Millions of Australians are making easy financial slip-ups costing them hundreds of dollars each year, according to new research revealing the most common money mistakes.
About two in five people, equivalent to 8.3 million Australians, are guilty of making a financial error in the last 12 months, comparison site Finder has revealed.
WATCH THE VIDEO ABOVE: Nine commonly overlooked tax deductions.
Looking for a new job or job candidate? Post jobs and search for local talent on 7NEWS Jobs >>
Finder’s survey of 1090 Australians found forgetting to cancel a free trial (17 per cent), letting a gift card expire (14 per cent), and going over phone data limits (13 per cent) were the top money mistakes.
Personal finance expert Taylor Blackburn acknowledged keeping track of finances, especially automated ones, could be a challenge.
“But turning a blind eye can cost you hundreds, if not thousands, of dollars if you aren’t vigilant,” Blackburn said.
“Having just one $20 per month subscription you aren’t using will set you back $240 a year.
“If that service costs $20 a week, now you are talking about $1040 wasted in 12 months.”
And that’s just for one subscription — forgetting to cancel another streaming service after a free trial, plus a workout membership that’s gathering dust, could rack up thousands more in wasted cash.
“Whether it’s being absent-minded or falling hostage to too many subscription services, we’ve all been there,” Blackburn said.
He recommended trying a free money management app to keep track of where the money is going.
The survey also found one in 10 Australians have lent money to a friend without chasing them up for a repayment, while another 5 per cent had multiple subscriptions to the same service.
And 9 per cent of people admitted to missing out on their bonus savings rate, meaning they could be costing themselves hundreds of dollars of missed interest each year.
Skipping a bonus rate is throwing away an easy cash boost, Blackburn says, with the difference between the bonus and standard savings rate often more than 5 per cent per annum.
Someone with $10,000 in a bonus savings account at 5.5 per cent per annum would make $564 a year in interest, compared to just $10 a year if they miss the bonus and only get 0.10 per cent pa.
“Missing out on bonus interest from your savings rate is a much bigger deal now than it used to be,” Blackburn said
“With rates at 5.5 per cent per annum, there is big interest to be made.”
If you’d like to view this content, please adjust your .
To find out more about how we use cookies, please see our Cookie Guide.