Small expenses such as meals out, paid leisure activities, or unforeseen purchases can quickly add up and put a heavy strain on a household’s budget. These tips from expert Michael Kuhn to compareHelp track various expenses and improve personal finances.
do annual analysis
By understanding where your money is going, you can make more informed decisions about how to allocate your funds. “A significant portion of consumers do not take advantage of savings opportunities. To give a specific example: a study we did a few months ago revealed the potential to save up to 55 percent on basic health insurance premiums for 2023 by switching health insurance companies, the equivalent of over CHF 3,100 per year. »
That’s why the expert recommends taking the time to list and analyze each expense at least once a year. “This will be a painful time for some, but it’s really worth it. On the one hand, you have the inevitable burdens like rent, and on the other hand, you become more aware of what annual or monthly expenses you can affect, such as insurance policies, subscriptions or the purchase of consumer goods.” It is easier to do this with e-banking or special budget management applications.
Entertainment: expensive subscriptions
Netflix, Disney+, Amazon Prime… streaming services It’s huge, but it’s important to balance your own preferences with the time you have, rather than subscribing to multiple services just because they’re available. Michael Kuhn emphasizes: “Using several of these subscriptions at the same time takes an extremely long time. It’s better to use the trial month on one service and then on another. It’s a little harder, but it pays off in the long run.”
Especially since these online offers are often automatically renewed: “You should be very careful and check the termination conditions carefully beforehand.” If the items do not match, you should not unsubscribe. You can also evaluate free alternatives such as renting or using movies from city libraries. zattoo (free) eg instead of Swisscom TV.
At the beginning of the year, good decisions are usually made, such as getting back to the gym. “Again, it’s better to try a trial offer and verify actual usage before making a big commitment, rather than buying an annual subscription that you rarely or never use.”
Phone: Free devices aren’t that cheap
At first glance, mobile phone contracts with free devices are very attractive offers for consumers. “If you add up the costs for the entire contract period, you get an overview of the total price. Especially since offers that offer a 1 franc device are often combined with expensive subscriptions in excess of 100 francs per month,” says Michael Kuhn.
You should also ask yourself what you really need: how much data volume per month, what kind roaming What kind of connection abroad? sharing, etc. «Because the package is usually associated with a long-term contract of at least 24 months, and if you want to change the provider ahead of time, it is difficult to get out again, so you should be really sure before signing the contract. the offer allocated corresponds to your own user needs and budget before committing. An offer from an alternative provider, for example wing Swiss Plus (on the Swisscom network) costs less than 25 francs per month with unlimited data in Switzerland and 1GB in Europe, i.e. two to three times less than the equivalent Swisscom offer.
Spend money smarter
Avoiding impulsive purchases or taking a bottle of water with you instead of going out for a drink are strategies that can save you big bucks throughout the year. “You should always go shopping with a list and stick to it so you don’t suddenly run out of items in your shopping cart that you don’t really need,” explains Michael Kuhn. Pairing purchases with weekly special offers can also yield potential savings of several hundred francs per month, depending on the size of the household.
Saying that you can take advantage of special campaigns or discount periods when purchasing products that are needed in the long term, Kuhn said, “In electronic devices, you should always consider buying models before the latest ones. The features are generally almost the same and the price is much cheaper.»
Insurance: Untapped savings potential
Studies show that Swiss people overspend on health insurance by up to 20 percent. According to the comparison portal to compare however, only a quarter of those surveyed changed providers last fall. “It should be noted that the benefits of basic insurance are the same regardless of the fund. So it’s really worth getting an offer just to compare alternative models like telemedicine or additional services.»
Same phrase for car or motorcycle insurance. «Do you need full or partial coverage or additional options such as parking space insurance? These are all questions you have to weigh from year to year.”
Together Big Network
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
