It can be tempting to avoid looking at your bank account in detail.
After all, you know roughly what goes in, roughly what goes out and you can check your balance quickly and easily just by tapping on an app on your phone or watch, or by putting your card in the cash machine.
The danger is that even though you think you’re on top of your money, you’re in danger of missing some of the clever stealth tactics that businesses use to take your money out of your account, without you really paying much attention.
This isn’t all about scams or misleading you into handing over your bank details, these tactics are perfectly legitimate and incredibly popular...and can be very expensive if you don’t keep your eyes open and your financial wits about you.
Access to TV, radio, educational and entertaining video content, online versions of our favourite broadsheets, and so much more is easier than ever. We are now just as likely to binge watch our favourite TV series on an app on our phone or tablet when we’re on the go, as we are on our TV in the sitting room with the family.
And we’re very used to clicking the pop up boxes that ask if we’re happy to accept cookies or notifications before we get access to whatever it is that we want to watch, read or listen to.
But we’re also being asked more and more if we want to benefit from three months of advert-free watching of our chosen TV channel, or 30 days of the “premium” version of our favourite music streaming app.
Or how about signing up for full online access to a magazine or broadsheet newspaper at a trial price of, say £1 a month, that goes up after 3 months to £12 or £15 monthly?
Online stores are tempting us with VIP delivery options for an additional yearly fee, which often doesn’t actually give us a better or faster service than standard delivery would.
It’s easy to click to accept these offers, without really paying attention to them, and for the first few months you will notice very little difference in your bank balance, but if you don’t keep an eye on them, you may find that you have inadvertently subscribed to ad-free TV, premium delivery or a newspaper subscription that you’re not likely to read regularly.
The costs creep in, they go unnoticed but they can add up to significant amounts that you could put to much better use elsewhere.
So, don’t just check your balance, check what you’re actually spending, so that you can cancel anything that has appeared by stealth!
For more from Norfolk-based financial expert Kim Uzzell head to mymoneymovement.co.uk or follow her on Instagram @kimuzzellmoneycoach.
YOUR MONEY MATTERS
If you are looking for financial help and advice, here are some of the resources you can turn to locally.
Norfolk Citizens Advice
Offers free, confidential and impartial advice on debt, benefits and money issues.
0800 1448 848
ncab.org.uk
Money Support Service
Norfolk County Council service for those needing help with budgeting.
01603 223392 (option 4)
norfolk.gov.uk
Community Action Norfolk
Charity offering help including warm homes and collective oil buying scheme.
01362 698216
communityactionnorfolk.org.uk
Norfolk Community Foundation
Charity that runs schemes including nourishing Norfolk and community shops.
01603 623958
norfolkfoundation.com
Norfolk Assistance Scheme (NAS)
Helps people who are in financial hardship and cannot pay their living costs.
0344 8008020
norfolk.gov.uk
The Trussell Trust
Free 'Help through Hardship' helpline and foodbank search tool.
0808 208 2138
trusselltrust.org
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