What better time to review your budget and bank accounts than the End of Financial Year? In fact, if you set aside time each EOFY, you’d likely save a significant amount of money and potentially find yourself in a very different financial situation in the future.
It’s always a good idea to stay on top of your finances, so why not use the End of Financial Year as an excuse?
Here are the top five expenses we highly recommend you review in your budget each year:
- Insurance – Your situation changes each year; whether it’s new purchases, changes within the family or even your location. These changes can have an effect on your insurance payments. Take the time to ensure you have the right insurance for your situation. Additionally, speak to your provider to discuss ways to reduce your premium. It’s important to ensure you’re getting the best deal.
- Gas and Electricity – If your power bills feel impossibly high, they probably are. Don’t assume everyone is suffering from the same problem. Conduct an energy cost comparison to get an understanding of what other power providers offer.
- Refinancing your loans – Did you know the Federal Reserve recently lowered interest rates? This means there’s no time like the present to have a look at refinancing your loans. Look around for a lower rate than what you’re currently paying, regardless of the type of loan you have. You can also talk to us to get an idea of what’s on offer.
- Internet and phone – Are you still paying for a home phone line but haven’t used it in months? It’s a good time to ask yourself, why? Old habits die hard but if you’re not using your home phone it’s really nothing more than a waste of money. Internet is another troublemaker with a lot of hidden costs. If you’re not using all of your monthly data, you’re probably able to downsize your plan and save significant money each month. Alternatively, if you’re constantly paying a high price for extra data, a larger package may work out cheaper. You won’t know until you look so be sure to spend time to review these bills when they come in!
- Superannuation – Many Australians have multiple superannuation accounts, which means they’re paying unnecessary fees to manage each of their accounts. This can be fixed quickly by simply rolling all accounts into one.
The key is to simply carve some time out of your day to review all of these potential money-suckers, then get proactive by comparing costs and looking for alternatives! Even if you’re budgeting on a monthly basis, it’s still important to review your finances as a whole on a yearly basis to note any changes.
Is budgeting not your cup of tea? Check out our blog on the 3 Top Tips to stay in Budget for some inspiration!