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Some Australians found lockdown an opportunity to get better about saving money, but holding on to those habits takes work.

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With Australia’s economy poised for reopening, it’s important that consumers don’t lose those good budgeting habits they picked up during the pandemic.

According to Schroders Global Investor Study 2021, 68 per cent of Australian investors are more focused on their finances now than they were before COVID-19.

“The pandemic seems likely to have a long-lasting effect on people’s finances, with many investors looking to save more for retirement and prioritise saving over spending,” Schroders Australia CEO Sam Hallinan said.

Speaking to nestegg, 86 400 CMO Travis Tyler said that the conditions of lockdown encouraged many Australians to shift from a spending mentality to one focused on saving money instead.

“We’ve seen more customers paying their loans down, saving a higher proportion of their regular pay and setting up regular savings plans,” he said.

Mr Tyler revealed that more consumers are reviewing their expenses to identify where extra savings can be found.

However, he warned that these gains are at risk of being offset by the rise of the convenience economy.

When it comes to online shopping, for example, Mr Tyler said that consumers are purchasing items like clothing in smaller amounts, but doing so more frequently.

These small-value, high-frequency purchases add up quickly, he warned.

“The challenge is to be disciplined, so these smaller amounts don’t add up to the previous, larger shopping sprees that we may save for, or mentally allow for each pay packet,” Mr Tyler said.

Wisr chief strategy officer Dr Lili Sussman said that those looking to make the most of their newfound saving habits should make paying down debt a priority.

She said that the fastest way to go about this is to contribute more than the minimum each month.

“However, you should always check the terms and conditions of paying your debt down faster, as some institutions have maximum repayment limits within certain periods and additional fees associated with paying it down faster,” she added.

To help with this, Dr Sussman emphasised the importance of getting on top of your spending habits.

“You may find some expenses like monthly subscriptions coming out of your account that you forgot about,” she said.

Once you’re done paying down debt, Dr Sussman recommended focusing on building up an emergency fund target. According to her, going specific is usually the way to go here.

“Setting specific and time-bound targets for your savings is the best way to slowly build up your emergency funds and will help you feel more financially secure overall,” she said.

Another long-term indicator of financial fitness to keep in mind is credit score.

Dr Sussman said that your credit score shouldn’t be overlooked when it comes to getting your finances in shape, as it may be used by credit providers to determine whether or how much money they can lend.

She warned that those who change their place of residence should be especially careful not to miss any final utility payments, as this can cost them.

Ultimately, Dr Sussman advocated for Australians to set financial milestones and goals when it comes to setting yourself up for the future because they create a structure and context around what you’re doing.

“It’s important to know that the things you do now can make a difference down the  track,” she said.

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Some Australians found lockdown an opportunity to get better about saving money, but holding on to those habits takes work.

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If you’re a first home buyer worried about rising interest rates, the worst thing you can do is panic.

Write comment (0 Comments) " ["fulltext"]=> string(4454) "

If you’ve started paying off a home loan, then there’s no excuse for not thinking ahead when it comes to interest rates.

Right now, interest rates are at a prolonged and historic low. At some point, that’s going to change.

For many potential and current first home buyers, this will more likely than not be before they finish paying off their home loan. Interest rates can’t get much lower, so they’re going to rise. And when they do, those affected will want to be ready.

“With house prices continuing to soar and so much emphasis placed on saving up a deposit, it can be easy for first home buyers to get blindsided by the fear of possible future interest rate spikes,” WLTH co-founder Drew Haupt said.

Rather than run for the hills when interest rates rise, Mr Haupt recommended preparing for the inevitable by staying informed, educating themselves about how future rate rises might impact on their budget, and working around those possibilities.

When it comes to interest rates, knowledge is power. If you’re too scared by the risk involved to do the research, you’re going to make worse decisions than the alternative.

“When looking at interest rates with fear, many first home buyers put themselves in a risky position,” Mr Haupt said.

He said that many potential buyers fall into the trap of putting off their ambitions to own a home until they are more confident about interest rates.

“It can be hard to predict when interest rates will rise or fall, so for first home buyers who are eager to enter the market, there is no better time than now,” Mr Haupt said.

He said that this approach prevents first home buyers from feeling out of control when it comes to rates and their investment. Over time, it helps them build confidence in their own financial decisions.

Mr Haupt also emphasised the importance of remaining realistic when it comes to budgeting.

While many people start to “tighten their belt” when they sense interest rates rises are looming, Mr Haupt said that it’s equally important to put money aside for an emergency fund. He said that having that fallback in place will allow them to face the possibility of rate rises with assurance rather than caution.

For first home buyers specifically, he said that they need to think carefully about how they manage and keep track of their income sources, fixed costs and variable expenses. If possible, they need to think ahead.

“Rather than running for the hills when interest rates rise, it’s important that first home buyers do their due diligence and build confidence by staying informed, educating themselves about future rate rises and creating a realistic budget,” he said.

In its most recent call, the Reserve Bank of Australia held the cash rate at a record-low 0.1 of a percentage point for the ninth month in a row.

Previously, the RBA had said that it wouldn’t look to raise the cash rate until certain targets were met when it comes to inflation and wage growth.

However, following the most recent rate call, AMP Capital economist Shane Oliver downplayed the possibility of those conditions being met anytime soon.

“The lockdown, and its hit to economic activity, has further delayed the time when the effective RBA conditions — full employment and 3 per cent or more wages growth to sustain 2–3 per cent inflation — will be met to justify a rate hike,” Mr Oliver said.

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How much do you need in an emergency fund? Here are some of the factors you should take into account when estimating how big your savings for the rainy days should be.

Write comment (0 Comments) " ["fulltext"]=> string(10415) "

Have you ever had one of those months anything that could go wrong, did go wrong? Your car broke down and you’re dealing with a leaking pipe in your home. Worst of all, your boss just told you that you’ve been laid off from your nine-to-five job. 

Financial hardships and disruptions happen to the best of us, and sometimes it feels like they come in waves. This is where an emergency fund can come in handy.

An emergency fund is a financial buffer for when unexpected expenses appear or when unfortunate life events which can negatively impact your financial situation happen, such as a job loss or medical emergencies. 

There is no prescribed amount of money that you need to save, but the basic rule of thumb financial experts recommend their clients follow include setting aside three to six months’ worth of your living expenses in a bank account for emergencies.

But in some situations, you may need to save up to 12 months’ worth of living expenses. 

If you just ran the numbers in your head and feel like it’s a herculean undertaking, you’re not alone. A recent study showed that millions of Australians don’t have money stashed away for rainy days.

According to research by comparison site Finder, around a third of Aussies they surveyed (31 per cent) don’t have enough cash in reserve to cover a month’s worth of living expenses. Meanwhile, one in five people (19 per cent) still don’t have any emergency safety net at all. 

Here are some of the factors you should take into account when estimating how big your emergency fund should be. 

What is an emergency fund? 

An emergency fund refers to extra money you save from your income, designed to protect you from worst-case financial scenarios, such as a job loss or the loss of your primary income (e.g. business). 

Emergency funds are also designed to protect against smaller emergencies, such as home repairs, auto repairs, unexpected medical bills or a sick pet. 

Aside from providing funds for a potential disruption of your income, a well-funded emergency fund can:

• Prevent you from needing to access your superannuation or retirement accounts
• Avoid the need to liquidate investments (e.g. stocks, bonds, property, etc)
• Prevent you from incurring debt (personal loans, payday loans, etc) 

How much should your emergency fund be?

So, what is a good emergency fund amount? There is really no answer that is one-size-fits-all. The amount is usually based on your bill obligations, family needs, job stability or other factors.

As mentioned, it’s generally recommended to have three to six months’ worth of living expenses available for emergencies.  

We list down some factors (and additional questions) to help you determine how big your emergency fund should be.  

• Job stability. Is your job in high demand? Or will you have difficulty finding a new job if you lose your current one? Is your current position stable enough or are you jumping from gig to gig as a freelancer? You should also take into consideration if you have a specialised job or niche position that may require you to relocate or take extra time to replace.
  
• The average cost of living in your current location. Your cost of living is important in determining how much money you need to save for your emergency fund. If you’re living in an area which has a low average cost of living, experts typically recommend saving three to four months’ worth of expenses. However, if you’re living in an area which has a higher cost of living, you should consider saving up to six months or a year’s worth of living expenses. 
  
  
• How much your debt is. Being free from debt is a cornerstone of your road to financial stability. When creating your emergency fund, some people fail to take into account their debt repayments. Make sure that the size and duration of your debts (home loan, credit card debt, etc) will also be factored in when determining how much your emergency money should be. Some experts recommend a smaller emergency fund while you’re paying off debt.
  
  
• Your financial dependents. Do you have children and/or pets? Or are you financially responsible for several dependents? When building your emergency fund, make sure that you can cover living costs for you and your dependents while you work out your next steps.
  
  
• Your overall health condition. Are you relatively healthy? Do you have a medical condition or do high-risk activities? As the saying goes, health is wealth. Having a low risk of getting sick (and the accompanying medical bills) will lessen your need to save up for medical emergencies. If you are dealing with a long-term medical condition or are into extreme sports, it’s advised to have a financial buffer for medical emergencies. 
  
  
• Your living situation. Are you renting your property? Or do you own your own home? If you’re renting, for some people it will be easier to estimate how much money you will need to pay off your monthly rent. But it could be a different story if you own your property. For example, if you have a property that will need constant repairs and renovations, you should set aside some money for emergency property maintenance. 
  
  
• Your financial support network. Do you have a partner or family members that can offer financial support or assistance if needed? If you don’t have one, it’s advisable to have a back-up plan where you can get financial help if things go south. 

How can I build my emergency fund? 

Here are the basic steps to creating your own emergency fund. 

1. Set a savings goal. Work out how much you need. Determine how many months of expenses to save, between three and six months, based on your personal circumstances and your exposure to risks, as well as the factors mentioned.
   
   
2. Estimate one month’s worth of expenses. Where does your money go every month? When calculating expenses, tally up things you’d still pay for in an emergency, like rent, groceries, debt and bills. Leave out non-essential expenses like travel and dinners out.
   
   
3. Calculate the dollar amount of your savings goal. After knowing how much you spend every month, multiply your monthly expenses by the number of months you want to save. For example, if you want to save four months’ expenses and one month’s expenses are $3,000, your target is a $12,000 emergency fund.
   
   
4. Set up a savings account. It’s advised to set up a separate, high-interest savings account for your emergency money. This will make it less tempting for you to dip into it for your daily expenses. You can choose to automate your savings account to make it easier for you to grow your fund. 
   
   
5. Capitalise on saving opportunities. Got a big bonus? Or did your tax refund reach a few hundred dollars? When you come across savings opportunities, deposit it in your emergency fund so you can reach your goal sooner. 

The bottom line on emergency funds

While the three to six months expenses for an emergency fund is a “tried and tested“ rule of thumb by experts, our financial circumstances greatly differ.

We also understand that it can be greatly unrealistic for some people to establish an emergency fund that is as big as six months’ or even one year’s worth of expenses.

This means that, ultimately, only you can determine how big your emergency fund should be. Remember, you don’t need it all right away. Don’t get frustrated if your goal seems difficult to reach or out of hand for now.  

It’s better to think of your emergency savings fund as an ongoing process. Working slowly towards your goal is fine, as long as you’re making progress.

Then, once you do reach it, you’ll have extra money each month to put towards other goals, such as retirement. 

For more efficient tips and guides on how to save money, explore nestegg today.

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How much do you need in an emergency fund? Here are some of the factors you should take into account when estimating how big your savings for the rainy days should be.

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Looking to manage your money better but don’t know where to start? A budgeting app may be the solution to your problems. 

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Keeping track of your spending, achieving your savings goals and sticking to a budget plan can be difficult, and it takes time and discipline to reach your financial goals. If you’re looking to have better control over your personal finances, a budgeting app may be just what you need.

There are many budgeting apps available to Aussie consumers, readily available for download on your phone or gadget (and some of them are even free). 

However, it can be overwhelming to choose which ones to use and to know which ones have the features that will best suit your needs. 

So, we’ve done the hard work for you by creating a list of the best and most popular budgeting apps in the market.  

WeMoney

Features:  

• Allows users to track their credit scores and net worth 
• Connects all of a person's financial accounts into one convenient place
• Offers budgeting tools 
• Provides upcoming bill reminders
• Allows users to connect with the community to receive tips 
• Receive offers for potentially better products to save money

Overview: 

WeMoney bills itself as a financial wellness app, with over 35,000 downloads since it launched in September 2020. With an average app store rating of 4.0, it’s fast becoming one of the popular financial apps this year. 

It’s a ‘smart money app’ that allows users to get a bigger picture of their financial health by connecting all of a person's financial accounts into one convenient place, including saving accounts and transactions, credit cards, home loans and personal loans, share trading accounts and superannuation funds. 

Aside from tracking a user’s net worth, the app offers tracking of your credit score. You can also create budgets within the app while connecting with other users in the community to receive tips on how to better manage your money. 

WeMoney is free to use and it does not sell your data to third parties. The app’s security is also commendable, with features such as  Fingerprint, FaceID, and PIN logins. 

Where is WeMoney available for download? WeMoney can be downloaded both on iOS and Google Play. 

Pocketbook Personal Finance Expense Tracker

Features:  

• Syncs account with over 30 banking providers with no manual entries needed
• Daily, weekly and monthly spending reports
•  Provides upcoming bill reminders and track recurring payments.
• Tracks and limits your discretionary spend beyond your bills
• Categorises over 80 per cent of your transactions

Overview: 

Pocketbook is a Sydney-grown free budgeting app that easily syncs with all your financial needs by connecting your bank accounts, credit cards, as well as loans. It is estimated to have over 800,000 users. 

Once you’ve linked up your bank accounts, the app automatically tracks your transactions and groups them into categories — things like groceries, transport and shopping. The app claims to categorise up to 80 per cent of all your transactions. 

The app offers a 360 degree view of its users’ finances. It has an activity feed feature, with the latest insights of where your money goes. You are provided a daily, weekly, and monthly report so you stay on top of your expenses. 

You can view your budgets, recent transactions, and balances when using the app.You can set yourself a budget for each type of spend and get notifications when you’re getting too close to your limits.

Pocketbook can also send you reminders when you have upcoming bills or recurring payments. You can also link up your super and investment accounts.

Where is Pocketbook available for download? Pocketbook can be downloaded both on iOS and Google Play. 

MoneyBrilliant

Features:  

• Finds cheapest utility and gas deals
• Tracks and categorises spending
• Customisable budgets
• Links banking accounts, investments, super and insurance
• Tracks tax deductible expenses
• Bank-level security and encryption

Overview: 

MoneyBrilliant is a very similar app to Pocketbook. It connects users to over 200 financial institutions in Australia and syncs your spending to categories.  

But what makes MoneyBrilliant different from Pocketbook is that it syncs all of your money, including your super and investment portfolios which gives you a fuller picture of your finances. 

Another advantage of MoneyBrilliant is that it also has a tax deductions function and helps you find potentially tax-deductible expenses based on your occupation.

Through the app you can also create budgets, set up notifications for upcoming bills and access tools to help you save towards goals like saving for retirement or buying a house. The app can automatically create a budget based on your historical income and spending, and tracks and reports your progress.

It also helps you find the cheapest and electricity bills based on your bills and energy usage data. 

Unlike Pocketbook however, MoneyBrilliant is not free. MoneyBrilliant comes in a ‘Basic’ plan (free) or ‘Plus’ plan ($9.90/month or $99/year).  But if you’d like to try the app, it offers a 30-day trial period. 

Where is MoneyBrilliant available for download? MoneyBrilliant can be downloaded both on iOS and Google Play. 

Frollo

Features

• Provides real-time insights 
• Syncs accounts from more than 100 banks, super funds and financial institutions
• Budgeting, automatic categorisation and bill tracking
• Helps you set your financial goals and track your progress 
• Bank-level security and encryption

Overview:

While Frollo is also very similar to MoneyBrilliant and Pocketbook,  it is newer and not quite as popular.  The Frollo app developed by fintech Frollo has more advanced features available to Australians. It offers free and secure synchronisation with bank accounts, home loans to super from more than 100 financial institutions, giving you a comprehensive financial overview in one app. 

Frollo is known for being one of the first adopters of open banking in Australia. This means they can provide near real-time data to users from participating lenders. You can link your accounts in seconds and your transactions are updated instantly, so you’ll always have an up to date view of your finances. 

The app allows users to create their own budgets, set and track goals and utilise customised insights. Additionally, spending is automatically categorised. There’s also a bill tracking feature, which alerts users before their bills come in. 

In April 2019, Frollo also rolled out the ‘Frollo Score” feature. Users are rated with a score from 1 to 1,000 that tells them how they’re doing financially, based on their spending habits, debts and savings. 

Where is Frollo available for download? Frollo can be downloaded both on iOS and Google Play. 

Goodbudget

Features: 

• Sync to bank accounts & expense tracking
• Export data to Microsoft Excel
• View your spending by category  
• Reports, such as an income v spending report
• Schedule transactions and automatic envelope fills
   

An American app also available for download in Australia, Goodbudget touts itself as a ‘ budget tracker for the modern age’ while using the old-fashioned ‘envelope’ method of saving. 

Goodbudget takes the idea of splitting up your cash into different physical envelopes, with each envelope used for different spending categories into the modern times.

The app allows you to create virtual envelopes for your monthly bills and expenditures. You can set the limits for certain categories of spending and you  are only allowed to spend out of the designated envelope.

In the past, this involved splitting up your cash into different physical envelopes, with each envelope representing a different purpose such as rent, groceries or savings. Goodbudget takes this idea into the 21st century with its virtual envelopes. Using the app, you can create virtual envelopes for your monthly bills and spending and This could be helpful if you’re looking for a simple way to budget.

It also has the standard feature of allowing you to link to your bank accounts. 

Globally, Goodbudget has more than one million downloads. The app is currently rated 4.7 stars out of 5 on the App Store and 4.4 stars out of 5 on Google Play from more than 18,000 user ratings. There is also a desktop version available. 

It is a paid app, but it offers a free version that will allow you to make and use up to 10 virtual envelopes. 

Where is Goodbudget available for download? Goodbudget can be downloaded both on iOS and Google Play. 

Conclusion

Not every budgeting app is built the same and everyone needs something different. On that note, there is no single budgeting app that is best for everyone and what’s best for you might not work for someone else.

Keep in mind that this is not an exhaustive list, but it will help you be informed of the standard features that most of these apps offer. This can help you compare your options and find the best budgeting app for you. 

What budgeting app are you using now? Which app do you think works best for you? For more tips and information on budgeting, explore nestegg today! 

 

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Looking to manage your money better but don’t know where to start? A budgeting app may be the solution to your problems. 

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What is the 70-20-10 rule for budgeting? If you’re looking for a simple way to manage your money each month, this strategy can be a good start to achieving financial stability.

Write comment (0 Comments) " ["fulltext"]=> string(8025) "

While most people agree that budget planning is important to attaining financial stability, sticking to it is an entirely different story. As many people will tell you, following a budget is no walk in the park. 

There are many strategies out there to help you build and stick to your monthly budget. Some people use the “envelope system” and put cash in envelopes for each spending category. Others focus on paying off debts by using either the avalanche or snowball method.

Another popular way to organise a budget are “money rules”. Most people are familiar with the 50/30/20 rule. But have you heard of the 70-20-10 rule? 

According to this rule, 70 per cent of your monthly income should go to your living expenses, 20 per cent should go to savings and the remaining 10 per cent should be put towards paying debt. 

But how do you start applying this rule to your finances? Let’s break it down.

What is the 70-20-10 rule? 

The 70-20-10 rule is one way to budget by percentages. 

The 70-20-10 budget rule divides your monthly income in your budget into three categories: expenses, savings and debt payoff.

This budgeting system makes it easy to create budget categories that you add money to each month. It can work with any level of income and it’s flexible enough that you can adapt it to fit just about any pay schedule. 

How does the 70-20-10 rule work?

First, you need to calculate your monthly income. Your net monthly income is your take-home pay, after taxes. You’ll use your net monthly income as the baseline for how to budget each month.

Then, divide your income into the following categories and respective percentages: 

Use 70 per cent for living expenses 

Calculate 70 per cent of your net monthly income and subtract your living expenses. Living expenses include your rent, groceries, transportation, childcare etc. Essentially, your living expenses are necessary costs that get you through the month. 

But it can also include spending on clothes, entertainment, hobbies – anything else that might be considered a want versus a need. 

It’s really important to include every single expense you have at this step. Otherwise, your budget percentages might not work when it’s time to apply the 70-20-10 rule. 

By lumping everything that it takes to “live” into one category, it will be easier to create a simple structure for yourself to build your savings around. 

Allocate 20 per cent for savings 

Next up, the 20 per cent of what you make will go to savings each month. This percentage is further broken down into three subcategories. 

The first subcategory is for retirement, which is 10 per cent. If you’re in the lower age bracket, saving up for your retirement may not seem like a priority. However, putting aside funds for retirement early on is crucial. 

The ASFA estimates that the lump sum needed at retirement to support a comfortable lifestyle is $640,000 for a couple and $545,000 for a single person. This means that the sooner you begin saving money for retirement, the better. When you start early, you can afford to put away less money per month since compound interest is on your side.

The next 5 per cent is earmarked for your emergency fund. Your emergency fund will serve as a financial buffer for any large and unforeseen expenses that may come your way. Emergencies can include anything from car trouble and medical emergencies to periods of unemployment.  

Your emergency fund is there for any large, unforeseen expenses that may come your way. Having money set aside for a rainy day will also help you prevent adding debt through things like using credit cards or falling behind on rent or other payments.

The last 5 per cent is designated to your specific financial goals. This is where you’ll put a little extra away in your savings account for things like travelling, deposit for a new home etc. Like your emergency fund, this 5 per cent is all about planning for the future. Impulse buys can result in debt, which can take a lot of time and effort to get out of.  

Set aside 10 per cent for debt 

We understand that debt happens, and sometimes it can really start to pile up. The remaining 10 per cent of your budget will go to paying down long-term debt you’ve accrued from personal loans, student loans, medical costs, credit cards etc.

Having perspective on your debts can help you increase your overall financial stability, rather than falling into a pattern of incurring debt. If you’re in debt, focus on getting your monthly payments down to 10 per cent  of your income. After doing so, you can choose to boost your emergency funds or savings. With some planning and discipline, you can and will make it even lower.

While this category lumps all debt together, we know that not all debt was made equal. It’s advised to prioritise high-interest debt and pay that off first. This is also known as the debt avalanche method. 

Clear the most damaging debt first and then focus on paying off the rest as quickly as possible to prevent yourself from getting caught up in a damaging cycle of paying off only the interest, without making a debt on the debt amount itself. 

Conclusion 

So you’ve done all the basic steps. You’ve calculated your income and divided it up. If you’re able to cover each category with funds to spare, congratulations! You are well on your way to following through with a solid budget plan. 

But what if it doesn’t add up? Don’t worry! After organising your expenses, it will be easier for you to make the necessary adjustments to your budget. 

For example, if your debt is at 15 per cent of your income, you can choose to reduce your budget for one of the other categories. You can cut back on your living expenses or your savings just until you can pay off your debt.  

Clearly, as with all budgeting rules, the 70-20-10 rule is open to alterations. The most important thing to do is to find a system that works for you, and lets you build the financial future you want.

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What is the 70-20-10 rule for budgeting? If you’re looking for a simple way to manage your money each month, this strategy can be a good start to achieving financial stability.

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Here’s what to do" ["alias"]=> string(60) "the-pandemic-has-inflated-your-energy-bill-here-s-what-to-do" ["introtext"]=> string(364) "

Energy bills are hard to avoid, but controlling their cost may not be as complicated as first thought. 

Write comment (0 Comments) " ["fulltext"]=> string(4474) "

One of the less talked-about first order consequences of the pandemic has been an increase in everyday energy bills for consumers.

The shift to working from home might have cut everyday expenses by eliminating the commute, but that doesn’t mean there haven’t been implications for other parts of an individual’s monthly spending.

According to a report by the ACCC, residential consumption rose by 10 per cent in 2020, with household energy bills increasing 7 per cent over the same period.

Speaking to nestegg, GetReminded co-founder Tim Nicholas highlighted a number of tactics that consumers can use to save money on their monthly energy bill.

He explained that while most consumers tend to pay attention to the total cost of their energy bill, it can pay to look closely at the details.

“There are three ‘time-of-use’ pricing tariffs to be aware of – peak, off-peak and shoulder – and each household will have different usage patterns,” he said.

Mr Nicholas recommended that consumers review their usage pattern over the last 12 months and compare their actual usage across different providers in order to determine which providers are charging more than they should be. 

While ethical or environmentally friendly energy services like Nectr or Powershop have become increasingly popular among younger Australians, Mr Nicholas noted that they might not always deliver the most bang for their buck.

“Environmentally friendly energy can be a little more expensive, so you need to decide how important it is for you to buy from green energy suppliers,” he said.

Finally, Mr Nicholas recommended keeping an eye out for providers who offer discount-based incentives to pay on time, via direct debit or, in some cases, even earlier than that. 

“Make sure you keep enough funds in your linked bank account before the direct debit date to avoid any bank charges,” he advised.

The other elephant in the room when it comes to energy bills is the loyalty taxes that consumers can face if they get complacent.

Speaking to nestegg earlier this year, Wealth Within chief analyst Dale Gillham said that regardless of whether we’re talking about private health insurance, your energy bill, mobile phone or credit card, “it is up to everyone to ensure you are getting the best deal every time as your renewals rollover” because the price tag of loyalty taxes grows more quickly than most people think it does.

Even if any single loyalty tax seems small, taken together, they add up fast and rise even faster.

“Firstly, no matter how convenient it may be, don’t roll over your insurance policies and/or other contracts automatically. Instead, set up an alert for 60 days in advance of when they are due to renew, and then shop around online for the best deal.”

“If you find a better deal, contact your current provider to see if they will match or beat the offer,” he said.

Back in April, the ACCC encouraged consumers to cash in on available savings by switching to a better energy provider where it makes sense.

“There are two ways that households and small businesses can get the hip-pocket benefit of recent reductions in retailers’ costs: by changing to a new, cheaper plan or by waiting for their retailer to lower the rates on the plan that they’re already on,” ACCC chair Rod Sims said.

“A significant increase in generation capacity, attributed to renewable generation and falling fuel costs, has led to much lower wholesale electricity costs, and it’s vital that all Australians now see the savings.”

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Energy bills are hard to avoid, but controlling their cost may not be as complicated as first thought. 

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string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(4) "text" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(33) "Image Caption / Video description" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [3]=> object(stdClass)#7408 (32) { ["id"]=> string(1) "3" ["title"]=> string(6) "Status" ["name"]=> string(6) "status" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" 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["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(5) "radio" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(6) "Status" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [5]=> object(stdClass)#7411 (32) { ["id"]=> string(1) "5" ["title"]=> string(22) " Essential information" ["name"]=> string(21) "essential-information" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-25 06:10:20" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "4" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#7186 (3) { ["data":protected]=> object(stdClass)#7189 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#7188 (3) { ["data":protected]=> object(stdClass)#7191 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(22) " Essential information" ["description"]=> string(35) "3 points that summarize the article" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [2]=> object(stdClass)#7421 (32) { ["id"]=> string(1) "2" ["title"]=> string(14) "Embedded Video" ["name"]=> string(14) "embedded-video" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-20 01:43:32" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "5" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#7190 (3) { ["data":protected]=> object(stdClass)#7193 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#7192 (3) { ["data":protected]=> object(stdClass)#7195 (10) { ["hint"]=> string(29) "Paste your embedded code here" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(86) "/save-money/how-to-budget/the-pandemic-has-inflated-your-energy-bill-here-s-what-to-do" ["image"]=> string(42) "images/article-826x550/energy-bills-ne.jpg" ["image_alt"]=> string(63) "The pandemic has inflated your energy bill? Here’s what to do" } }