Skip to main content

How mymo by BCU helped me to slash the cost of car insurance

By Jessica Wilson

Insurance renewals. Urgh. It’s one of those life admin tasks that make you long for a time before adult responsibilities.

Every time I get an email or letter from my insurance companies reminding me a policy is up for renewal, my heart sinks. I just know it’s probably going to be more expensive and, to be honest, I’ve usually forgotten it’s due and haven’t budgeted for it that month.

Not this time.

My car insurance policy is due for renewal at the end of the month but for once I’m feeling on top of things and it’s all thanks to mymo by BCU.

I’ve used the mymo budgeting app for a while now to get an overall picture of my finances across the four financial institutions that I bank with. But the feature that has reduced the mental load for me is the bill reminder.

A few months ago, I spent about 15 minutes flagging all my bills and reoccurring payments so mymo could keep track of them and let me know in advance when something was due. I knew future-me would be grateful for planning ahead!

Last week mymo reminded me my car insurance was due soon (TIP: Set the bill reminder date to a few weeks before the actual due date to give yourself more time to save), which meant I could plan and put money aside from my next couple of pays (not drawing from my hard-earned savings this time!).

Then when my renewal notice arrived, I chatted online with my current insurer (it’s not so bad if you’re watching Netflix at the same time) to see whether there was any way to reduce my premium. I wasn’t happy with their offer, so it was time to shop around.

It took about an hour to get quotes from 6 different insurers, but I managed to find one that meets my needs for $120 less than the best offer from my current insurer. I’d say that’s a pretty good result for under 60 minutes work!

If it wasn’t for mymo reminding me to take control of my bills, I’d probably have let my car insurance auto-renew and be out of pocket an extra $120, which is a fair chunk of change given the growing cost-of-living. Not to mention raiding my savings to pay the bill – which is never a good feeling (unless it’s paying for a holiday – then it’s a great feeling).

So how can mymo help you get ahead of upcoming bills and potentially save you some cash? If you’re already a mymo user, follow the instructions below to set up bill reminders.

Don’t have mymo by BCU yet? You’re missing out! Find out how to get it.

This article represents the author's personal experience. Your own experience may vary based on your individual circumstances.

Set up a bill reminder in mymo by BCU

  1. Navigate to the transaction you want to flag as a bill.
  2. Select '+ add to bill

Screenshot of mymo by BCU app displaying a charge for Prime Video with an option to add as a bill, alongside the total amount spent for this payment year to date.

  1. Select 'Create a bill'

Screenshot of mymo by BCU app displaying options to add a bill, including the options to create a new bill or marking an existing bill as paid.

  1. Choose how often the bill occurs (e.g. fortnightly, monthly, annually), select the next due date, and hit ‘Save bill’. TIP: For big annual bills, flag the ‘Next bill’ date as a few weeks prior to the actual due date so you have more time to prepare.

Screenshot of mymo by BCU app showing the final step of adding a bill, which includes fields for payment name, amount, and frequency selection for recurring payments.