NEWS & BLOGS

Are you feeling the squeeze of rising household bills? You’re not alone. As the cost of living in Australia keeps climbing it is frustrating to see your hard earned money disappear on utilities, groceries and other essentials.  As we move into the final quarter of the year, now is an ideal time to take stock of your financial position before the Christmas rush begins.

With a few smart changes, you can save hundreds of dollars on household bills, reduce energy costs, and improve your financial security without sacrificing comfort.

Small actions taken now can put yourself in a stronger position.

1. Review your superannuation:

Superannuation remains one of the most tax-effective ways to build long-term wealth.

• Checking your current super balance.
• Reviewing investment options within your fund.
• Confirming that your employer contributions have been received.

2. Check your insurance cover:

Life changes quickly and insurance policies should keep pace.

• Is your life insurance still adequate?
• Do you have income protection cover?
• Have you recently purchased a home or taken on additional debt?
• Have your family circumstances changed?

Many people are underinsured without realising it.

3. Review your home loan:

Interest rates have changed significantly over recent years and many borrowers have not reviewed their loan structure.

• Whether your interest rate remains competitive.
• Refinancing opportunities.
• Reviewing offset account arrangements.
• Making additional repayments where possible.

A small reduction in your interest rate could save thousands over the life of a loan.

4. Audit recurring bills:

Audit recurring charges and digital subscriptions to find payments you no longer use or need. Review your transaction history for digital subscriptions, including streaming services, apps, telephone and memberships.

For each payment, ask three questions:

• Do I still use it?
• Does it still offer value?
• Is there a cheaper plan that meets the same need

Cancel what you no longer want, downgrade where appropriate and add renewal dates to your calendar so future price changes do not catch you by surprise.

5. Check your annual household bills:

• Cancel what you no longer want, downgrade where appropriate and add renewal dates to your calendar so future price changes do not catch you by surprise.
• Check your bank statements – Pull up the last three months bank statements
• Cancel unused services – Drop streaming platforms, gym memberships or apps you no longer use
• Shop around utilities – Compare electricity, gas and internet providers to switch to a cheaper deal