You Could Be Throwing Wealth at Your Telephone Services Providers
According to the research by Billmonitor, using data from a sample size of 28,417 anonymised bills, researchers have found that 76% (or close to ¾) of subscribers are wasting an average of £200 annually, simply because they do not get a sutiable mobile phone plan for their needs.
By statistics you probably are overpaying for your mobile phone bill.
“But that works out to be less than £20 for them monthly,” you say. That is one perspective to take, though there are many ways of looking at it.
Were You To Invest In It?
Another way of looking at it if the money saved over 10 years could have been invested at 7%, that is £2763 lost. And that is assuming a very conservative rate which stocks held at such time period grew.
A quick recap of the formula: £200 [(1.07) + (1.07)2 … (1.07)9]
Or You Could Take Your Family / Yourself For A Treat
If you choose not to invest in it, £20 monthly could buy you some great stuff or experience, which would have more utility than giving it away for free just like that (you are not using the minutes, so you are paying your telephone services providers for nothing).
Ask yourself why are you freely giving out money? And if you are not financially that well off, I think you know what to do.
Or You Could Pay Off Your Debt
Using the Snowflake Theory to Debt Management, we could take that £20 (assuming average sum) and paying it off. Every bit helps and this is exactly what the Snowflake Plan advocates: putting aside a small sum to bid for freedom. Do not underestimate this paltry sum because they do add up.
But Our Concern Are Not Over The £20
Rather more accurately, this kind of wastage goes deeper than just mobile phone bills. Cable television that you may have paid for may just be another self-penalty which is unnecessary. Or maybe you were paying for that gym membership which because of your New Year’s Resolution to become fit cost you quite a bit.
Individually, they are not a lot. £20 a month is not something to be argued over. But were you to add these tiny bills, in a month, you would actually realise that that’s a significant sum in total. They add up, bit by bit, as we have established in The Sand Analogy. And that’s where the saving starts – from these little cut backs, that when added up would be quite a sum.