Finding money you are losing.
WHAT TO DO ANNUALLY
Review every recurring cost.
HOW
List everything leaving the account regularly.
WHERE TO GET IT
Bank statements, over a full year.
WHY A FULL YEAR
Annual payments are missed in shorter reviews.
WHAT TO RECORD FOR EACH
What it is Who approved it What it produces When it renews Whether anyone would notice if it stopped
WHAT TO CATEGORISE
Essential Useful Historic
WHAT HISTORIC MEANS
Continuing because it always has.
WHAT TO DO ABOUT THOSE
Cancel them.
WHAT TO RENEGOTIATE
Anything substantial that has run for years without review.
WHY
Suppliers price existing customers less competitively than new ones.
WHAT TO DO
Ask for current rates, citing alternatives.
WHAT TO TEST
The market, for your largest costs.
HOW OFTEN
Every few years, at minimum.
WHAT TO BE CAREFUL WITH
Changing supplier for a small saving on something that works.
WHY
Switching costs are real and frequently underestimated.
WHAT TO CALCULATE
The saving against the cost and risk of changing.
WHAT USUALLY PRODUCES MORE
Renegotiating with the incumbent.
WHAT TO RECORD
What you found, and what you changed.
WHAT TO CALENDAR
The next review.
