Are you a spender or a saver?
It might sound like a quiz from a trashy magazine, but knowing your money personality can make a big difference when you're choosing an energy plan. People who are organised savers might like discounts for early payments and longer-term contracts, while people who are more spontaneous might look for plans with more flexibility and no penalties for an early exit.
What's your money personality?
Your money habits might have started as early as childhood, when you received some hard-earned pocket money. Did you run out and spend it on sweets or swap cards? Or did you choose to put it in your piggybank? Did you do a bit of both?
Whether or not your habits have changed since you were a kid, it’s worth having a think about your spending style. Once you figure out what the patterns are, you can choose the energy plan that suits you best.
How can you tell what your money personality is? Here are some clues to help you figure it out.
Are you a spender?
Are you spontaneous? Perhaps you don’t mind spending a few extra dollars here and there to enjoy life. Or do you like to move house often to get to know different neighbourhoods? There’s nothing wrong with living life to the full! If this sounds like you, think about looking for energy plans that provide a high degree of flexibility. These sorts of features could work for you:
- No exit fees.
- No lock-in contracts.
- Rebate on your first bill.
- Shorter benefit term e.g. one year.
Are you a saver?
Are you practical and logical? Do you plan ahead? Are you careful about expenses? Perhaps you’re a fan of spreadsheets and budgets. Maybe you’ve already found your dream home. Knowing what’s coming can help you make the most of your money. Try an energy plan with these sorts of features:
- Large discount off the market rates when you pay on time.
- Discounts that don’t change during the benefit term.
- Longer benefit term e.g. three years.
- No price increases.
Are you somewhere in between?
Are you prudent but playful? Perhaps you save most of your money, but like to splash out every so often. Look for an energy plan that offers everyday stability with a few rewards for being extra organised. An energy plan with these features might suit you:
- Guaranteed discount on the market rates.
- Further discount when you pay your bill on time.
- Discounts that don’t change, even when rates do.
- Fixed rates e.g. two years.
Are you on the right energy plan for your money personality? It might be time to reassess your plan.