As household costs rise, here are 6 easy switches to save you money
Groceries, fuel, electricity, insurance and mortgages are all going up. But if you invest a couple of hours of time, you can benefit from some cost-effective switches that could save you big money.
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1. Get a cheaper mobile phone bill
As one of the only telco brands in the market that offers unlimited data (with a speed cap), felix could help you save some serious money on your monthly mobile phone bill. felix is also powered by Vodafone 4G. The speed is capped at 20Mbps, which is more than enough for everyday scrolling, video calls and streaming. To give you an idea of how much speed you really need, Netflix recommends only 5Mbps for HD streaming.
One of the best parts about felix is the price: for just $35 a month, you can get unlimited talk, text and data at speeds up to 20Mbps. If you're paying $65 a month for an 80GB plan with your current provider, you could save $30 a month on a felix no lock-in contract with unlimited data at speeds up to 20Mbps. Switching to felix is easy, and you can even join with an eSIM in as little as 15 minutes. They'll also plant a tree on your behalf every month.
Potential savings: $30 a month or $360 a year
2. Get cheaper car insurance
Despite the chance to save hundreds of dollars, around half of Australian drivers haven't switched their car insurance in the last 5 years, according to Finder research. This is a massive opportunity to save money for very little effort!
I recently went through this process myself. My car insurance jumped from $598 to $800 with my current insurer, so I compared car insurance options to find a better deal. I found the same level of cover with a reputable and well-known insurer, for $550 – a saving of $250.
Potential savings: Varies, but I saved $250 for just 20 minutes of comparing
3. Plan your grocery shopping
Grocery prices have skyrocketed this year, but fortunately, there are a few ways you can save money at the supermarket:
- Shop the sales: Coles and Woolies each have weekly sales where many items are half-price. I haven't paid the full RRP for laundry detergent in 7 years, as I always stock up when it's half-price. Shop the sales strategically, which means don't buy things you don't need (it's not a saving if you weren't going to buy it initially), don't buy more than you need (they'll be on sale again soon enough) and buy when things are half-price.
- Don't shop when you're hungry: It sounds silly, but if you shop on a full stomach, you're much less likely to find all of the options so tantalising, so you won't over-shop.
- Shop online. It's not only a big time saver, but you're less likely to grab extra items you don't specifically need.
Potential savings: $10–$50 a week or hundreds per year
4. Shop around for fuel
Stopping at the next petrol station you see could be costly, as RACQ research reveals that the difference between the cheapest and most expensive spots in Brisbane can be up to 40c per litre – around $24 on a 60L tank of fuel.
You can lock in fuel prices ahead of filling up the tank with the 7-Eleven app or download a cheap fuel finder app in your state or territory:
- MotorMouth: Reports prices from around 4,500 Australian service stations daily
- Queensland: RACQ Fair Fuel Finder
- New South Wales: Fuel Check
- Victoria: Fuel price map
- Western Australia: FuelWatch
- South Australia: RAA real-time fuel prices
- Northern Territory: MyFuelNT
- Tasmania: FuelCheck TAS
Potential savings: Up to $24 per full tank of fuel or hundreds of dollars per year
5. Get energy-efficient
Energy monitors and apps can give you both real-time and historic data about how you're using your electricity. It can be a little addictive at first, watching the energy usage tick by while your dishwasher runs or your washing machine dances.
The obvious benefit is that you can use this information to better plan your electricity usage. For instance, you can save that washing machine run until your meter switches to off-peak rates. Industry experts suggest that if you pay enough attention, you could reduce your bill by 10%.
Taking the time to spend a few minutes switching energy providers can also pay dividends, as an hour or so of research could save your household on energy bills to the tune of $180 to $300 over the year, Finder research shows.
Potential savings: $200–$400 for monitoring your usage and a further $180–$300 by comparing
6. Refinance your home loan
This is the big one, as your home loan is likely to be your biggest monthly expense. By shopping around for a better deal, you could find a lower-rate home loan and score a few thousand dollars cashback, plus ongoing savings.
This borrower, Shaun, refinanced to save over $3,800 per year on his annual mortgage repayments. See how much you could save by refinancing your home loan.
Potential savings: $1,000+ per annum
