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Monthly Contract Versus PAYG

How to save money piggy bank

Considering Monthly Contracts and PAYG

Consider ending your monthly contracts and start to pay only for what you need, when you need it, and pay only for what you use, when you use it.

Monthly contracts, and in fact, contracts of any kind that you are tied into, can eat away at your wealth and prosperity without you gaining the benefit of the long term committment that you originally signed up to.

Let me give you an example; The biggest saving I have made recently occured when I took the decision to end the many monthly contracts I was already committed to.

I cancelled my monthly mobile ‘phone plan and switched to a PAYG plan.

I cancelled the digital satellite monthly service I had had for a long, long time, and I started to use the free digital channels that my digital TV could already pick up.

I also changed my bank account from an account that had a monthly fee to a new bank account that did not entail a regular fee but offered essentially the same level of service I was used to.

This meant, for me, a huge monthly saving - which I could then use to increase my long-term wealth. Although each of these monthly contracts did not amount to a large amount individually, when they were all added together there was a significant amount involved.

Ending these regular monthly contracts that I had originally entered into without thinking, was a major factor in giving me another opportunity to increase my long-term wealth - the spare money went into paying essentail bills and then into savings.

I found that overall I spent less money each month, and that when I did pay out for products and services, I was only paying for what I needed and used.

From now on, as much as I can, I pay for what I need as I go along, UNLESS, there are genuine and real savings to be made from me making the committment to a monthly contract.

Most sellers and suppliers who offer monthly contracts stress the benefits and the savings to be made if you sign up - BUT - and it is a big but - this only makes sense if you actually use the product or service, and only if you are a big user or a frequent user.

Often the situation is that you will use a product lots and frequently at first and the monthly contract makes sense early on in the contract - but after a while you don’t use it so much - BUT YOU ARE STILL OBLIGATED TO PAYING THE FULL AMOUNT - each and every month. This can be a serious drain on your wealth and something that is very easy to rectify once you direct your attention to it.

So, review your monthly committments - especially the ones that have been in place for a long time - and look at whether you will be financially better off by ending the contracts and switching to Pay As You Go (PAYG) - I wish you financial success!

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