The benefits of giving expenses a regular audit

Most of us have had the experience of opening up our online banking app and spotting a payment we forgot about, a charge for a subscription we no longer use, or a bill that’s become more expensive over time. Small changes in spending can add up to make a big difference to our overall money lives, but how well do you know what’s going on in your bank account?

If it’s been a while since you’ve given it a check-up, you may be surprised to discover the savings that are available to you. There are a few key places that you may be able to make a big difference with a spending audit. 

Power.

 
Power prices have risen a lot in recent years. Consumer NZ says after a 12 percent rise in 2025, they’re likely to rise another 5 percent on average in 2026. But there are ways that you may be able to get more for your money.

If you’ve been with your power company a while, it could be worth having a look at what other options are available. Sites such as Powerswitch and Billy make the process of comparing power companies easily. Powerswitch says making changes like checking you’re on the most appropriate plan for your household, identifying power-hungry appliances, making the most of your heat pump and being mindful about hot water usage could cut an average bill by $500 a year.

While you’re at it, you could also ask your mobile phone provider whether you’re on the best plan for the way you use your phone, and see if you’re getting a good deal on your broadband. Because these bills arrive every month, even a small saving can add up.

Insurance.

Your insurance is another area where being loyal to one provider doesn’t always pay off. Consumer NZ says shopping around can save hundreds of dollars on insurance, even with the same excess and sum insured. Even if you’re happy with your current provider, it may make sense to look at your options from time to time.

Insurance prices have risen pretty significantly for lots of New Zealand households in recent years, on the back of increasing claims. Over the 25 years to 2025, insurance costs increased more than 900 percent according to the Stats NZ consumer price index.

Subscriptions.

It can be easy to sign up to a lot of different subscriptions and then sort of forget about them – particularly if they are small amounts or are billed infrequently.

Now might be a great time to check back through your bank statements for any payments for subscriptions that you no longer use. Maybe there’s an exercise app that you signed up for with great intentions or a recipe site that’s no longer delivering the goods. Nix those and get a bit more cash in your pocket to spend on things you will use.  It’s also worth checking in regularly on the ones you want to keep. Prices for subscriptions tend to increase over time, and you might not always notice it’s happening.

Absent-minded spending habits.

While you’re trawling through your bank statements, you may see some habits that you’re aware of, but that are adding up to a bigger bill than you realise. That’s fine if it’s something you enjoy - a regular morning coffee on your commute may be giving you a daily boost that’s worth the $6 you’re paying for it.

But if you spot things that you’re regularly spending on without getting a lot of benefit, it could be worth being a bit more mindful about them. Is there something you’d rather be using that money for?

Inaccurate payments.

And finally, just some basic admin. It’s a good idea to do a regular check of your bank statements to identify any payments that might have been processed incorrectly – maybe put through twice – or any transactions that shouldn’t be there that you need to challenge. A note in your calendar to check in every week or two could be a great way to stay on top of it.

Like to talk? 

Thinking about your spending may have you wondering about your financial life more generally. If you have questions about personal lending issues, the team at better finance™ is here to help.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.