4 Things to do to Spring Clean Your Bills
By iSelect spokeswoman, Jessie Petterd
Now that Spring has officially sprung, you may have used the warmer weather as a prompt to clear out your pantry, fridge, wardrobe or garage in a good old fashioned ‘Spring Clean’. It’s such a nice feeling to clear out the clutter from Winter and start fresh.
But what about the clutter living in your mind built up from your life admin and bills? Perhaps you haven’t bothered to revisit your health insurance policy since you stopped having babies years ago? Or maybe your energy discount expired and you haven’t had time to review your plan.
Whichever household bill you’ve been neglecting to review, Spring could be the perfect time to get on top of them to avoid paying more than you need to (or for things you don’t even need!
We know reviewing your bills may sound much less appealing than frolicking in the Spring sunshine, so we’ve put together a quick and easy step-by-step guide to help you get started.
Step 1: Check Your Health Insurance Policy
If you have private health insurance and have been with the same provider for a number of years now, there’s a chance you’re paying too much or for things you no longer need. Or perhaps you’re not even covered for things you do need as your health needs have changed over time.
You’d be surprised how many families are still paying top cover for pregnancy when their baby-making days are well behind them.
Perhaps you don’t use your Extra’s, so why should you pay for them? Alternatively, you could opt for a policy that offers flexible Extras limits that you could tailor to suit your lifestyle.
Comparing your policy against others is a great way to make sure you’re getting great value and could save you money off your premiums.
Step 2: Make Sure Your Internet Plan Still Suits Your Browsing Needs
If you’re like many Aussie’s who’ve been spending more time at home in 2021 whether it’s working, homeschooling or just streaming more in general then you might consider comparing internet plans to make sure your browsing needs match your plan*.
When looking to save money on your broadband deal, remember that ‘unlimited data plans can sound appealing by may not be necessary and you could be paying for more data than you actually need.
Also, while a month-to-month plan may seem appealing because it offers low commitment if you’re trying to keep costs down it might be better to consider a 12 or 24-month contract instead which can generally have low set-up fees.
Step 3: Check You’re not Paying too Much for Your Energy Bills
Energy prices and plans have changed quite a bit in the last 12-months, throw this in with the new Energy Demand Tariff that was recently introduced for some customers, and it could mean you’re paying more than you need to for your energy bill.
If you’re content with your plan and your discount, just remember that discount periods on market offers may change after a year or two and this should be your prompt to shop around.
With multiple changes made to electricity plans in recent times, in addition to your bumper winter energy bill which has probably just arrived, now is the time to compare energy plans to make sure you’re still getting value for money*.
Step 4: Consider Refinancing Your Home Loan
With interest rates always on the move and market conditions constantly shifting, the home loan you signed up for yesterday may not be suitable for you today.
Variable rates are not generally set in stone and you may be free to negotiate a better deal with your current lender, or even to move your home loan to a new lender to secure a lower interest rate or more appealing terms.
Some lenders may be more likely than you think to offer you a discounted rate on your home loan so it doesn’t hurt to at least ask the question. Before you speak to your lender, do your research so that you can be confident and firm with your request.
If you feel as though you could still be getting a better deal from your lender, speak to a mortgage broker like iSelect’s trusted partner, Lendi^ about home loan refinance – the process is easier than most people think and could save you some serious cash.
So, while a Spring Clean of the house can leave you feeling light, a Spring Clean of your bills could leave you feeling even lighter and perhaps with some extra cash in your back pocket to spend on more exciting things, like the upcoming silly season!
**iSelect General Pty Limited ABN 90 131 798 126, AFS Licence Number: 334115. Any advice provided by iSelect is of a general nature and does not take into account your objectives, financial situation or needs. You need to consider the appropriateness of any information or general advice iSelect gives you, having regard to your personal situation, before acting on iSelect’s advice or purchasing any policy. You should consider iSelect’s Financial Services Guide which provides information about our services and your rights as a client of iSelect. iSelect receives a commission on each policy sold.
^iSelect does not arrange home loan products but can refer you to Lendi who does provide such services and can help you compare home loan products. Lendi is. Credit Representative of Auscred Services Pty Ltd (Australian Credit Licence 442372). If you click through to the Lendi website and acquire a home loan through Lendi, iSelect earns a commission from Lendi.
For more ways to make and save money follow us on social media: