SAVE $$$$ DETOX YOUR WALLET

WANT TO REALLY REDUCE SPENDING? TAKE A GOOD HARD LOOK AT YOUR PURSE OR WALLET

Sometimes we need visual cues to remind us of what we really need and what we’re wasting our money on. Grab your purse or wallet right now, open it up and go through each of the ideas below to work out if you could be saving big bucks. You could be in for some pleasant savings surprises.

CHECK YOUR CREDIT

How many credit cards do you have? Pull them all out and do some research to work out what interest you are paying and whether you really need them. If you have one credit card, find out if you can get a better deal by asking your bank. If you shop around, you can often find new offers where you can get 18 months interest free as well as points. Use that interest-free period to really work at paying off the debt. Always be sure to check the annual fee on top of that as well. Start by checking a comparison site to see how your cards stack up. Visit canstar.com.au.

MEMBERSHIP CARDS

Pull out any cards where you’re paying an ongoing membership fee, it could be a gym membership, for example, and work out whether you are making full use of this subscription. You could decide to make more use of it, or cancel if you’re not getting your money’s worth. A good way to test is to work out how much you are paying per day and where this money could be going instead.

GIVE YOUR HEALTH INSURANCE A CHECK-UP

Got private health insurance? Time to take it for a check-up. Call your provider and find out what is being covered for you and your family to see if it’s the right fit for your current situation. Then consider asking for a reduction on the premium or changing, but make sure you are across any repercussions of switching funds. Compare your health fund with others on the market by visiting iselect.com.au.

CAR INSURANCE

Pricing between providers of car insurance can vary significantly and change year-to-year, so it pays to shop around. Jump online on one of the comparison sites and compare at least a handful of insurers. You might find that what was once a good deal with your insurer last year is no longer the case. comparethemarket.com.au.

MAKEOVER YOUR MORTGAGE

Pull out the card of the bank your mortgage is with and consider looking into how you can save. The first step is to call your lender and find out what interest rate you are paying, and whether they can reduce it.

‘With over a 1.61 per cent difference between the lowest and highest home loan comparison rates on our database, it could be a good time to review your loan, says Mitch Watson from Canstar. Visit canstar.com.au.