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Save thousands on household bills: the power of shopping around
By MyBudget Editor

Let’s talk about cutting potential thousands of dollars from your household expenses. I recently received my home and contents renewal and noticed that the premium was creeping up. I decided to shop around and was blown away by how much I saved.

Watch the video now or read the transcript below.

Over $1000 saved in less than 20 minutes

Hi everyone! I hope you’re having a great day! 

This week I want to talk to you about a simple way to cut potential thousands of dollars from your household expenses. 

I recently received my home and contents renewal and I noticed that the premium was creeping up and there was no reason why. I haven’t made a claim or made any changes or anything. Anyway, I decided to shop around. I jumped onto an insurance comparison website. I entered my information and within about 10 minutes I had five or six quotes to compare. 

I ended up getting more coverage for nearly $1200 a year less! I have a friend who did the same thing—she saved $1700 a year without even changing insurers. That’s a massive saving from just shopping around. 

Other ways to reduce your insurance bill

There are other ways you can reduce your insurance costs too. For example, you could increase the excess. The excess is the fixed amount you pay towards a claim. 

If you have a lot of emergency savings to fall back on, you could also reduce the insurable amount of your contents. But I would only do that if I knew I had enough savings to cover potential losses. 

You could also swap from monthly premiums to annual.

Save big on other bills

Insurance is just one example of low-hanging fruit. Another example is your mortgage. If you haven’t compared lenders recently, you should. At MyBudget Loans, we’ve been saving people $400 a month on average when they refinance their home loan. 

Likewise, this is a great time to shop around for cheaper phone and power deals. Both of those industries are super competitive and will drop their prices to get you to switch.

The key message here is that these sorts of expenses start adding up. We get in the habit of paying a contract or policy and it’s easy to just let it roll over month after month, year after year. That’s what the provider wants you to do. 

But it really only takes a few minutes to shop around and find out if you’re getting the right deal or not. You could save literally thousands.

Talk to a broker or shop around online

Now, keep in mind that this is not financial advice—I recommend that you talk to an insurance broker for tailored insurance advice—but it’s definitely food for thought. 

I hope that by sharing my finance journey, you might discover some useful information for yours!

That’s it from me for now. I hope you have an amazing week and I’ll look forward to chatting with you again soon!

Need help with household budgeting? Call MyBudget on 1300 300 922 to speak with a free money coach or enquire online.

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