When set-and-forget convenience starts costing you

A recent ASIC report on car insurance highlighted that many consumers did not understand why their insurance premiums have increased and often don't actively review their renewal notices.

This "set and forget" habit can affect many other recurring expenses, including phone plans, internet services, subscriptions and memberships. Small increases can be easy to miss, particularly when payments renew automatically or are paid by direct debit, but over time, those increases can have a much bigger impact.

A renewal notice can be a useful prompt to ask is this still something you need and does it still suit your circumstances?

If it's been a while since you've reviewed your recurring financial commitments, now may be a good time to take another look.