$10K Saving Challenge- Week 2
Updated: Jan 17, 2021
Week 2 Challenge: Review your gas and electricity
Let me rewind by 2ish years. I reviewed my gas and electricity and signed up with a new company. It was going to save us a few hundred a year to switch based on the comparison calculator, so I signed up to the cheapest company.
Within 3 months they hiked up the price and I didn’t realise. Every time the bill would come in I would quickly pay it to make sure we got our discount for paying on time before I forgot, and I wouldn’t pay attention to the increasing price. I knew I was overpaying as our bills crept up from $100 per month to an average of $190 per month (after our pay on time discount- paying late would have added approx. $160 per month more).
So I knew it was time for me to review our gas and electricity. There are many comparison websites for gas and electricity, but I used the government comparison site (Victoria) https://compare.energy.vic.gov.au and I felt sick to realise that I was over paying on my electricity to the tune of (*gulp*) $2,500 per year based on their estimate (which excluded our pay on time discount). I don’t think that the estimated savings were quite right, based on my calculations of the last few months of savings compared to the year before, I will save over $90 per month which is still a huge win (my bill is back to approx $100pm).
The best thing was though- when I reviewed the offers, I found a supplier who locked in the rate for 12 months… so although I didn’t go with the cheapest option (to save $30ish per year more) I now have peace of mind that our prices won’t go up for 12 months- and I’ve put a handy little reminder on my phone so I don’t forget to review again.
Week 2: $1,080
Did you miss our Week 1 challenge? You can review it here.
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Who am I? I’m still figuring it out. I love being a wife to Tim and mum to our 2 boys. I started The Melbourne Kid in 2012 and stopped writing to focus on our family and our business Accession Finance. I am an accountant, I love being outside and in nature, I love the salty smell of the air at the beach. I love coriander and I hope you won’t judge me for it. And when I was 6 years old I knew I wanted to be a writer but my mum told me it was a dreamers job. So this blog… it’s the combination of what I know (numbers) and my childhood dream (to write) so thank you for reading and making my 6 year old self’s little dream come true.