Is the cost of convenience eating into your budget?
The cost of convenience is costing Australians thousands of dollars, a number that increases steadily by the year.
With movies and much more available at the press of a button through an app, money can be spent without ever having to leave the comfort of your own home.
With Australians spending $1,590 a year per person on delivered food according to Finder, it’s clear that convenience can eat into your savings.
Consumer finance specialist Lisa Montgomery has said that the age of convenience is coming at a cost.
“We are now a set and forget society where we sign up for payments to come out of our accounts, but don’t see them unless we look at our bank statements,” she said.
“The costs can really add up, as we are not always paying attention due to our busy lives. It could actually lead to us spending a lot more money than we should.”
It’s important that you’re aware of where every dollar you’re spending is going, as being inattentive can lead to expenses that you’re not even using.
General manager Ross Miller has said to keep an eye on how much you’re spending at the tap or click of a device.
“With services such as movies and dining available in a few taps and linked directly to your bank account, we would encourage Aussie households to take a look at how much they are spending and decide if they are comfortable with these costs,” he said.
However, Laura Higgens, senior executive leader with ASIC’S MoneySmart initiative, has said that all of this data can surprisingly be a good thing.
“All of that data is at your fingertips and it can really change how people understand their finances and track how much they are spending,” she said.
“When you are using cash, you don’t necessarily know where that last $100 went.”
Have you noticed your expenses rising due to the cost of convenience? Let us know in the comments.
This article was written in partnership with Over60.