Most of us have anywhere from five to 25 bills being automatically paid from our checking accounts or credit cards. This is great because it prevents us from paying our bills late but it’s also easy to lose track of who is actually withdrawing money from our checking accounts or charging our credit cards each month.
A good way to save money during a recession is to spend an hour or two going through your statements and making a list of all the companies who are automatically billing you and how much they are taking out of your account. A staff member here recently found one company who had been charging him $14.95 a month for a website membership he forgotten he had. He hadn’t used the website in months but the amount was not high enough to raise a red flag for him when he received his monthly statements. It was only by reviewing his monthly debits that he found this $14.95 per month and canceled the website membership.
By going through his debits, he found several other services that he was being billed for but rarely used. By canceling these services, he was able to save almost $100 a month.
