From time to time, we all go through our social media and do a cull. Ever thought about looking through your bank statement and doing the same?
Bills tend to be sent by email these days, and with spam filters preventing us from seeing most of them, it’s always wise to periodically run through a month’s statement and cancel direct debits or standing orders for subscriptions you don’t need. Sure, we all sign up to a gym and never go, but there are plenty of others you should review to save the ££££.
1. Are You Paying for TV You Don’t Need?
If you watch live TV, you need a TV license. That’s the current rule anyway, although it looks like the licensing rules will be shaken up in coming years. This includes live TV on streaming services, so if you only watch Amazon Prime but also watch live sports from it, then a license is required.
However, you can watch TV for free online. You don’t need to pay for streaming subscriptions, either. There are online channels and apps that let you watch broadcast TV on catch-up for free (except BBC iPlayer, which requires a license). ITV, Channel 4, and Channel 5 all have their own version of a catch-up app, available for free. There are paid versions to eliminate adverts—but the free version does the same job.
2. Are You Subscribing to Multiple Streaming Services?
If you subscribe to more than one, then it’s likely most programs you watch are available on both, or with patience, they will be eventually. Subscribing just for one show and forgetting to unsubscribe when you’ve binged it could cost you as much as £100 over the year.
Action Step:
• Rotate subscriptions instead of having them all at once.
• Check if your must-watch show is available as a one-off purchase instead of paying for a full subscription.
• Set reminders to cancel before the next billing cycle.
3. Extended Warranties – Worth It or a Waste?
Extended warranties are very ambiguous, and many people do not realise that the warranty extensions do not always cover every fault that the original free period of warranty cover does. Often, claims become very difficult due to the limited cover.
Action Step:
• Check if your product already comes with a free manufacturer’s warranty.
• If paying with a credit card, see if it offers automatic extended warranty protection.
• Read the fine print – does the extended warranty actually cover what you need?
4. Sticking With the Same Insurance or Utility Provider
Yes, they all typically provide the same service, but changing your provider often puts a tangible saving into your pocket. Ask yourself – why does your insurance never go down despite your no-claims period increasing?
Action Step:
• Compare insurance and energy quotes before renewing.
• Call your provider and ask if they can match a competitor’s price.
• Look for cashback offers when switching to a new provider.
5. Leaving Appliances on Standby
Even when turned off, appliances like TVs, gaming consoles, and microwaves still use electricity if left on standby. This “phantom power” waste could be costing you more than you realise.
Action Step:
• Turn off appliances at the plug when not in use.
• Use smart plugs to automatically cut power to devices.
• Adjust console and TV settings to reduce standby power consumption.
6. Gym Memberships – Are You Getting Your Money’s Worth?
We all sign up with the best intentions, but if you rarely go, then you’re just throwing money away. Many gyms offer flexible pay-as-you-go options that could save you money if you’re not using the membership regularly.
Action Step:
• If you’re not going regularly, cancel and switch to pay-as-you-go.
• Consider home workouts or outdoor activities instead.
• See if your employer offers corporate discounts for gym memberships.
7. Bottled Water – An Unnecessary Cost
Bottled water is one of the biggest financial and environmental wastes out there. UK tap water is perfectly safe to drink, and using a reusable bottle saves both money and plastic waste.
Action Step:
• Carry a reusable water bottle to avoid unnecessary purchases.
• Use a filter jug if you prefer filtered water.
• If you like sparkling water, consider investing in a SodaStream.
8. Overpaying for Branded Groceries
Supermarket own-brands often come from the same factories as premium products—the only difference is the packaging and the price.
Action Step:
• Try switching to supermarket own-brand items.
• Shop later in the day for reduced-price items.
• Use loyalty cards and cashback apps to save money on groceries.
9. Small Daily Purchases That Add Up
It’s not always the big expenses but the little ones—daily coffees, impulse purchases, and food deliveries – that drain your account. These “tiny” costs, when added up over a month or a year, can be significant.
Action Step:
• Track your spending for a month to identify where your money is going.
• Set a budget for non-essential spending.
• Use cash or prepaid cards to limit impulse buys.
10. Not Reviewing Your Bank Statements Regularly
The simplest way to stop wasting money? Check your bank statements. You may be surprised at how many unnecessary charges have slipped through – old subscriptions, forgotten memberships, or double charges.
Action Step:
• Set a reminder to review your statements every month.
• Cancel any direct debits or standing orders you don’t need.
• Look out for suspicious charges – banks can sometimes refund them if caught early.
Final Thought: Small Changes, Big Savings
You don’t need to overhaul your entire lifestyle to save money. Just being more mindful of where your money is going can help you keep more of it in your pocket.
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