How to slash your household bills

Are you paying too much for insurance, phone or power? Even just a 0.5% drop in your home loan interest rate could save you $100 a month and $38,000 over the life of your mortgage. MyBudget has created a free checklist to help you shop around for cheaper deals on all your major household expenses and save potential thousands.

Little ways to save a lot

If you are careful with your money, you are very likely to be mindful of your daily spending habits. You might, for example, keep your food costs down by meal planning or setting yourself a budget for clothes shopping. When you bundle those habits together, you can save literally thousands a year.

Bringing your lunch to work can save upwards of $2500 annually. Making your daily espresso at home could put $1500 back in your wallet. Cutting your grocery bill by just $20 a week could mean an extra $1000 for a holiday at the end of the year.

Little ways to save a lot

Big ways to save a lot more

But if counting pennies is not your thing, there is another way to potentially save thousands. That’s to focus on your big household expenses. Think: mortgage/rent, electricity, gas, internet, phone and insurance.

For instance, if you consider that the average mortgage holder is paying around $12,000 a year in interest, you can quickly see a huge opportunity to make big savings with a better home loan deal.

By reducing your mortgage interest rate by just 0.5% per annum on a loan of $400,000, the monthly payment goes down by more than $100. The savings over 30 years add up to a whopping $38,136. That’s a lot of holidays!

Use the MyBudget Home Loan Calculator to estimate your savings>>

Don’t fall victim to loyalty tax

House and contents insurance is one expense in particular where annual comparison shopping can result in huge savings. You may even be able to save money while staying with the same insurer.

“Loyalty tax” is where annual price increases result in existing customers paying more than new customers for the same service. It often happens with insurance, phone, internet, power and other bills that renew annually.

Download your free Get A Better Deal Checklist from MyBudget >>

To help you shop around, Australia’s trusted budgeting expert MyBudget has created the ‘Get A Better Deal Checklist.’ It shows all your major household expenses and leaves space for you to write your own details in the sheet. It also included a list of websites that make comparison pricing easy.

MyBudget is the worry-free way to manage your money

Whatever your financial goals, there is a MyBudget solution to help you reach them.

To find out more, call 1300 300 922 or enquire online today.