the occasional, entertaining flutter and you need help with gambling there is help available. We’d suggest you contact Gambling Help Online.
Peter is the CEO of MoneyBrilliant. He has over 20 years experience in banking, insurance and accounting. Peter has three sons, ranging in age from 16 to 3, is a sport and fitness fanatic and a volunteer firefighter. He is passionate about improving people's lives through making financial services more accessible.