Category: Money Matters
Chapter Select
Sub category: Spending
9 November 2015

Are you spending more than you need to?

A few dollars here and there might not seem much at the time, but it all adds up in the long term. Here are a few common scenarios where you could be parting with more than you need to…

1. Shelling out for double insurance cover when you have multiple super funds

Approximately 1 in 5 Australians (19%) have more than one superannuation fund, according to the ING DIRECT/Financial Services Council Your Super Futurereport (2015), yet holding multiple funds may mean you’re paying multiple super fees and life insurance premiums too.

To reduce unnecessary fees, consider consolidating your super into one super fund which offers value for money, and choose only the services and products you really need.

2. Tipping when the service charge is already included

Ever left a few dollars on the table without checking the bill first? If service is already included you could be tipping your server twice.

Service fees are becoming more common especially when group bookings are involved, so scan your final bill to check whether you’ve already tipped before you leave some extra.


3. Paying card surcharges when you could transfer money for free

Scheduled payments can be an efficient way to take care of regular bills but be aware of potential fees associated with your payment method. Some providers may charge extra for credit card payments and, while a $1 payment surcharge may not seem like a lot, it can add up if you’re making multiple monthly payments.

If you are incurring card fees, consider transferring money via direct debit or direct deposit instead and save on unnecessary surcharges.

4. Booking fees by phone when you could save by booking online

Booking a holiday? The cost of a phone call may be negligible these days, but telephone booking fees could noticeably push up the price of your flight.

Some airlines charge a premium to make or change a booking by phone so to be on the safe side, check the fees before you make the call – it’s often quicker and easier to book online, and you may be able to save yourself money at the same time.

The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by ING Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING's credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms

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