Smart ways to save money

Whether you want to reduce your monthly outgoings, boost your retirement savings or take out a personal loan, Comparis provides tips and links to help improve your finances in any situation.

Lara Surber Foto
Lara Surber

09.12.2020

Swiss banknotes

iStock / swisshippo

1.Savvier ways to buy and pay
2.Compare a range of health insurance products
3.Review your insurance cover
4.Slash motorcycle and car expenses
5.Ways for tenants to save
6.How homeowners can save on their mortgage
7.Find a great mobile phone deal
8.Cut your tax bill
9.How to save with pillar 3a
10.And if I simply don't have enough money?

No matter what your savings goals are, drawing up a household budget is always a good idea. This will give you an overview of your expenses and allow you to see where you can make improvements and exploit financial opportunities. Budget templates are available from organizations such as Budgetberatung Schweiz (in German, French and Italian only).

There are also apps available that can help you save money. They let you record and categorize all your expenses. As a rule, you can quickly cut back on variable costs such as clothes, entertainment and hobbies. But there is usually considerable scope for reducing your fixed costs as well.

Savvier ways to buy and pay

When shopping, try to buy out of season. This will allow you to pay low prices all year round. Don't forget to compare prices. Even for items costing around the 50-franc mark, prices can vary by 20% or more. You can save on many non-food items by not buying the very latest model. Often, older models differ only negligibly from the latest version in terms of performance and functionality, but are considerably cheaper.

When shopping for food, keep an eye out for special offers. With Swiss households spending an average of 636 francs per month on food, there are considerable savings to be made here. You can also keep costs down when paying with plastic – by comparing fees carefully when choosing a credit card.

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Compare a range of health insurance products

Health insurance premiums are one of the biggest expenses for Swiss households. If you want to reduce your basic health insurance premiums, you have a number of options, such as comparing a range of insurers, increasing your deductible or switching to a different insurance model.

Find out how much you could save on supplemental insurance. Not all policies are worth taking out. Some insurers include high deductibles in their policies while others charge high monthly premiums or place limitations on the cover provided. We recommend comparing these deals too.

Review your insurance cover

On average, people in Switzerland spend 22.3% too much on insurance. To optimize your insurance cover, think about what insurance you really need, then compare different deals, such as for contents insurance and personal liability insurance. You can usually reduce your premiums quite easily by switching to a different provider – or by taking out a new policy with the same insurer. With so many deals now available online, premiums have fallen dramatically in recent years. However, you can only benefit from such reductions if you switch insurance or amend your existing policy.

Slash motorcycle and car expenses

Do you drive a car or motorcycle? If you are in the market for a new vehicle, make sure you research multiple deals if you want to save money. Reduce the cost of insurance for your car or motorbike by comparing different insurers and products regularly. If you switch or amend your insurance, you can generally lower your car and motorcycle insurance premiums considerably. And don't forget that your insurance needs for cars and motorcycles differ for new and older vehicles, and change as your vehicle ages. Exclude any optional add-ons that you don’t need and check whether you should change the casco cover. If you don’t use your car much, car-sharing services and car subscriptions might be a cheaper alternative to running your own vehicle.

Ways for tenants to save

Rental and ancillary costs are often the biggest expenses in a tenant’s budget. Tenants can reduce these expenses by claiming any rent reduction they may be entitled to and introducing energy-saving measures to keep bills down. You can start making savings even as you move in – by comparing moving and cleaning quotes.

How homeowners can save on their mortgage

Homeowners can claim various tax deductions. Whether you already own a home or wish to buy one, you should definitely compare a range of mortgage deals or have an independent mortgage broker negotiate them for you. For some homeowners, it may make sense to extend the mortgage ahead of time. Independent mortgage brokers know which lenders refrain from charging the usual forward surcharges.

Find a great mobile phone deal

What do you use your smartphone for? You should consider this question carefully when choosing a mobile plan to avoid spending money on services you won’t use. It's worth comparing providers – for Internet, TV and landline deals as well as mobile plans.

What’s more, people often neglect to review their deals with providers like Swisscom and Sunrise once they have signed up. Yet the price of plans has decreased considerably in recent years, and providers regularly advertise discounts for new customers. If you want to benefit from such discounts, you can cancel your current contract. Alternatively, you can approach your provider about the special offer for new customers and request a similar discount in acknowledgement of your loyalty.

Cut your tax bill

There’s no getting around it – you’re always going to have to pay tax. You can, however, reduce your tax bill by claiming all possible deductions. These include donations, insurance premiums and job-related expenses.

How to save with pillar 3a

Pillar 3a is another way to save on tax, since payments into this pension pot can be deducted from your taxable income. Of course, you are putting money aside for your retirement at the same time. Here are some tips on how to save with pillar 3a. It is worth creating multiple 3a accounts and paying in early on rather than waiting until the end of the year. You should also compare fees if using an investment account.

And if I simply don't have enough money?

Even if you’ve reduced your outgoings to the bare necessities, you may find that you still don’t have enough money. There are a few ways in which you can cover a temporary financial shortfall. You can borrow money from friends or family, consider a personal loan or check out crowdfunding options.

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