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Tammy’s tips for how to save money on household bills

Let’s talk about how to save money on household bills and potentially cut 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.

Tammy’s Tips for how to save money on household bills

This week I want to talk to you about a simple way to cut potentially 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! That’s over $1000 saved in less than 20 minutes. 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.

How to save on home insurance

If you’re wondering how to reduce your home insurance premium, you could start by increasing 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 save money on household bills by swapping your insurance from monthly premiums to annual.

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Save big on other bills

How to save on home insurance is just one example of low-hanging fruit. Another example is your mortgage. Letting your mortgage repayments snowball could lead to mortgage stress so it’s important to reduce it if you can. If you haven’t compared lenders recently, you should. At MyBudget Loans, we’ve been saving our clients hundreds of dollars in monthly repayments when they refinance their home loan to a lower interest rate.

Likewise, this is a great time to shop around and look at ways to save on phone bills 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!

It’s easy to save money on household bills with MyBudget.

Household bills tend to creep up on us when we’re not expecting it. MyBudget helps you get ahead by showing you how to save on home insurance, how to reduce your home insurance premiums and ways to save on phone bills.

Read more about budgeting, discover how MyBudget works, sign up for money tips on the MyBudget Blog or follow MyBudget on Facebook.

Ready to find out more?

Call 1300 300 922 or get started today

This article has been prepared for information purposes only, and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information in this article you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.

All customised budgets and consultations with money experts are subject to MyBudget’s qualification criteria. We recommend that you read and consider our Product Disclosure Statement.

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