Five money sinkholes to avoid

26 April 2019

Industry super fund-owned Bank ME says five money sinkholes could be swallowing up $3,500 of your cash each year.

1. Sticking to the same mobile phone plan

Average annual cost: $500

There’s a whole smorgasbord of mobile carriers, many offering red hot deals. According to Finder, switching plans or providers could see you save over $500 a year. Bring it on!

2. Holding onto unwanted online purchases

Average annual cost: $384

New research by ME shows 70% of us never get around to returning online buys that aren’t quite right, and it’s setting us back an average of $384 annually. That’s money for a holiday, or your morning coffee covered for almost four months.

3. Sticking to an unsuitable power plan

Average annual cost: $550

Use sites like Energy Made Easy to check if you have the most competitive power provider – and plan – for your needs. According to EnergySwitch, making the move to a better deal could slash $550 off your annual electricity costs.

4. Paying avoidable bank fees

Average annual cost: $477

Mozo research indicates Australian households rack up about $477 in annual bank fees. But many fees are easy to avoid.

Plenty of banks have scrapped regular account-keeping fees. And look for an everyday account that lets you access your money at an ATM anywhere in Australia without having to cough up a fee.

5. Food delivery apps

Average annual cost: $1,590

Finder has found Australians spend $1,590 per person annually on home delivered food and drinks. That’s a whole lot of laksa! Save the delivery fee by taking a stroll to the local cafe. Better still, prepare simple meals at home and feast on the savings.

Avoid these five money sinkholes and you could be better off by a total of $3,500 each year. That’s a big reward for not much effort.

This article is brought to you by ME. For more information, please visit Members Equity Bank Limited ABN 56 070 887 679 and Australian Credit Licence 229500.

The Trustee and ME are not agents or representatives of one another. The Trustee is not responsible for and does not accept liability for the products or services of ME. ME is an Australian credit licensee (Australian credit licence no. 229500). You should use your own judgement before taking up any product or service offered by ME. TWUSUPER invests in ME but does not receive any commissions as a result of members using ME products and services.

General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. Refer to our Product Disclosure Statements (PDS). The PDS is relevant when deciding whether to acquire or hold a product.

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