The hacks that can help you save on bills

Bills are taking an ever larger bite out of household budgets and now is the time to fight back.

This is a must if you want to make the changes that will allow you to pocket an additional $12,000 over the next 12 months.

From outsourcing subscription services to paying less electricity costs, here’s how you can go from bill basket case to bill buster in 2023.

Bills are taking an ever larger bite out of household budgets and now is the time to fight back. (Nine)

Track your expenses

Knowledge is power and if you’re ever going to save big on your bills, you need to understand that first.

The free application Frollo connects all your bank accounts, pulls the data and tries to understand the information.

It claims to help you reach financial goals by providing personalized insights into exactly how much you spend on certain areas, such as dining out or gym classes.

(I made the mistake of looking at how much I spent on Uber Eats this past year and let’s just say it wasn’t pretty).

Piet Van Den Boer from Frollo says the application is particularly good at helping users stay up to date with their accounts.

Piet Van Den Boer from Frollo said his app helps users stay up to date with their accounts. (Nine)

“We identify merchants and we identify accounts and we show you all your accounts and when they occur in a dashboard,” he said.

“The app will send you a message when you have some bills due in the next seven days if you don’t have enough funds in your account to cover them.”

This can help prevent you from racking up late fees if you sometimes struggle to pay before the due date.

Van Den Boer says Frollo has been accredited by the government to meet security and privacy standards.

He claims users increase their savings by an average of $1100 in the first three months.

Now you’re successfully tracking your bill spending, it’s time to track your energy consumption as well.

It monitors real-time electricity usage and uses historical data, notifying users of areas of high usage.

It can be controlled from an app and there is a potential to save as much as 15 percent on your power bill, depending on circumstances.

In NSW there are financial incentives to upgrade your home appliances to more energy efficient models, reducing your consumption and your bills.

Victorians are eligible for a free Emerald EMS energy tracker to be installed at their home. (Nine)

Become a stream supreme

So many of us pay for multiple subscriptions and the monthly fees add up.

It pays to take stock of exactly what you’re subscribed to.

You can do this by clicking through to “subscriptions” in your iPhone settings (which is how I discovered I’m paying a $90 annual fee for Headspace, even though I haven’t used the app since January of last year. Right to say, my mood was far from calm when the money was deducted from my account).

When it comes to streaming, a handy tip is to sign up for a service and then cancel immediately.

This means you can still watch for the month you paid for, but the subscription will not automatically renew.

When it comes to streaming, a handy tip is to sign up for a service and then cancel immediately. (Nine)

Car insurance premiums are soaring as companies have to cover the costs arising from a large number of claims following last year’s floods.

James Ward of Drive says that while you shouldn’t lower your premium to the detriment of your insurance cover, it’s important to check carefully that you’re not paying for unnecessary extras.

“If you’re financing younger drivers, but you don’t have any on the car, take it out,” he says.

“If you don’t take longer trips and you don’t need windshield replacement or rental car coverage, take it out.”

If you have insurance with a provider for your home or your contents insurance, you can sometimes enroll your car insurance to get a multipolicy discount.

Also, look out for attractive sign-up offers to switch to a new provider.

Canstar’s Effie Zahos said it was important to review your accounts monthly. (Today)

Review, review, review

Canstar’s Effie Zahos’ top tip for tackling your accounts in 2023 is simple.

“You need to revise,” she said.

“Prices change frequently, which means you just can’t rely on looking at your household bill and just paying when it comes.”

Check your bills every month and see if you are getting the cheapest option on the market.

If you are not, take your business elsewhere.

Tomorrow night on 9News we look at home loans and the best ways to get a decent interest rate.

We’ll also reveal the best advice for reducing your credit card debt and what to look out for when applying for a personal loan.

The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal goals, financial situation or needs. Before responding to any information on this website, you should consider the appropriateness of the information in light of your goals, financial situation and needs.