Our most common money mistakes
41% of Aussies make money mistakes - but which do we make the most?
2 in 5 Australians have made a financial blunder in the last year, according to a new Finder survey.
And while some money errors are likely to cost you more than others, even seemingly minor mistakes can become expensive if they're not sorted out quickly.
Here are the top 3 money mistakes Aussies have made in the last 12 months, and how much they could be costing you.
1. Forgetting to cancel a free trial (17%)
It's easy to do, but unused subscriptions can quickly eat into your savings. A $20 monthly subscription would cost you $240 after a year if it's not cancelled.
You should also be careful of auto-renewing subscriptions on services you no longer use, as well as those that charge an annual subscription up front.
2. Letting a gift card expire (14%)
Letting a gift card expire is as close as you can get to literally throwing money away, apart from literally throwing money away.
While all gift cards now come with a minimum 3 year expiry period in Australia, it's extremely easy to misplace one, forget to use it, or only use a portion of the value and leave the rest untouched.
According to our research, Australians are sitting on almost $2 billion of unused gift card credit, so if you've got a gift card, make sure you use it.
3. Going over data limits (13%)
Like expiring free trials, excess data charges can be a silent savings killer, especially overseas roaming fees. These charges can easily run into the hundreds or even thousands of dollars and can damage your credit score if they're not paid off on time.
To protect yourself from a shock on your phone bill, make sure you've read your phone contract and understand what you could be charged if you run over your data limit.
If you think you're the kind of person who's likely to go over their limit, consider an unlimited phone plan.
