We show you how to save thousands of dollars on your private economy.
The start of a new year is a good time to go through its private economy. Are you in control of it? Do you know what you pay in insurance, electricity and loans? Probably you have a certain overview of what you pay, but the probability is also great for paying too much.
For example, a switch of power provider can give you a nice win.
And when it comes to insurance, it’s possible that you have double coverage or have insurances you strictly do not need, such as a security agreement from an electro chain.
If you change your bank, there is also something to save.
Overall, there may be many thousands of patches to use on other things. And only with a few simple steps.
In our case, we’ve been expecting a annual savings of $ 9500.
– In the worst examples we know, people have paid $ 20,000 in insurance they only needed to pay half, “says General Manager of the Financial Portal, Elisabeth Realfsen, to Bonytt. no.
The Finance Portal is a service from the Consumer Council.
Except for high power billing
We are now at the time of the year where electricity prices are traditionally rising the most, while also the energy consumption is at its highest.
This means that the opportunity to save energy costs is also the greatest if you always have the most affordable electricity deal.
For a normal dwelling, power consumption is around 20,000 kWh per year.
At the Competition Authority’s price overview, the difference between the most expensive and affordable power supply is currently 19.5 øre / kWh (delivery week 3 and standard variable). However, in 2012 the difference has been around 15 øre / kWh.
A means of this price, to keep in mind that the fewest have the most expensive electricity deal, will be 7.5 øre / kWh.
For our example, it means saving around $ 1500 by switching power supplier.
And even more, it’s saving you by going through power consumption and checking if you have unnecessary costs.
It is important to be aware that switching power providers will NOT affect the network lease.
Increase in supplier swaps and lower price differences
According to Norway’s Water Resources and Energy Directorate (NVE), in 2012, there has been a significant increase in consumer yields among consumers.
Up to the third quarter of this year, according to NVE, consumers have switched 238 to 300 power supplies, while for the same period last year 193 900 were exchanged, an increase of 23 percent.
– Active electricity customers contribute to a more efficient end-user market for power, says section chief Thor Erik Grammeltvedt to Bonytt. no, and says that the trend with multiple supplier exchanges has been shown over the last few years.
– At the same time, we have also found that the differences in margins have become smaller, but without we can conclude that the number of supplier exchanges has a direct effect on electricity prices. However, there is reason to assume that there may be a connection here, he elaborates.
When switching power supplier, Grammeltvedt’s requests are to strive to get contracts that are contained in the Competition Authority’s price overview.
– It makes it easier to compare different power providers.
With today’s low interest rate level, bank transfer can not be the biggest gain. However, one still gets to check the interest rate terms and either switch a bank or take a monetary policy meeting with your existing bank.
Find the home loan that suits you
We have based on a mortgage of three million, within 60 percent of the value and 25-year maturity.
We also relate to the statistics of Finance Norway (FNO) across the largest banks regarding the amount of lending.
Of the eight that were both on the Financial Portal list and FNO’s statistics, it was $ 400 a month.
On a yearly basis, there is a difference of 4800 kroner.
– You may have more banking connections
According to Elisabeth Realfsen in the Finance Portal, consumers have a low frequency in their bank swaps.
– Most people are switching a mortgage on their home loan when they buy new housing, while they otherwise find it energy-intensive to switch banks, she says.
– We detect that only four to five percent change bank connections each year and we think we are too little.
She emphasizes that many consumers have often entered into total customer agreements with a banking relationship and that this can be perceived as a barrier to swapping a bank on the home loan.
Our advice to consumers is that they should not be restricted by such product packages. In most cases, it is good to move one or more products to another bank, and we think that consumers would like more banking connections.
The insurance of the home is mainly about two types: Home insurance and villa insurance.
We have based on the following housing: Semi-detached house built in 1986, gross area 130 square meters, normal standard and deduction of NOK 4000. There is no burglar alarm installed but fire alarm.
Innbo covers symmetry
This image allows you to earn thousands of patches
According to the Finance Portal. no is the difference in the prize around 1700 kroner.
With regard to insurance for insurances, we have taken the input calculator of the Finance Industry’s main organization (FNO). Furthermore, we have used the example above and set the number of living rooms to six and the number of residents to four. In the end, we set the standard of “something over medium” and the deductible of 4000 kroner.
The result was a difference in premium of almost 1500 kroner.
– Compete your insurance!
Elisabeth Realfsen thinks it’s a big sum to get on to swap insurance companies regularly.
At least every three years you should change if you do not even worry more often. Because it turns out that the discounts are great the first time you change, but once you have become a loyal customer, your winnings will disappear gradually and you can end up paying too high a premium. What you should do is simply to compete with your insurance on a regular basis.
Your own self-esteem
Another factor Realfsen emphasizes that can have a beneficial effect on your insurance account is to get rid of small insurance.
– You may want to be a self-insurer for smaller things that do not have such a high repurchase value, such as a camera or the like. One should also check what happens to the prize if the deductible is increased.
Of the type of small insurances, the so-called security agreements that the elkjeds offer may be the most frequent.
On its websites, the Consumer Council writes that “this kind of insurance is relatively expensive and coverage limited. You also usually have many of the same rights through the Consumer Buying Act and other warranties “.
The Consumer Council also notes that common insurance such as home insurance, villa insurance and travel insurance already cover many of the same areas as the supplementary insurance.
Typically, such an insurance or agreement can cost from around five hundred dollars to up to two thousand kroner.
How to avoid being fooled
And it covers only one case of insurance, while an incumbent or travel insurance does not have limitations on the number of casualties. Most often, however, they only cover newer products, and similarly, the Elkjeden’s security agreements usually last a maximum of three years.
Unconscious consumers create price differences
Although there are several thousand flaps to save on banks, insurance companies and power suppliers, according to Researcher 1 at the Norwegian Institute for Consumer Research (SIFO), Lisbet Berg, there is limited movement among consumers.
Neither the EU nor the Norwegian authorities are satisfied with the consumer exchange rate, she tells Bonytt. no.
– Should the market work optimally, there are many who think consumers need to switch more often.
But the consumer’s challenge is, as Berg sees, it’s impossible for the individual to be up to date in all markets.
– And then they may think that interest, electricity and insurance are boring. Many people know that they would benefit from exchange, but still do not. They prioritize spending time on things other than looking for the lowest electricity price or the best interest rate, she expands.
– I think it’s about living in a consumer society where we have to deal with very many markets. Nobody has the capacity to make good consumer choices in all markets. We have to pick out some areas. Some are good at the clothing and food markets, another group is good at the technological markets, a third group is most keen to buy environmentally-friendly and ethically correct, and some are primarily good at banking, insurance and electricity. But actually electricity and banking are the simplest markets to keep up to date because it’s only the price that varies.
Lots to save on proper insurance
How to get tricked by the power providers
All you need to know about housing and loans
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