Saving for a new car

Simple Annual Checks to Save Money on Your Home Budget

Many people are looking for ways to save more money, but unfortunately many of the tips and hacks suggested online are very time consuming, which makes them unsuitable for people who can't devote much more time or energy to saving money. Here are simple and quick ways to save money with once-a-year checks on your expenses. 

Insurance broker

Insurance companies know that most people don't have the time or energy to regularly review their insurance policies, so they tend to offer great bonuses when signing people up, and they then rely on inertia to keep clients with their current provider. Try calling an insurance broker and letting them know all of the polices that you have currently, including health insurance, home and contents insurance, and car or vehicle insurance. (Many providers offer reduced rates if you consolidate all of your polices with them.) The insurance broker can do all the running around, and use their own contacts, to get you the best possible deal for your insurance. 

Compare your phone plan

If you find that you are regularly going off your data or call allowance on your phone, it's probably time to review if you're on the right plan. Often combining all the policies in the house and bundling other telecommunication services such as broadband internet, mobile phones and pay-TV services can save you a lot of money. Before you call the providers, try to collect your old bills to identify when you make most calls and whether you are a heavier data or call user. This can help to identify the plans that most suit your usage patterns. 

Compare your mortgage rates

Mortgage rates have fallen substantially over the past few years as the Reserve Bank rates have fallen and more and more non-traditional providers have started to offer mortgages. Unfortunately many mortgage brokers don't deal with the whole range of non-traditional providers, as they tend to promote the mortgages where they earn larger commissions. Try heading onto a comparison site such as Canstar, which covers a large range of traditional and non-traditional providers. If your mortgage rate is not competitive, you can then call your current provider and ask them to match rates and fees with a lower cost providers. Banks are often willing to do this to keep their current customers, rather than needing to seek out new customers. 

Doing some simple annual checks on your household expenses can help to save you money all year round.