Ready to save more than $2,000? We've got you covered, and it should only take a couple of hours.
Change your electricity provider
- Grab your most recent electricity bill should show you the rates you are paying and what discount you're getting. If you also have solar panels, it will also show the Feed in Tariff (FiT) they pay you.
- Then visit https://www.energymadeeasy.gov.au. This website will allow you to find the cheapest energy provider in your area.
- Now call your current retailer and tell them you've found a better deal. Ask them what they'll offer you to stay.
- If they can't, contact the provider offering the better deal and switch.
Switch your mobile provider
- Check your current mobile plan to find out how much you're paying every month.
- Also check what they're including in the plan – data limit, call time.
- Use WhistleOut.com.au to compare your package to what's being offered by other providers.
- Once you've found the deal you could switch in minutes, or call your current provider and ask them to beat it. Don't worry! You'll be able to take your phone number with you.
All Australian mobile providers run on the Telstra, Optus, or Vodafone network. So even if you end up choosing a smaller and cheaper provider, you'll always end up on one of those networks.
Kill your credit card debt
If you're not paying off your credit cards in full every month, they're costing you money!
The average Australian's credit card balance is about $3500 with an interest rate of 20%p.a. That high-interest rate adds up to more than $700 a year (even more if your balance is higher).
Here are a few tricks to help you kill your credit card debt:
Switch to a balance transfer credit card
What is a balance transfer credit card?
- This is when you move the amount you owe (the balance) to another credit card.
- The new interest you pay on your balance transfer can be as low as 0% for a limited time (sometimes up to three years)
How to make sure a balance transfer credit card will work for you?
- Make sure you pay off your whole balance while the credit card's 0% interest rate still stands, because after that, the interest rate will go up.
- Limit the spending on your new credit card to ensure you can focus on paying the balance faster.
- If you do decide to go ahead with a balance transfer, be sure to cancel your old credit card to avoid any temptations to go further into debt.
- Not all credit cards are the same! Compare balance transfer credit cards before switching. Comparison websites such as Finder and Canstar can be helpful, but remember, they don't cover all your options.
Slash your car insurance bill
Owning a car is expensive, but you can find big savings by taking the time to get quotes from different car insurers.
Even if you've paid for your car insurance in full for the year, you're not locked in. You can switch and ask for a refund on part of your premium based on how many months are left in a year.
- Grab your latest bill, so you have all the details of your current car insurance policy.
- See how much other providers are charging by getting a quick quote on their website. Some of the providers offering the cheapest rates at the moment include Youi and BudgetDirect.
- You could also use a comparison website such as Finder or Canstar.
- Now that you have a selection of quotes, you can decide to switch, or contact your current insurer to find out if they can match one of those deals.
Switch your home loan
Mortgage interest rates are at record lows, but many Australians are still paying above-market interest rates.
Consider switching your home loan to get a better rate and watch your savings add up! Research reveals the average refinance saving available on a $400,000 owner-occupier loan is $2,631 a year.
- Find out your current home loan rate by checking your latest statement or in your internet banking profile.
- Check the cheapest interest rates available on the market at RateCity.com.au.
- Also, consider speaking with a mortgage broker who might be able to get you an even better rate.
- Now that you have several quotes, call your current lender and tell them what you've been offered.
- If they're not willing to match or beat the rates you've been offered elsewhere, it's time to switch!
These six bill-slashing strategies will help you save thousands, and don't require any extra work, apart from taking the time to switch providers.
What other bill-slashing tips do you have? Be sure to share them with us in the comments.