Yahoo Finance How Aussie dad saved his family $6,000 in 2023
The Sydney dad said the extra savings were helping his family fund a holiday together.
In what’s been a financially crippling year, many households have been looking for ways to cut back on spending, and one Aussie dad has managed to do just that by streamlining the family budget and saving thousands in the process.
Sydney dad Christian said skyrocketing mortgage repayments meant controlling his spending was constantly “front of mind” but, by going through his family’s budget with a fine-tooth comb and switching to cheaper deals, he was able to claw back nearly $6,000.
“Every day I am checking the payments that have come out of the account and if they were necessary. This has resulted in me cancelling a lot of entertainment subscriptions, moderating Christmas and the holidays we go on,” Christian told Yahoo Finance.
Do you have a story to share? Contact tamika.seeto@yahooinc.com
He said he saved money by comparing all of his family’s household costs, including their home loan, insurances, energy and gas, and internet providers and switching to better deals.
Christian used a range of comparison sites to compare deals, as well as brokers. By switching to a lower home loan rate, for instance, he was able to give himself a 1 per cent rate cut. By comparing electricity providers, and switching to “time of use” electricity, he was able to slash his family of four’s bill from about $1,200 to $900 a quarter.
RELATED
$575 million in cash waiting to be claimed - how to check if some is yours
$500 energy bill relief: Thousands more eligible for payment
While he admitted it could be a time-consuming process (and compared it to doing your tax), he said it was worth it for the savings.
“All up, we have saved close to $6,000 in cash flow that has enabled us to go on a family holiday we otherwise wouldn’t have been able to go on,” Christian said.
4 ways to save $2,644
CIMET - the company that powers sites like Finder, iSelect and Cashrewards - revealed Aussies could save themselves a whopping $2,644, on average, just by comparing providers and switching to a better deal.
CIMET CEO Ankit Jain has shared his top tips for other Aussies looking to save.
1. Credit cards - $100
According to Finder research, the average Aussie can save $100 a year by switching their credit card to a better deal. And, with many Aussies turning to credit cards this Christmas, it could be a good time to compare.
“Make sure you understand all the fees associated with the card, such as interest rates and monthly fees,” Jain told Yahoo Finance.
“Each type of credit card has a different core benefit and the fees generally fluctuate accordingly. For example, choosing a rewards card could often mean higher interest rates if you don’t make payments on time.”
2. Energy - $350
By comparing and switching to a better energy deal, it's estimated the average Aussie can save $350 a year on their bills.
With electricity prices skyrocketing this year, Aussies shouldn’t assume they are on the best deal. The consumer watchdog recently found millions of Aussies were paying more for their electricity than they needed to be.
“To get the most accurate result, make sure you can personalise the inputs like connection dates, your own bill details, or if you’re using solar. This will give you the most accurate picture of just how much you will save,” Jain said.
3. Solar - $1,000
Aussies may be able to save even more by installing solar panels, with some estimates claiming households can save $1,000 per year on their electricity bills. One Aussie has even driven his bills down to nothing during the summer months.
“When using a solar comparison site, look at both your household usage and roof size. Although you may not require a larger system right now, if it fits on your roof, it may create even bigger savings benefits down the road,” Jain said.
4. Internet - $1,194
Millions of Aussies were also hit with higher internet bills this year when some of the country’s biggest telcos hiked their NBN plans. CIMET found there was a drop in people comparing internet providers towards the end of the year.
“This is a massive missed opportunity, given research shows that switching broadband providers can put a whopping $1,194 back in your pocket, on average, over the year,” Jain said.
“When using an internet comparison site, make sure you check your upload and download speed along with modem requirements, to ensure a seamless connection. Then kick back and enjoy the savings.”
Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to our free daily newsletter.
