Time to read : 3 Minutes
The Power To Bust Big Bill Stress Is In Your Hands
As the cost of living continues to soar, families are feeling the pinch more than ever. They’re on the hunt for smart ways to trim household budgets and regain control of spiralling finances.
One lifeline? Shopping around for insurance, loans, and utility services. It’s not as tedious as it sounds, and this proactive approach can offset the escalating costs at the servo and the grocery aisles.
A recent survey by finance heavyweight Compare Club reveals just how fruitful this exercise can be. Investing a bit of time in seeking better deals on essential services and lifestyle expenses could potentially save Aussie households a whopping $7388 annually. This impressive figure surpasses the previous year's savings opportunity, which was already a generous $6622.
"As we've seen costs skyrocket in the last year, Aussie households are feeling the squeeze," says Compare Club CEO Andrew Davis.
"But many of our customers have found some breathing room once they switched major expenses like their mortgage, car loan, or health insurance."
Aussie homeowners stung by the recent interest rate hike might find a sweet $2606 in savings just by switching lenders. But, Mr Davis notes, many Aussies' loyalty to their current providers and lenders has had them leaving money on the table.
"Switching can seem daunting, especially for complex products like health insurance or home loans," Davis admits. "That's why some folks reckon the hassle just isn't worth it."
But with consecutive interest rate rises already denting many Aussies' wallets - and more on the horizon – Mr Davis insists it's time to act. If overhauling all your bills sounds like a tall order, he suggests starting with the most significant savings opportunities first.
"You could make serious savings just by reviewing your home loan," he adds.
Further research by Compare Club provides an enlightening snapshot of potential savings areas:
Energy bills: Up to $274 in NSW, $321 in QLD, and $183 in VIC
Health insurance: Families could save up to $375
Life insurance: Potential savings of $587
Car loans: Refinancing could save about $2600
Credit cards: Around $713 in annual credit card interest repayments
With the Federal Budget just around the corner, Aussies are on tenterhooks about any cost-of-living relief they might receive. But the ability to cut some of your monthly household expenses is in your hands, says Mr Davis.
“And it doesn't have to be a slog,” he says. “We’ll do all the work for you.
“The future cost of loans, energy, and insurance is a bit up in the air, but every household has the power to slash their costs with just a few phone calls.
“So, grab your phones and start dialling – your bank balance will thank you.”
Financial disclaimer
The information contained on this web page is of general nature only and has been prepared without taking into consideration your objectives, needs and financial situation. You should check with a financial professional before making any decisions. Any opinions expressed within an article are those of the author and do not specifically reflect the views of Compare Club Australia Pty Ltd.
