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Money / Financial management

Avoid the CBF club. Don’t let your money fly away!

Could you walk past a ten dollar note on the street? What if a gift card you planned to use expired? How about being overcharged $200? People react to these situations because losing money is painful. There are two responses - The BFs and the CBFs.

The CBFs are those who don’t follow up.

They don’t ask for a discount. They don’t chase down faulty purchases. They don’t return things. Subscription fees keep coming out of their account. They never chase down deals. They just couldn’t be bothered. Although, for the purpose of this blog, the ‘bothered’ could be a different word starting with F. So, if you don’t like the use of the F word, switch it out for a CBB and BB (be bothered).

Lots of people leave money behind in the CBF vacuum.

Now that we have explained ourselves, the real issue is why are some people ‘bothered’ to ensure every cent is treated equally? They are always on alert for deals, always ensure they claim on a warranty, can’t let any faults go unmentioned, get on the phone to ask for refunds and continue to defend every cent.

They become financially well because they treat every cent with respect. Yes, they are the Defenders. 20% of the population.

Then there is the rest of us. Perhaps you CBF? Maybe you feel you don’t have time? Perhaps you just don’t think about it?

One of the authors of Spenditude (no names required) will phone the manufacturer if an item has a fault – even if it is as small as a packet of crisps! The other (no names again) is less likely to.

The amount of money saved by being a BB is staggering. It does require a mindset shift – but once acquired the savings are abundant.

What’s next?

Understand your current mindset is not serving you.

Awareness really is key. It’s not about being tight with money. It’s not about spending a disproportionate amount of time on that packet of crisps. It really is trying to make sure that you bring more awareness to your financial choices.

SEE every cent. Clear vision. 2020.

Start now. What impact could giving a F have on your bottom line?

If it is faulty – ask the questions. Use the warranty if it is valid, let the manufacturer know. You don’t get if you don’t ask. Don’t forget it and buy a new one thinking it is all too hard.

Check bills, cancel subscriptions, take photos of receipts and file them on your phone (everyone has way too many photos but these ones have value!)

Find your vices. What do you put off? BF.

Hate doing your tax return – you could get a surprise refund.

Negotiate utilities – do it. Now. There are savings to be made. Combine electricity and gas, combine insurances to the same company, compare online. Or simply call and ask for a discount.

Don’t make late payments on bills and face fees. Divide it by 12 and set up the direct payments.

Cancel subscriptions.

Check bills.

Review your credit card statement.

Be bothered.

Picture this. Standing in line, waiting to make a purchase. You get to the checkout and you are short. Ultimately you have to walk away without the item. That money you walked past on the street, the gift card that was expired would really have come in handy.

BF.

It makes a difference.

This post was written by Paul Gordon and Janine Robertson, authors and founders of Spenditude. 

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