Time to review your personal expenses.

Many of us simply continuously pay our bills without ever giving them too much thought. But the reality of it is, we need to conduct an annual review of most of our outgoings to ensure we are not only getting the best deal but to ensure they still meet our needs. Here is a quick checklist of outgoings that you should review:

  • Home and contents insurance: it is a fact that many of us have both our homes and our contents underinsured. You should consider what it would cost to replace not only your home but also everything in it.
  • Private health insurance: are you getting value from all that your insurance covers. Can you look at swapping certain services, removing services that you don’t need and adding ones that you might need.
  • Utilities: there is now a choice when it comes to gas providers so check out if you are getting the best deal
  • Phones: many of us have both a home and mobile phone: again review your plans, ensure you are using all the services you are paying for and cancel them if not.
  • Internet: again, does your current plan suit your usage. Call up your provider and chat to them. They are often happy to recommend a bundle based on your past usage. Remember, it could be cheaper to bundle your phones and internet together.
  • Car insurance: again reviewed what you are covered for and check out that things like alarms and stored in a garage are noted if this applies.
  • Bank accounts: go through your past statements and check out what fees and charges you are paying. Consider if you can reduce these costs.

It may take a little time to go through all of these expenses but there are certainly savings waiting for you if you spend some time conducting an audit.