With the new financial year upon us, this is the time of year when households are most likely to review their bills and their spending.
Abigail Koch, household savings expert at leading financial product comparison website comparethemarket.com.au, offers her eight insider hacks and secrets to help consumers reduce their bills and costs this new financial year.
- Drive less? Pay hundreds less. Look for car insurers that offer a discount if you spend less time on the road. A comparethemarket.com.au analysis of a sample of insurers found that consumers could save around $180 a year if they drove 9,000km annually compared with 25,000km .
- Choose energy plans with the lowest kWh rates, rather than pay-on-time discounts. While energy providers may lure you in with high discounts and incentives, you could actually end up paying more if the base rate is high. Depending on your location, look for plans with low usage rates, which could be under 29c/kWh if you live in Sydney.
- ‘De-couple’ your health insurance. Surprisingly, opting for two single policies rather than a couples policy can sometimes prove cheaper. Singles cover lets you customise your policy to your individual health needs to avoid paying for things you don’t need, such as obstetrics.