Here are five great tips from Mozo (a website comparison site) were too good not to share!
WRONG NBN CHOICE COULD COST YOU OVER $700 PER YEAR
With the NBN rolling out across Australia, Mozo.com.au is urging people to do their research before selecting an NBN provider. New research from the comparison site has found choosing the wrong plan could cost you up to $736 a year.
Mozo analysed 100 NBN providers and 282 plans, finding huge differences in price as well as terms and conditions. For example, in the 50Mbps speed category, annual plans ranged from $50 per month all the way up to $106. Installation fees ranged from $0 to $265 with no contract plans typically having a higher installation cost. That said, some contract plans came with hefty cancellation fees, making it difficult to shop around once you locked into a plan.
What to look for: cost of the plan, monthly charges, the lowest priced modem available, contract options, cancellation fees, download limits, advertised speeds and technical support. Exetel took out the NBN provider of the year award in the Mozo Experts Choice Awards.
WE ALL NEED AN F*** OFF FUND – how much do we need?
Bad boss, lover or landlord? Having an emergency stash to get out of a bad situation can offer a freedom that literally only money can buy.
A F*** Off fund should cover three months of rent, utilities, food and transport as well as small realistic costs that might crop up such as a few inexpensive restaurant meals, clothing, and entertainment, should you need to spend money on it.
Which means if you live in NSW you’ll need $10,073 which would take nine and half months to save, assuming 20% of the average after tax salary was set aside. Victorians have slightly less to save, $10,016, but face a longer saving time with nearly 10 months.
Western Australians have the lowest savings target, a total of $7,164.90 which could be saved in just over six months.
QUIRKY INTERNATIONAL ROAD RULES – that could void your insurance and cost you a motza
New research from comparison site Mozo has found that Australians planning to drive during their next European holiday should study up on local road rules to avoid being caught on the wrong side of the law.
You can unwittingly void travel insurance if you break local road rules, not to mention the risk of landing on the wrong side of the law or endangering lives.
- France: drivers must carry breathalyser, reflective jacket, warning hazard triangle and speed cameras are not allowed. Some parts of France have a clean-air policy and if you drive through these areas you must display an air quality sticker on your windscreen.
- Germany: drivers must carry a reflective jacket and warning hazard triangle. Some parts of Germany have a clean-air policy and if you drive through these areas you must display an air quality sticker on your windscreen.
- Spain: drivers must carry a reflective jacket and warning hazard triangle and a spare pair of driving glasses is they are required by the driver. Some one-way streets in Spain have the rule that you must park on the side of the road with even house numbers on even days, and vice versa on odd days of the month. Speed camera detectors are illegal.
- Albania – you must carry a first aid kit and the maximum blood alcohol level is 0.01%
- Denmark: Check for children under the car before driving.
- Switzerland – no washing your car on Sundays
- Russia, Bulgaria, Belarus – illegal to have a dirty car
- Scandinavia – headlights must remain on, day and night
Cyprus – you may not eat or drink anything while driving, including water.
- Finland – the speed limit drops by 20kmph in the winter.
- Czech Republic, Slovakia, Estonia, Hungary, Romania – Zero alcohol limit for all drivers
Wasteful heating habits costing Australians $1.09B this winter
ore than 1 in 5 Australians are guilty of at least three wasteful, bill-boosting habits like cranking up the heating to tropical temperatures rather than rugging up, leave the heating on for hours every day for their pet and having longer showers to warm up, according to Mozo.com.au.
Mozo’s research shows females are guilty of more bad heating habits than males, with 61% of women admitting to taking longer showers during winter compared to 48% of men.
Females also scored higher for drying clothes in the tumble dryer and using an electric blanket. Meanwhile, males were more likely to leave the heating on when out, so they could return to a warm home and for pet could enjoy the cosiness of a well heated home.
Top tips for saving on your energy bills:
- Forego little luxuries like toasty towels on chilly mornings. Four heated towel rails adding around $48 to a household’s energy bill over the winter period.
- You can cut your heating costs by 25% by draught-proofing your home, starting with an old-fashioned door snake and draught excluders on external doors, and caulking any cracks and gaps around the window and door frames and between skirting boards.
- Smaller spaces heat more quickly than larger spaces so keeping doors closed and separating off areas can increase the efficiency of heating and ensure you don’t pay to heat rooms not being used.
- Getting into the habit of paying your bills on time could get you a decent discount year-round, with energy suppliers offering ‘pay on time’ discounts of up to 47% off usage charges.
Tips for getting a good deal on your energy plan:
- Check the discount: Keep an eye out for discounts for paying on time or paying via direct debit as these can slash the cost of your energy bill significantly.
- Consider what type of user you are: Different plans work for different households so think about your energy usage. For high usage households, a discount off usage charges will result in long term cost savings, while a discount off supply charges may be better suited to low usage households.
- Look beyond advertised discounts: Huge advertised discounts are common but it’s important not to let this sway your decision too much. There is a range of other things to consider like daily supply and usage charges, which is going to determine the best value plan for your household.
THE COST OF STAY AT HOME CHILDREN
Moving out of home was once an adult rite of passage like getting a driver’s license or celebrating your 21st birthday, however new research from comparison site Mozo.com.au has found that 31% of adults aged 19 – 34 are living with their parents.
70% of stay-at-home children aged 18 and over are staying put for financially focused reasons – being unable to afford to leave home and needing to accrue savings. These savings are coming at the cost of parents who are spending $235 million per week nationally, equating to a whopping $12.2 billion annually.
One quarter of stay-at home children contribute by paying household bills such as electricity and internet, while nearly 10% help out by babysitting younger children. 60% of stay-at-home children do not pay rent or board to stay at home.
While more than 50% of parents with stay-at-home children are happy to have their children living at home, nearly 10% admitted it was a financial strain, and 3% resent their child for continuing to live at home. Over 30% allowed their children to stay at home to enable them to work towards a bigger savings goal.
Over 35% of parents surveyed estimate they spent $100-200 on their adult children per week which include accommodation associated costs as well as internet, transportation, power and other expenses while 33% spent $50-100.
Tips for reducing the cost of stay at home children
- Ask them for board
- Ask them to cook dinner 2/3 nights a week
- Ask them to help with household chores like walking the dog, doing the washing or cleaning.
Mozo compares more than 1,800 products from over 200 banking, insurance and energy providers to help thousands of Australians find a better deal each month via its award-winning comparison tools and calculators. As one of the most visited comparison sites in Australia, our team of experts routinely provides financial commentary and advice for major news outlets in Australia.