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Navigating Recent Price Hikes: Tips to Help You Take Back Control #Sponsored

Navigating Recent Price Hikes: Tips to Help You Take Back Control #Sponsored

The following is an article by Sophie Ryan, iSelect Comparison Expert. 

The weather is cooling down, and before you know it, winter will be in full swing. Where did the time go?

It flies when you’re having fun—or when you’re busy running around after kids, keeping up with a demanding job, or both!

Life can be hectic, which is perhaps why those New Year’s resolutions you were so keen on sticking to back in January have long been forgotten.

Comparison service iSelect surveyed Australians about their priorities for 2024, and 63 per cent said ‘finding ways to save money’ was top of mind. 

If you haven’t found the time to overhaul your finances this year, read on as we explain where to start and check out how to do a financial review

Navigating Recent Price Hikes: Tips to Help You Take Back Control #Sponsored

Consider a Health Check-up

Each year, private health insurers can request approval from the Federal Health Minister to increase policy prices.

This year’s average cost hike across the industry was 3.03 per cent, which kicked in on April 1.

According to iSelect sales data, this means singles have been hit with an additional cost of approximately $71 for cover.

For families, it’s around $147 extra per year. If you have private health insurance, you should have been notified if the cost of your cover recently went up, and by how much.

Missed the letter or email? April 1 coincided with the Easter break, so if you were planning a family getaway or hiding chocolate eggs, you’re forgiven for missing the memo. 

The good news is, it’s never too late to make sure your policy suits your budget and needs. 

According to research from iSelect, ‘peace of mind’ is the top reason Aussies have private health insurance, with most policyholders (68 per cent) agreeing that’s why they hold it.

Unfortunately, only a third of Aussies surveyed say they can easily afford it. If you’re worried about the rising cost of private health insurance, now is a great time to compare your policy and provider against others and see if you can switch for a better deal.

It could be well worth it, especially when the study also revealed that 75 per cent of policyholders saved money when they switched their health plan and/or provider within the last two years.

So, what are you waiting for? 

Navigating Recent Price Hikes: Tips to Help You Take Back Control #Sponsored

Take Control of Your Power Bills

Still reeling from a sky-high summer energy bill? You’re not alone!

Read 19 tips to keep cool in summer to help with those next year.

In search of sweet relief from scorching Aussie summers, many households tend to forget about the financial consequences of cranking up the aircon and are left with some serious bill shock come autumn.

Electricity bills are generally issued quarterly, so it’s likely you just shelled out top dollar for that extra energy consumption over the warmer months.

Brace yourself, another season of peak power-guzzling is looming!

With winter on the horizon, take this as your timely reminder to rethink the heater.

Why not just throw on an extra layer first and see how you go? 

Read these 17 tips to reduce your electricity bills to help you reduce your usage and the expenses.

While taking some simple power-saving steps around your home can help reduce your bills, it’s important to check what deal you’re on with your current provider and plan.

Some Aussies could see some bill relief this year, if electricity rates fall as expected across South Australia, Victoria, and New South Wales.

Unfortunately, for South-East Queenslanders, they’re predicted to rise further.

Regardless of where electricity rates end up later this year, now is a great time to find your latest bill and look at how much you’re currently paying (including what your service and supply fees are) and compare it against what some other providers are charging. Perhaps you could switch and save! 

Note From The Thrifty Issue

For tips to reduce the cost of other areas of the budget, check out these articles:
How to reduce the cost of groceries: Over 20 tips.
How to reduce the cost of transport
How to make your home pay for itself
How to get a discount on everything

iSelect Disclaimer  

*iSelect does not compare all products in the market. The availability of products iSelectcompare 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.

Sources

Source 1: 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+

Source 2:  Source: Private health insurance premiums rise less than wages, pensions and inflation | Health Portfolio Ministers | Australian Government Department of Health and Aged Care

Source3 : 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

Source 4:  Source: iSelect commissioned i-Link Research to conduct a national online survey between 15th Feb to 22nd Feb 2024. 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+ 

Source 5: Default Market Offer (DMO) 2024–25 Draft Determination | Australian Energy Regulator (AER)Victorian Default Offer price review 2024–25 | Essential Services Commission

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