By Sarah Kingdom-Evans
I’d like to think I am on-top of our household spending.... I know to the penny how much the Mortgage, Council Tax and Gas costs each month, however I recently changed Mortgage product and as part of the simple online application I had to list the expenditure of our household....” Easy” I thought and quickly listed the figures I was certain of, although to my surprise there were many that I had to look up. When I read through my bank statement it became apparent that a significant number were a revelation!
I likened this to my experience with our customers, some of whom are excellent at knowing what they are spending and which contracts they are aligned to, but others (such as me last weekend) may not understand what percentage of spend is already covered under an existing agreement (my husband’s mobile phone insurance and our DVD subscription have been cancelled as we already have them as a benefit of our bank account... well that was £200 per year that I have now pocketed – almost Spend Recovery!) I also analysed the extortionate amount that Gas, Electricity, Insurance cost us... a couple of searches linked to an Opera Singer and a Meerkat allowed me to save another several hundred a year! eAuctions that BravoSolution deliver every day are doing the same by comparing suppliers in the market to get the best price... simples!
I’d like to think I am on-top of our household spending.... I know to the penny how much the Mortgage, Council Tax and Gas costs each month, however I recently changed Mortgage product and as part of the simple online application I had to list the expenditure of our household....” Easy” I thought and quickly listed the figures I was certain of, although to my surprise there were many that I had to look up. When I read through my bank statement it became apparent that a significant number were a revelation!
I likened this to my experience with our customers, some of whom are excellent at knowing what they are spending and which contracts they are aligned to, but others (such as me last weekend) may not understand what percentage of spend is already covered under an existing agreement (my husband’s mobile phone insurance and our DVD subscription have been cancelled as we already have them as a benefit of our bank account... well that was £200 per year that I have now pocketed – almost Spend Recovery!) I also analysed the extortionate amount that Gas, Electricity, Insurance cost us... a couple of searches linked to an Opera Singer and a Meerkat allowed me to save another several hundred a year! eAuctions that BravoSolution deliver every day are doing the same by comparing suppliers in the market to get the best price... simples!
Whilst it may sound an easy exercise in a domestic environment, understanding your spend and contract compliance can be seen as an daunting task, however the rewards can be significant and the feeling of control quite enlightening (I just need to justify the Gym membership that I am sure I will use one-day.. )
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