Industry super fund-owned bank ME says five money sinkholes could be swallowing up $3,500 of your cash each year.

1) Sticking to the same mobile phone plan. Average annual cost: $500
There’s a whole smorgasbord of mobile carriers, many offering red hot deals. According to Finder, switching plans or providers could see you save over $500 a year[1]. Bring it on!

2) Holding onto unwanted online purchases. Average annual cost: $384
New research by ME shows 70% of us never get around to returning online buys that aren’t quite right, and it’s setting us back an average of $384 annually. That’s money for a holiday, or your morning coffee covered for almost four months.

3) Sticking to an unsuitable power plan. Average annual cost: $550
Use sites like Energy Made Easy to check if you have the most competitive power provider – and plan – for your needs. According to EnergySwitch[2], making the move to a better deal could slash $550 off your annual electricity costs.

4) Paying avoidable bank fees. Average annual cost: $477
Mozo research indicates Australians households each rack up about $477 in annual bank fees[3]. But many fees are easy to avoid.

Plenty of banks have scrapped regular account-keeping fees. And look for an everyday account that lets you access your money at an ATM anywhere in Australia without having to cough up a fee.

5) Food delivery apps. Average annual cost: $1,590
Finder has found Australians spend $1,590 per person annually on home delivered food and drinks[4]. That’s a whole lot of laksa! Save the delivery fee by taking a stroll to the local cafe. Better still, prepare simple meals at home and feast on the savings.

Avoid these five money sinkholes and you could be better off by a total of $3,500 each year. That’s a big reward for not much effort.

This article is brought to you by ME. For more information, please visit www.mebank.com.au

Members Equity Bank Limited ABN 56 070 887 679 AFSL and Australian Credit Licence 229500.

[1] https://www.finder.com.au/press-release-feb-2018-loyalty-costing-10-million-aussies-in-lazy-tax

[2] https://www.nsw.gov.au/your-government/the-premier/media-releases-from-the-premier/energy-switch-to-save-nsw-households-hundreds-of-dollars/

[3] https://stat.mozo.com.au/images/more-on-mozo/media-releases/MOZO-MEDIA-RELEASE-mozo-media-release—it-s-groundhog-day–the-financial-mistakes-costing-australians-year-after-year-final.pdf

[4] https://www.finder.com.au/australians-spend-1590-each-year-on-delivered-food

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