MONEY
SORT YOUR LIFE A DMIN TO SAVE CASH!
It’s the task we all dread – but staying on top of your bills and commitments can save you money and give you some much-needed headspace
HELPING YOU SPEND WISELY, SAVE MORE AND EARN BETTER
From late payment fees and missed appointment charges to auto-renewals and forgetting to cancel a free trial, getting behind with your life admin can cost you dear. Plus, feeling out-of-control with it can really affect your mental health. Catherine Ann Reid created doqit (doqit.io) for this very reason. It’s a life admin app to help reduce time, cost and stress, allowing you to store documents and information in one place and reminding you when you need to take action. Catherine Ann says, “We have more life admin than ever before due to regulation, subscriptions and everything being self-serve –we book our holidays ourselves rather than using a travel agent, for example.
Plus, we used to get our information through the post, now it comes to us via apps, platforms, emails and calendar reminders. The result is that people are overwhelmed and wasting around £150 each month on things like unwanted subscriptions, warranties and not getting the best deals on insurances and mortgages, and they are stressed as a result.” Here, Catherine Ann explains how to organise your life to reap the financial rewards and dial down stress.
RENEW DEALS 23 DAYS BEFORE EXPIRY
Auto-renewals on things like car insurance and streaming services are often more than you paid last year, and almost definitely more than you can negotiate if you call the company beforehand. Catherine Ann explains that we should aim to renegotiate renewals 23 days before expiry for the best deal. “Knowing what is coming up and having a reminder set for the ‘sweet spot’, as money expert Martin Lewis calls it, 23 days before a renewal date can save tens if not hundreds of pounds.” Once your reminder pops up, Catherine Ann advises getting “counter quotes –if you’re happy with the current provider, always ring and ask for a better price.
It usually works!”
SET UP DIRECT DEBITS TO SAVE 5%
Catherine Ann explains, “Setting up direct debits helps planning and budgeting as you know what’s coming out and when. Generally, direct debits offer a better deal –around five per cent. That said, it’s important to check your direct debit amount is aligned to what is being paid. For example, with utilities, a smart meter keeps note of the energy you use. That doesn’t necessarily mean the right amount is being paid each month, so check your bill to ensure you’re not over or under paying. If you don’t have a smart meter, submit meter readings regularly and check the correct amou
