You are going to want to take notes. Pete provides plenty of ways to cut costs – by letting us know what we should be auditing every year (or more often).

Key Takeaways:

• Annual financial checkups are essential for effective money management and should involve reviewing all expenses and bills.

• Proactively asking for better prices or researching provider alternatives can lead to significant savings without sacrificing quality.

• Understanding the importance of balancing time versus potential financial savings is crucial for effective personal finance management.

• Creating a “financial toolkit” can help structure the processes needed to make informed financial decisions regularly.

• Complacency can harm financial health; staying informed and active in challenging existing costs regularly is beneficial.

Notable Quotes:

1. "You can't correct it if you don't check it."

2. "If you care about where your money goes and what you're spending on, you should check your bills at least annually."

3. "A bit like going to the doctor, you're hopefully healthy and eating healthy [...] once a year you might go to the doctor and say, how am I really doing?"

4. "I've never seen anybody go, 'You know what, just for hanging around here's a discount.' You don't get anything without asking."

5. "You need to look at the bills, not just pay them."

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We love your questions. Contact the Money: Faith and Finance team and we will aim to get back to you in a future episode.

Pete Burrows is an accountant for small business and individuals with Lower Russell and Farr in Penrith, Western Sydney, Australia.

Ben McEachen hosts Hope Mornings on Hope 103.2FM in Sydney, Australia.

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