How to uncover thousands in lost savings

Lost savings

Like most Aussie families, you’re probably feeling the pinch more than ever right now. And who can blame you? We’re living through what’s been described as a “cost-of-living crisis”. But as a single parent, the pinch can feel even tighter than most when it comes to managing rising interest rates, sky-high grocery prices and household bills all on one salary.

But it’s not all doom and gloom. There could be extra savings to be found, if you’re willing to search.

New research commissioned by iSelect suggests that Aussie households could be missing out on $18.7 billion in lost savings each year by remaining loyal to the same household service providers or plans – it’s estimated this could equate to an average of around $1,140 in annual savings for each Aussie household that switched and saved last year[1].

So, how can you try to uncover similar savings?

If the thought of this task makes your mental load quiver under pressure, never fear! We’ve simplified the process for you with these easy tips on reclaiming your lost savings.

Review your plans/policies regularly

The needs and circumstances of your family change all the time, especially when it comes to insurances like health, home and/or contents or car insurance. A great place to start is to review your health insurance. Take a look at your current policy and ask yourself what you need to be covered for and what you may no longer need or use. For example, you may still be paying for Obstetrics, but you closed the chapter on your baby making days a while ago. Lowering your level of hospital and/or Extras policy could help you uncover some lost savings, However, its important customers who choose to downgrade are fully aware of what they are no longer covered for, otherwise they may be caught out if they decide to make a claim. The research found that those who switched their health Insurance plan and/or provider within the past 12 months found an average saving of $520 annually[1].

Now could be the perfect time to take stock of your health insurance policy to make sure you’re still getting a good deal as some health funds will be increasing their premium rates from April 1st[2]. This year, similar to 2022, health funds are planning to increase their premium rates at different times throughout the year so if you’re confused about the price of your cover, now is the time to pick up the phone and clarify.

Shop around

If you’ve reviewed your relevant insurances and plans, next it’s time to shop around and see what else is available in the market. It’s a common misconception that ‘loyalty’ is always rewarded when it comes to insurance and utility providers. Unfortunately, it’s quite often not the case, with providers offering better deals to attract new customers than what’s available to existing customers.

Whether it’s your energy plan, home loan, life insurance or car insurance, it can pay (quite literally!) to shop around and compare with other deals. “I don’t have the time”, we hear you say. Between playing cab driver to the kids, acting as sole household CEO, working and attempting a social life, we wouldn’t expect you to. That’s what a comparison service like iSelect is for. We can do the leg work for you by comparing a range of providers and plans to help find you a more suitable deal*.

Consider other ways to save

There are a few handy hacks that could help you uncover more lost savings. For example, some insurance companies may offer lower premiums if you opt for a higher excess. Also, around certain times of the year, insurers (particularly health funds) may offer incentives and that could be a good time to shop around and take advantage of any deals and offers. Remember though, a good deal doesn’t necessarily mean the cheapest. Make sure any policy/plan is suited to your needs.

We know that reviewing and comparing household bills can feel like a drainer, especially when you already have so much on your plate. But you can’t argue that it’s not worth it when thousands of Aussies are striking gold when it comes to discovering savings this way. With such substantial savings potentially waiting to be found and injected back into your household budget, why not add ‘Uncover Lost Savings’ to your to-do list today.

iSelect disclaimer

*iSelect does not compare all products in the market. The availability of products iSelect compare may change from time to time. Not all products made available from iSelect’s providers are compared by iSelect and due to commercial arrangements, area or availability, not all products compared by iSelect will be available to all customers. Some products and special offers may only be available from iSelect’s call centre or website. Click here to view iSelect’s range of Providers. 

[1] Source:  iSelect commissioned YouGov Galaxy Pty Ltd to conduct a national online survey between 8 December and 13 December 2022. The sample is n=2,000 Australian sole/ joint household decision makers aged 18 years and older. The survey results were weighted by state and household size and projected to all Australian households based on the population data published by the ABS using the latest Census conducted in 2021. 

[2] Source: iSelect commissioned YouGov Galaxy Pty Ltd to conduct a national online survey between 8 December and 13 December 2022. The sample is n=2,000 Australian sole/joint household decision makers aged 18 years and older, with data weighted by state and household size.

[3] Source: Annual private health insurance premium rise | Health Portfolio Ministers and Aged Care

Further reading: Money saving tips for single mums.

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Jessie Petterd

About the author

Jessie Petterd is a spokeswoman for iSelect, where they are passionate about helping Australians reduce their household bills to save time, effort and money. When Jessie’s not talking about utilities and insurance, she likes to spend her time baking up a storm and re-watching 90s romantic comedies.

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