When was the last time you thoroughly reviewed your expenses? If it’s been some time, conducting an informal audit might reveal some unexpected savings. Here are a few starting points.
Power
If you’ve been with your power company a while, it could be worth having a look at what other options are available.
Sites such as Powerswitch make the process of comparing power companies easy. Research from Powerswitch in early 2024 found that the average site user was able to save more than $400.
As well as a lower cost plan, you might find there are other incentives on offer to encourage you to switch, such as periods of free power or other giveaways.
Phone and broadband
It’s not only power that’s worth shopping around on. Check in with your mobile phone provider and ask whether you’re on the best plan for the way you use your phone. You could also use a comparison site to check what you’re paying for your broadband connection. Because these bills arrive every month, even a small saving can add up over time.
Subscriptions
It can be easy to sign up to a lot of different subscriptions and then sort of forget about them – particularly if they are small amounts or are billed infrequently.
Now might be a great time to check back through your bank statements for any payments for subscriptions that you no longer use. Maybe there’s an exercise app that you signed up for with great intentions or a recipe site that’s no longer delivering the goods. Nix those and get a bit more cash in your pocket to spend on things you will use.
Sneaky habits
A trawl through your bank statements will also probably show you some sneaky habits that are adding up to a bigger bill than you realise.
That coffee that you tell yourself is only once a day might be becoming more like twice a day – and that lunch out that you said you’d only do once a week might be becoming a more regular occurrence.
Even an extra energy drink or snack purchased with every fill of your car’s petrol tank – it can all add up. That’s not to say that you need to give up all the spending, but knowing what you’re really doing with your money will allow you to make better decisions. If you know the pattern is that you’ll probably spend $150 on extra food this week, maybe there’s something you’d rather spend that money on?
Inaccurate payments
It’s also a good idea to do a regular check of your bank statements to identify any payments that might have been processed incorrectly – maybe put through twice – or any transactions that shouldn’t be there that you need to challenge. A note in your calendar to check in every week or two could be a great way to stay on top of it.
Time to talk?
If you’ve got a goal but need some finance help to get there, get in touch with us. We’re all about helping people make great decisions.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.
