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Aussies to save $11,200 by completing Finder’s Financial Fitness Challenge

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Australians are being urged to give their finances a shakedown and save thousands of dollars in the process.

Finder, Australia's most visited comparison site, has just launched a New Year Financial Fitness Challenge to help households fight back against the rising cost of living.

Across 8 modules, Finder experts will share tips and guidance to cut costs and improve savings in everyday spending.

Finder crunched the numbers on how much Aussies could save if they completed the free challenge and took the required action and the results were staggering.

The average Aussie homeowner could save $11,200* a year by switching or tweaking their current deals across 9 products of utilities, banking and insurance.

Non-mortgage holders can potentially save $3,800* over 12 months when mortgage and house insurance savings aren't factored in.

Sarah Megginson, personal finance expert at Finder, said the challenge was about quick wins for cash-strapped Aussies.

"It can be very overwhelming when you are falling short each month and don't know what action to take.

"So we've done the legwork and highlighted the quickest ways to save and the best deals in the market."

The motivation is high with 75% of Aussies currently stressed with their current financial situation.

Worryingly, almost 1 in 4 (22%) admit they are 'extremely stressed' – that's an estimated 4.5 million Aussies who are doing it very tough.

Two in five Australians (39%) say their mortgage or rent is one of their biggest stressors while 42% are worried about the cost of groceries, Finder research shows.

The first week of the Finder Financial Fitness Challenge helps Aussies set up a '5 minute budget'. Finder research shows 32% of Aussies don't have a budget – an estimated 6.5 million people.

Megginson encouraged Aussies to give the challenge a go.

"This is perfect for people who are time poor or unsure where to start, because a lot of the tactics in the Finder New Year Financial Fitness Challenge require very little effort for big financial rewards. When you take action in a few areas of your budget, they really start to add up.

"Households have bills coming from every direction and Aussies need all the help they can get to improve their financial knowledge and supercharge their savings.

"At the end of the challenge participants will be surprised by how much they have saved and can put those savings towards a financial goal such as paying down debt or taking their family on a holiday."

Finder analysis shows the average borrower could save around $530 a month on their mortgage – $6,360 per year – by refinancing to the lowest variable rate available on Finder.

Mobile customers could save $462 a year while households could save $352 a year on energy bills.

Finder analysed 33 comprehensive car insurance policies and found a $1,620 difference between the cheapest and most expensive providers. The cheapest policy was $496 less than the average price.

Finder is giving away a $1,000 ALDI shopping spree to a lucky Finder member who takes part in the Challenge. There are 8 free modules to complete. Every completed module gets participants one additional entry. Complete all modules to get up to 8 entries.

*Savings calculations

ExpenseAverage annual saving
Mobile plan$462
Savings account$1,094 (earned in potential interest)
Home loan$6,360
Home insurance$1,055
Health insurance$683
Car insurance$496
Credit card$600
Source: The Finder Financial Fitness Challenge

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