Yahoo Finance ‘Lazy’ mistake costing Aussies $331 a year
If you haven’t done this in the past 12 months, an expert says you’re probably missing out on money.
Millions of Aussies are guilty of making this common mistake when it comes to their money and it's costing us billions each year.
Aussies paid a $4.5 billion “loyalty tax” by sticking with the same electricity, mobile and broadband providers in 2023. That’s a staggering $331 per person.
According to the Finder research, Aussies are paying more than $1.2 billion for NBN, $1.1 billion for electricity, and $2.2 billion for mobile data by being too “lazy” to shop around.
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Finder tech and utilities expert Marian Gabaji said the soaring cost of living was forcing Aussies to fork out more cash on almost everything, including their utilities.
“These are all utilities you can’t do without. But that doesn’t mean you should be stuck paying more than you need to,” Gabaji said.
“Providers really want your business – for example, some energy companies are offering $150 in credit or up to 15,000 Qantas points.
“If you haven’t switched utility providers – be it electricity, internet, or phone – in the last 12 months, you’re probably paying too much.”
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With electricity prices skyrocketing recently, Aussies shouldn’t assume they are on the best deal. The consumer watchdog recently found a staggering 79 per cent of household customers were paying higher electricity prices than the average.
In NSW, for example, Finder found the average household was paying $447 per quarter on their electricity bill. The cheapest plan on the comparison site was $362.50 - a saving of $84.50 per quarter.
Millions not on top of bills
A separate Finder survey found 14 per cent of Aussies - or 2.8 million people - had no idea when their bills were due. Of those, half said they were “often surprised” by bills being due, while the other half said they didn’t want to know when they were coming up.
Gabaji urged Aussies to take control of their bills this year.
“Call up lenders, utility companies and any other providers you are a customer with and request a due-date change so your bills line up with your pay day,” Gabaji said. “Then set up direct debits so the bills are paid on time and in full.”
Aussies are also being encouraged to regularly compare their utilities plans and providers, and to contact their existing providers to see if they can negotiate a better deal.
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