Are you paying the lazy tax?
13 million of us are auto-renewing, and it could be costing you thousands.
We've all been guilty of setting-and-forgetting our services and subscriptions, but did you know it can be a silent savings killer?
According to new Finder research, 54% of us have been hit by an unexpectedly large bill in the last year, and auto-renewal is often the culprit.
It even caught me out a couple of months ago after energy prices skyrocketed across the country.
Thankfully I noticed the dramatic price rise on my current plan and managed to switch providers before too much damage was done.
So what can you do to avoid paying the lazy tax?
Regularly shopping around and comparing providers at least every 12 months should be second nature – not just when you first get the product.
Car insurance is a great example, with the difference between the cheapest and most expensive comprehensive policy around $1,450 a year, according to our research.
If you leave your policy to auto-renew, and your provider raises prices in the meantime, you could be end up paying hundreds or thousands more than expected.
The same can apply to everything from broadband and phone plans, energy, streaming services and even superannuation.
Quick tips
- Opt out of auto-renewal where possible
- Set reminders for just before your current plan or service runs out
- Actively look for a better deal all-year-round
