It’s easy to let regular expenses run in the background. A renewal notice arrives, the price has crept up, and rather than reviewing it, you simply pay it and move on.

ASIC has highlighted this issue in relation to car insurance, finding that many consumers don’t fully understand why their premiums have increased and often don’t closely review their renewal notices.

But the same “set and forget” habit can apply to plenty of other expenses, including phone plans, internet services, subscriptions, memberships and other recurring costs.

Small increases can be easy to miss, particularly when payments renew automatically or are paid by direct debit. A few dollars here and there may not seem significant, but over the course of a year those increases can add up to a much larger amount.

A renewal notice can be a useful reminder to ask a few simple questions:

• Do I still need this?
• Does it still suit my circumstances?
• Am I getting good value?
• Has anything changed since I first signed up?

It can also be worth comparing the current price with what similar providers are offering. In some cases, the best outcome may simply be asking your existing provider whether a better rate or plan is available.

Reviewing these expenses isn’t only about finding savings. It can also give you a clearer picture of where your money is going, highlight spending habits and help with broader cash flow planning.

If it’s been a while since you looked at your recurring financial commitments, a quick review may be worthwhile. Convenience is valuable, but it shouldn’t mean paying more than you need to.