We’re all guilty of paying a little more because something’s closer, quicker or easier, but what is the true cost of convenience?
Kirsty Lamont, Director at product comparison site, Mozo, looks at the most common mistakes we make when it comes to convenience and how to avoid them.
Mozo recently found Australians pay a whopping $555 million each year on ‘foreign’ ATM fees by using an ATM outside of your own bank’s network.
Withdrawal fees of $2.50 are now commonplace, particularly by some of the independent ATM operators like Cashcard and CashConnect that are usually located in pubs and corner stores where your options are limited.
When you consider there are 61 out of 101 bank accounts, in the Mozo bank account database with fee-free network ATM withdrawals, there’s no reason to pay unnecessary ATM fees.
Another option could be to withdraw money at the checkout via Eftpos or reduce your reliance on cash by making contactless payments with your Debit card where you can.
Avoid the temptation for home delivery
At the end of the day, it’s very easy to choose a take-away meal or a last-minute supermarket shop for your evening meal, but both of these are having a big impact on your wallet.
Shopping on a day-to-day basis means you’re likely to be buying things for one meal rather than finding multiple uses for one ingredient.
You’re also putting yourself in a position to be tempted by off-list items, planning your meals for the week and creating a detailed shopping list will keep a lid on grocery spending.
Ordering home delivered meal kits could be a good alternative if time is your enemy.These vary in price but can be a great alternative to takeaway by only providing food for the recipe that’s provided and the number of people and meals you’ve specified.
Don’t pay more for the same product
If you have a regular food craving or daily ritual which involves a visit to the convenience store, stop! Buy the items in bulk or at the supermarket where the price will be substantially lower.
The cost saving will be worth your time and effort to walk the extra distance.
Many larger retailers will match the price on a similar item sold cheaper by a competitor, all you need to do is conduct your own quick price comparison.
Although it may not be advertised, in the case of a big screen TV or kitchen appliance, the savings you make could mean it’s definitely worth asking.