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By Sophie Ryan, iSelect Spokesperson
Most of us could do with some extra savings at the moment, am I right? Like so many families, you’re likely feeling that unpleasant financial pinch big time! From groceries, petrol, power to your mortgage or rent payments – times are super tough. We know mum life is hectic, to say the least! But with just a little bit of organisation, you could find savings for you and your household. How? Keep reading as we break it all down for you and help you uncover some of this extra cash, at a time when every dollar is arguably more valuable than ever.
- Review your household bills and expenses:
New research commissioned by iSelect suggests that Aussie households nationwide could be missing out on $18.7 billion in lost savings each year by remaining loyal to the same household service providers or plans! This can include bills and expenses such as health insurance, energy or internet plans, home and contents insurance, or car insurance policies – just to name a few.
The research also found that by switching providers and /or plans in the past 12 months, Aussie households could have potentially saved a combined $3.9 billion on household bills and expenses. It’s estimated this could equate to an average of around $1,140 in annual savings for each Aussie household that switched and saved last year1. So, what are you waiting for? Write up a list of your household insurances and plans, and shop around. See what else is available in the market and if you could switch and save.
- Put private health insurance at the top of your list:
In 2023, health insurance premiums are going up by an average of 2.9 per cent, which works out to an average increase of around $134 on a family policy annually. For some, this might not sound like too much money, but let’s be honest… an increase is still an increase! If you have a policy, your premium may have already gone up or your fund may have delayed your increase until later in the year as customers continue to face cost-of-living pressures. If you’re unsure if or when your premiums might be increasing, now is a great time to find out. We recommend putting your health insurance policy at the top of your ‘review’ list and to consider comparing and switching your policy and/or provider now. According to the research, Aussie households that switched their health Insurance plan and/or provider within the past 12 months found an average saving of $520 annually.
If it’s been a while since you last reviewed your health insurance policy, there’s a chance you could be paying too much for outdated cover, or you’re not adequately covered for things you might need. Remember, you and your children’s health needs change over time. For example, if your family is complete, then why do you need to be paying for IVF and pregnancy cover? Perhaps your child may need braces soon and orthodontics cover could come in handy. Don’t forget too that there is no limit to how often you can compare or switch your health insurance, and any hospital waiting periods you have already served are protected by law as long as you switch to an equal or lower level of cover.
- Other handy hacks that could help cut your family’s costs:
For some insurance products, comparing and switching isn’t the only way you could potentially find savings. If you opt for a higher excess, some companies may offer you lower premiums. Deals and incentives may also be on offer from insurers (particularly health funds) around certain times of the year. Keep an eye out for any deals and offers that may be available as that could be a good incentive to shop around, but remember a good deal doesn’t necessarily mean the cheapest. So make sure the policy or plan you do choose aligns with your needs.
Look, we know the thought of sitting down and comparing your household bills and expenses may sound like a drag, especially when you’re juggling motherhood on top of everything else. But can you really afford not to, when you could find some significant savings? The time spent shopping around could be well worth your while. Remember too, help is out there. A comparison service such as iSelect* can assist you on your mission to find any lost savings by comparing your current plans and policies against our range of plans and policies. And if you do decide to switch, they can help you take care of the whole process.
*iSelect does not compare all products in the market. The availability of products iSelect compare may change from time to time. Not all products made available from iSelect’s providers are compared by iSelect and due to commercial arrangements, area or availability, not all products compared by iSelect will be available to all customers. Some products and special offers may only be available from iSelect’s call centre or website. Click here to view iSelect’s range of Providers.
 Source: iSelect commissioned YouGov Galaxy Pty Ltd to conduct a national online survey between 8 December and 13 December 2022. The sample is n=2,000 Australian sole/ joint household decision makers aged 18 years and older. The survey results were weighted by state and household size and projected to all Australian households based on the population data published by the ABS using the latest Census conducted in 2021.
 Source: Based on weekly calculations in the Minister’s media release, multiplied by 52 to reach an annualised figure: Annual private health insurance premium rise | Health Portfolio Ministers and Aged Care
 Source: iSelect commissioned YouGov Galaxy Pty Ltd to conduct a national online survey between 8 December and 13 December. The sample is n=2,000 Australian sole/joint household decision makers aged 18 years and older, with data weighted by state and household size.