Most people think they are pretty savvy when it comes to money, so they are often horrified to realize that they are hemorrhaging the stuff without even knowing it. Luckily, if you identify the holes, you can plug them and preserve a lot more of your income. Read on to find out how.

Not claiming for expenses.

One significant way that many people are hemorrhaging money without realizing it is by forgetting to claim for their expenses. Yes, I know that having to gather together all your receipts and fill out that claims form every month is a pain, and it’s certainly not made better if you have a working accountant that demands 100% accuracy all the time.

However, it is something that you should make time for two reasons. The first is that you can do this job at work. That means you are getting paid to claim money back; it’s not like you have to spend your own time doing it! You can even get some advice for the providers you use on how to do this as the post at londonairtravel.com describes.

The second is that you could be unwitting funding your employer with significant amounts if you don’t ask for what you have spent to be returned. I’m mean this is OK if you fine with it, but usually, they are meant to pay you, right?

Credit card debts.

Next, you may be hemorrhaging money when it comes to your credit cards. Now I’m not saying that credit isn’t helpful in an emergency. However, the main issue here is the high rate of interest you are asked to pay for the privilege of borrowing this money. The problem is that because the rate is so high, it can make it hard to keep up with the payments and do any more than clear the minimum each month.

Of course, this leaves the original debt intact, and so you don’t only have to keep paying your monthly payments, but are getting no closer to clearing the debt either! Something that means it costs you twice!

Happily, you can take action to prevent money hemorrhaging in this way by going to a company like consolidation.creditcard that can take on the debt for you. Then you are free to pay them just one smaller monthly payment, and over the long term, your debt will be paid off too. It’s a win-win.

You are not asking for what you are worth.

There is no excuse for not knowing what your skills and experience are worth in today’s job market. There are even sites that collate and publish this data like payscale.com.

It is vital to know this information so you can push for a reasonable wage. Sadly, there are too many people that are still settling for whatever they are offered, and this means they are losing out, both in a personal sense and often regarding what others around them are being paid for the same work.

With that in mind ask around, do your research, and request that you be paid fairly. Otherwise, you could be hemorrhaging money that could make a significant difference to your quality of life.

WHAT'S YOUR PLAN FOR FINANCIAL FREEDOM?
Thousands of people are already using TDB to improve their finances. Why not join the community and learn how to get more from your money?
We hate spam. Your email address will not be sold or shared with anyone else.