Between work, school drop-offs, appointments, and birthday parties… the constant juggling act is real when you’re a single mum! You’d be forgiven for letting those finances derailing and New Year resolutions you made many months ago fall by the wayside.
Perhaps spending more time with family or trying to get better sleep were some of your goals for the year? If taking control of your finances was also an ambition, then you weren’t alone. According to research from comparison service iSelect, ‘finding ways to save money’ was the most popular 2024 resolution, with more than half of Aussies (63 per cent) surveyed about making commitments agreeing it was on their list.
It’s understandable, especially with many families under significant financial pressure. Take power prices, for example. Bills are generally issued quarterly, so if you had the air-con on full blast this past summer, it’s likely your latest electricity bill may have resulted in a fair amount of shock. While you can’t go back in time, there are some steps you can take now to help get your finances on track.
Change is in the air.
The mercury is dropping (where does the time go?), but the weather isn’t the only thing that’s changing. Let’s stick to the topic of electricity prices. If you haven’t heard of the Australia Energy Regulator or the Essential Services Commission, these groups determine ‘default offers’ across South Australia, Victoria, New South Wales, and south-east Queensland. In a nutshell, a ‘default offer’ is a price cap on how much energy retailers can charge households for electricity. From July 1 this year, default prices are predicted to fall in these areas of the country (except south-east Queensland). It’s likely these changes will be impacting retail plans, too.
So, before the weather really cools down and you trade blasting the air-con with cranking up the heater, it’s a good idea to go over your latest bill and check how much you’re currently paying (including what your service and supply fees are) and compare it against what other providers are charging. There could be a better deal out there. And remember to check again when prices change, as there’s no limit to how many times you can switch!
Get your health in check.
If you have private health insurance, you may have received an email or letter recently about a policy price increase. In March, the Federal Health Minister approved a 3.03 per cent average cost increase for private hospital cover, kicking in from April 1. According to iSelect sales data, this year’s average price rise means singles could now be paying around $71 extra annually for private cover, while families could be forking out around $147 more per year. It may not seem like a lot, but these price changes can really add up over time, and every dollar counts right now. Can’t remember the last time you reviewed your private health cover to make sure it suits your budget and needs? Take this as your cue to start shopping around.
We know reviewing health insurance can seem overwhelming (and your energy plan, for that matter). That’s where a comparison service such as iSelect can help. iSelect’s comparison experts can compare your current policy/plan against other options from their range of policies and providers, saving you time and effort. Sounds good, right?
Source: Source: iSelect commissioned i-Link Research to conduct a national online survey between 2 - 7 November 2023. The sample is n=1,000 Australians 18+ years, with data weighted to represent the population by age, state and gender, and is representative of all Australian adults 18+
Sources: Default Market Offer (DMO) 2024–25 Draft Determination | Australian Energy Regulator (AER), Victorian Default Offer price review 2024–25 | Essential Services Commission,
Source: Source: Average dollar figure increase is based on iSelect sales data from 1 January 2023 until 31 December 2023, including Lifetime Health Cover loading but excluding any rebate
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 Select, 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.
