Are You Falling Victim To The Lazy Tax?

We’re all guilty of procrastinating from time to time, especially for those menial tasks that we never seem to make enough time for. But avoiding those little things can build up over time, causing us unnecessary stress and hurting our wallets too.

The ‘lazy tax’ refers to the fees and costs we incur when we don’t take action or plan ahead with our finances. It’s the gym membership we didn’t cancel for months, the electricity bill that was paid late, or the phone plan that doesn’t quite meet our needs anymore.

So how do we combat it?

1. Shop around - even if you’re happy with your providers, taking the time to check out what other offers are out there may end up being worth your while. You could find a phone plan that offers more data for the same price, a cheaper energy company, or a better deal on car insurance. Asking what special offers or discounts are available could also shave money off your purchases. If you don’t ask, you may never know.

2. Set up reminders or automatic payments - if you’re prone to forgetting when your bills are due, setting reminders on your phone or automatic payments through your online banking can help you avoid those nasty late fees. You may even opt to pay a small amount per week towards your electricity or phone bill so by the time your next bill rolls around, you’ve already partly or fully paid it off.

3. Don’t wait until the last minute - when it comes to booking your holidays, it pays to plan ahead. Last minute bookings can often lead to more expensive flights and accommodation, leaving you with less cash to splash. If you don’t have the luxury of time for your booking, take a look at what special deals are being offered. Booking directly with accommodation providers may also result in lower prices.

4. Review your subscriptions - a lot of technology these days work off a subscription-based model, so it can be hard to keep up with how many services you’re paying for. Make a list of all the platforms you’re subscribed to and decide which ones you can give the flick.

5. Draft up a budget - try and hold yourself accountable with a budget to keep track of your finances and avoid overspending and impulse purchases.

By taking these steps, you can become a little more mindful of your expenses and help avoid paying the price for complacency.