Yahoo Finance Easy way Aussies can save $7,388
Aussies could save thousands each year by making a few simple switches.
Aussies could offset the rising cost of living and save up to $7,399 per year by taking a closer look at their insurance policies, home loan, energy provider and other banking products.
The average Aussie household could save $2,606 alone by switching home loans, according to Compare Club’s analysis of the more than 1 million Aussies who use its site.
Aussies with a car loan could save around $2,600 by refinancing, while there’s around $713 to be saved in interest repayments by changing credit cards.
Also read: 6 things Aussies are cutting back on after the RBA rate hike
Also read: Financial adviser shares 4 practical tips to fight inflation
Also read: Aussies need $6,442 pay rise to keep up with cost of living
Compare Club CEO Andrew Davis said Aussies were missing out on savings by staying loyal to providers instead of shopping around.
“It can seem quite daunting, especially for complicated products such as health cover or a home loan, so it’s understandable that some people feel the effort to switch just isn’t worth it,” Davis said.
“But we often find people are genuinely surprised by how much they can save and how simple it can be.”
As well as saving money, Davis said Aussies could also find a product with better features or one that better suited their current circumstances, rather than when they originally purchased the product.
Aussies in New South Wales could save $274 per year by reviewing their energy bills, while those in Queensland stand to save $321 and Victorians $183.
Changing health insurance can save you $300 and families $375, while switching life insurance could save you an extra $587 per year.
Davis said switching didn’t need to be an arduous task and recommended people look at their biggest savings first.
“You don’t have to overhaul all your finances in one sitting, but there are serious savings to be made even by just reviewing your home loan,” he said.
“How much the cost of loans, energy and insurance will increase over the coming months is somewhat unpredictable but every household has the power to be able to seriously cut their costs with just a few phone calls.”
Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to our free daily newsletter.
