Forgotten subscriptions and gym memberships may be tapping your bank account for hundreds of dollars every month according to chief financial strategist Jude Wilson of Orlando-based Centrus Investment.
“Most people say they know what they’re spending on a monthly basis,” Wilson told News 6. “I find that most people don’t know exactly how much is coming in and going out.”
Wilson said he advises his clients to present their most recent tax returns so that he can determine how much income is coming in after taxes.
He also advises every consumer to prepare a detailed budget report card to list obvious expenses like mortgage and car payments along with the expenses they may have forgotten.
“Most people are losing money unknowingly and unnecessarily,” Wilson said. “The term we use at the office is financial termites, what are some of the things that are hidden behind the wall that are eating your dollars.”
Wilson told News 6 that on average consumers will discover $200 to $2,000 in forgotten expenses coming out of their accounts automatically every month.
Wilson said account check-ups should be reviewed every quarter to make sure you are using your income to the fullest.
Another strategy Wilson suggested is the three bucket plan: designate separate accounts, or buckets, for emergencies, savings and growth.
“We want to make sure that they’re staying on the path and they’re achieving their goals,” Wilson said.
Wilson’s company provides risk analysis, estate planning and life insurance reviews.
For more information go to centrusfs.com.
If you have a tax or consumer issue email makeendsmeet@wkmg.com or text the words make ends meet along with the issue and your email to 407-676-7428.
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