The top five money mistakes you’re probably making right now

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Last week was another rough one for your money, with things to get worse on Tuesday when inflation likely triggers a third consecutive rate rise. Optimised finances are essential right now. But instead, everywhere I look, I observe the opposite.

I see people inadvertently wasting money by overpaying on essentials – though they usually believe they have cut expenses to the core.

I see them making simple strategy errors, sometimes in the name of cost-cutting, that, in fact, cost them more. And I see opportunities to get in a better financial position long term, squandered.

Here are the five money mistakes Aussies today commonly fall for, which are making times tighter.

Mistake 5: Paying the ‘lax tax’

Realise that your so-called fixed costs are anything but. If you’ve been a customer for two years or more, you probably need to ditch and switch every provider in your life.

Think utilities, insurances (but don’t ditch these vital safety nets) and your financial products. Yep, the lot. And it should save you a lot.

The challenging economic climate means it’s time to finesse your finances.

I outlined in a recent column how comparison sites now make this easy. How much could it cost you or, alternatively, save you? Say you have........

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