Since I started my debt freedom journey, I have found myself becoming more and more obsessed with working out the true long-term cost of the things I consider buying.

One off purchases are not a big problem, but if the cost is recurring, you’re making that payment month in, month out. Left unchecked, these ‘things’ keep accruing.  Even if you no longer use them, you keep paying for them.

• Gym Membership (£35)
• Magazine Subscriptions (£5)
• Contract Mobile Phone (£35)
• Mobile Broadband Dongle (£10)
• Golf Club Membership (£50)
• Sky+ (£25)
• Sky Multiroom (£10)
• LoveFilm Max (£16)

These are just real quick examples off the top of my head and are not all that unlikely to be sucking the life out of the average persons bank account right now. On their own, each individual entry appears fairly innocent. What’s £5 here and there? But in one month you’ll pay out £186 on those things in that list.

Every year that is £2,232!

If you have taken my advice and created a SCRAM Plan, then what comes out of your account each month probably isn’t a surprise to you.

Combat Your Money Drains

All banks provide a method of reviewing your Direct Debits, so every couple of months spend 5 minutes reviewing what’s in that list. If you no longer need a service, phone them up to cancel and then on your next direct debit review, cancel it out of your account.

Before signing up for the next ‘thing’, work out the long term cost.

• My Financial Meltdown: Part 3
• My Financial Meltdown: Part 2
• 6 Mistakes That Doubled The Price of My Car
• The Experian Credit Score Con
• Savings Roundup - September 2009

• Major Prosper Update -- Just in Time for Prosper Days
• The Big List: 1,019 Different Ways To Save Money.
• The Very Best Money Saving Tips
• When Automating Your Finances May Not Pay
• Back to Basics: Keep on top of your income streams