Always do an annual cost comparison on recurring expenses.
The old cliché “what must go up must come down” does not pertain to life expenses. The inevitable cost creep happens with almost everything. Make sure you know if your recurring expenses are increasing and by how much.
Annual price checks should be done for:
- automobile insurance
- home insurance,
- life insurance,
- health insurance (if you pay privately)
- phone services
- garbage services
- brokerage or investment account fees (if self-managed).
If you discover that cost creep is happening in one of these areas, you can budget for the increase or shop around for better prices.