Saving Challenge- Week 5

Week 5 Challenge: Review your bank statements

This week I went through our bank accounts and reviewed all of our transactions for the last 3 months. I did this for 2 reasons

  1. To see what direct debits are coming out and review which ones can be cancelled and
  2. To check for any errors

I’ll loop back to the direct debits another week, but I found 2 payments that we decided to look more into.

One was a $35 bank fee. When we called the bank they said it was because we didn’t spend enough on our credit card due to a refund that was processed that month. We asked if they could waive the fee and they obliged.

One was in our business account. We had been charged $130 for a service that had been cancelled. We got that refunded too.

When you are charged any bank fee that you aren’t expecting, it is always worth asking the bank if they can waive that fee for you. We have in the past had amounts up to $395 refunded on a fee we didn’t believe was warranted so it can certainly be worth your time to try.

Also, I made a mistake last week- we actually didn’t get 50% off the letting fee, it was 50% off the RE-letting fee which we will benefit from the next time a lease is signed, so I’m not going to bank that saving for the challenge. I’ve amended last week’s tally.

Tally for this week: $165

Saving Tally:

Week 1: $420 + 210 = $630

Week 2: $1,080

Week 3: $ 140

Week 4: $3,185

Week 5: 165

Total= $5,200

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General Advice Disclaimer:

This represents general information only. Before making any financial or investment decisions, we recommend you consult a financial planner to take into account your personal investment objectives, financial situation and individual needs. This information is based on our personal circumstance and it will be different for everyone. Information provided on this website is general in nature and does not constitute financial advice.

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About Me:

Who am I? I’m still figuring it out. I love being a wife to Tim and mum to our 2 boys. I started The Melbourne Kid in 2012 and stopped writing to focus on our family and our business Accession Finance. I am an accountant, I love being outside and in nature, I love the salty smell of the air at the beach. I love coriander and I hope you won’t judge me for it. And when I was 6 years old I knew I wanted to be a writer but my mum told me it was a dreamers job. So this blog… it’s the combination of what I know (numbers) and my childhood dream (to write) so thank you for reading and making my 6 year old self’s little dream come true.