Do you know what’s going on in the depths of your bank accounts? If you pulled out your bank statements, would the numbers surprise you? Every month transactions are made, and many of them fly unnoticed under our financial radar.

Mortgages, car payments, phone bills, and even tiny monthly subscriptions are taking place, and most of the time we don’t even think about it, they’re just another blip on our credit card statement. It’s never been easier to lose track of what we are really paying.

Your Spreadsheets Can’t Save You

It’s no wonder that although millions of Americans resolved to budget and save in 2013, many of them had fallen off the budget bandwagon by mid-January.

The natural response for many is to make yet another edit to your carefully-planned budget or spreadsheet. And when that doesn’t work, we get exasperated and discouraged.

If your life keeps getting in the way of your budget, maybe it’s not the spreadsheets that need a makeover – maybe your habits are in need of a tune-up. No amount of budgeting or number-crunching can keep you on track if you’re stuck with bad financial habits.
Disorganization is Costing You Money

Americans spend over $7 billion annually on bank fees. Small buried fees and recurring transactions are burning a hole in America’s pocket. The average credit card late fee is $39 per month, and overdraft costs $25-45 on average. An ATM pit-stop at the bar? That could easily run you $4.

Instead of tweaking your budget to accommodate these unplanned expenses, consider taking a look at why these charges happen in the first place, and put in place some long-term solutions to eliminate these surprises and keep yourself in the black for years to come.

Do you forget to pay your credit card around the end of every quarter when things get busy at the office? Try setting up automatic payments instead.

Ever find yourself using those pricey ATMs while you’re on the go? Make a habit of taking out  cash every Friday evening for the weekend ahead, so that you’re prepared for whatever you get into, without having to resort to plastic!

We asked several young professionals to share some of their best financial tips. One of our favorites came from Natalie, a 20-year old fundraising assistant. She found herself buying lunch every day at work because her mornings were too rushed to pack a meal. Instead of shuffling money around in her budget, Natalie started waking up 30 minutes earlier in the morning to make sure she would have time to pack a lunch.

Everyone faces their own unique financial roadblocks. The best way to protect your bottom line is to get to know the obstacles in your path and create proactive solutions to keep you on track.

Recurring Payments: Your Financial Frenemy

Caroline, a busy communications manager at a non-profit knew that she needed some help to stay on track with her savings goals. “Since I was paid by direct deposit,” she explains, “I was never forced to go into a bank and transfer a portion of my paycheque to savings”. Instead, Caroline set up monthly automatic transfers from her chequing to her savings account, and watched her savings grow before her eyes.

While Caroline’s savings are an example of a positive recurring payment, what about all those subscription services you signed up for? Are you still using them? You know that they happen, but are you happy with what you’ve accepted?

Once a month, sit down with your bank statements and go over your recurring payments. For each one, ask yourself: ‘did this service give me value in the last 30 days’? If the answer is no, perhaps it’s time to cancel your subscription. By doing a monthly cull of your recurring payments, not only will you have a better understanding of where your money is going, but you might just be able to find a few extra dollars to save each month!

Trent Hamm, author of The Simple Dollarsums it up perfectly, “Every action you take is worthy of a bit of thought, either beforehand, in the moment, or afterwards. A bit of reflection often tells you whether that choice was right or wrong for you – whether it actually adds value to your life.”

Tell us: What small change will you make this month to boost your savings? Share your tips below!

Photo Source: Life’d