BLOG – Silent Spending – It’s so silent YOU may not know it’s happening to you.

‘Silent Spending’. It’s so silent you may not even know it’s happening to you.
It caught out my friend Nancy.

Last week, my friend Nancy – once a week we’re on the same bus home – told me that her spending had gotten out of control. She and her colleagues had had a lunchtime chat on the topic “Where does my money go?”

You see, Nancy’s credit cards were ‘Silent Spending’.

Nancy had a lot of smartphone Apps. She had RideShare Apps, takeaway food Apps, delivery Apps, music Apps, movie Apps, shopping Apps, health and fitness Apps, sports Apps, dieting Apps, coffee Apps, news Apps, catch-up TV Apps, money saving Apps and budgeting Apps. They were easy to use.

But, Nancy’s Apps had her credit card and bank account details.
– There were usage fees and annual charges. Most had special offers, membership fees and premium user opportunities alongside ‘added extras’, ‘add-ons’ and ‘extensions’.
– These Apps were silently spending Nancy’s money.
– Silently the dollars were disappearing.
No wonder Nancy was saying to me “Where does my money go?”

So how can you make sure Silent Spending doesn’t happen to you?
Here are my two simple solutions that you can start right now.

1. Audit your Apps – Grab your smartphone and/or your tablet and review your Apps.
– Which Apps are you paying for?
– How much do you pay?
– If you are paying for them, are you using them?
2. Scrutinise your Statements – Print out or look through your last 6 months bank, debit card and credit card statements.
– Are you paying for services you’re not using?
– How much ‘Silent Spending’ is happening to you?
– How much money are you spending each month via Apps?

Will you give it a go?

Until next time…

I’m Rachel Smith and I’m Underspent. I didn’t buy anything new or 2nd hand in 2014 and saved $52,680 (38% of my salary). I quit impulse shopping and saved my money. I changed my spending and transformed my savings. It started as a lifestyle experiment, but it changed my life, so I kept on going.

I’m the Author of Underspent and I’m teaching people like you how to break the habit of impulse shopping in 7 steps through my Underspent book, my weekly blog, FREE monthly challenges and FREE 30 days of money saving tips.

Underspent book is available in paperback ($12.99 or £7.40) and e-book, iBook and kindle formats ($2.99 or £1.70) in all online and high street/shopping centre book shops or buy a signed paperback copy ($12.99 + P&P) direct from me via my website ‪‪www.cyclingrachelsmith.com‬. I’ve purposely made the Underspent book affordable.‬