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Revealed: Spending Cutbacks on the Agenda for Aussies, as Power Prices Soar #Sponsored

Revealed: Spending Cutbacks on the Agenda for Aussies, as Power Prices Soar #Sponsored

By Sophie Ryan, iSelect Spokesperson  

Last year was bad and this year’s getting worse. We’re of course talking about power prices.

Depending on your energy provider, plan and where you live, the price you pay for power either likely increased in July or August 1, or will in September – potentially adding hundreds of extra dollars to your annual household bill.

A recent survey commissioned by comparison service, iSelect, revealed that 78 per cent of people surveyed are worried about higher power bills in 2023, with 30 per cent saying they’re ‘extremely worried’. 

So it’s unsurprising that spending cutbacks are on the agenda for many Aussies this year.

Read on as we reveal what’s on the chopping block, and why you might not have to make such drastic sacrifices. 

Get a $125 Bonus from ING

Until 30 September 2024, ING is offering $125 cash to new account holders. Here’s what you need to do:

  1. Open an everyday account and put the promo code Cnw116 in the promo box (you must use the code to get the $125 bonus) and complete all the steps below in the first month.
  2. Deposit $1,000 into the account such as your income or Centrelink payments within the month
  3. Make 5 settled transactions
  4. Open a Savings Maximiser (current interest rate is 5.5%)
  5. Make a deposit of ANY amount into the Savings Maximiser

Then you get your $125 the following month.
Note: The $1,000 deposit doesn’t need to be $1,000 at once, it can be smaller amounts as long as it is $1,000 total within the month.

The Spending Cutbacks 

The i-Link Research study found that of those Aussies surveyed who will make (or are considering making) cutbacks to help pay for their winter energy bill, takeaway food and drink (including coffee) was the number one expense to go, while entertainment/dining out was next to be axed.

But it’s not all doom and gloom though. While we know household budgets are hurting (understatement!), there could still be time to save money on your energy bill this winter, so you can continue to enjoy that warm cup of barista made coffee on a chilly morning. 

How? Good question! Let us explain. 

Don’t Set and Forget 

iSelect General Manager – Utilities & Credit Cards, Julia Paszka, said if your electricity rate is changing, your retailer needs to tell you. 

“This should be your cue to shop around and compare your current plan and provider against a range of others to make sure you’re getting a good deal,” Julia said. 

“Whether you’re on a default or market offer, if your rate just increased or will soon, now’s a great time to see if you could switch and save money.” 

Taking the time to review your current energy plan and/or provider could really pay off too, which is also highlighted by the iSelect commissioned research. 

Of the Aussies surveyed who switched their energy provider and/or plan in the last two years, 73 per cent say they saved money, and we calculated the average estimated annual saving by people who switched came to an average of $240.73.2 Sounds good, right? 

So, Where Do I Start?

Another great question! We’re glad you asked. If you haven’t already this winter, grab a copy of your latest bill, and take the time to compare your current energy deal. 

We know, it might seem like a drag, but help is out there! A comparison service such as iSelect* can help you understand recent and upcoming changes in energy prices and try to find you a deal that better suits your needs and budget from our range of plans and providers. 

*iSelect does not compare all energy providers or plans in the market. The availability of plans may change from time to time, depending on who iSelect’s providers are and what plans they make available to iSelect. Not all plans made available from iSelect providers may be compared by iSelect either due to commercial arrangements, area or availability, so not all plans or providers compared by iSelect will be available to all customers. Some plans and special offers are available only from iSelect’s contact centre or website. Energy plans are available only for properties located in eligible areas of Victoria, New South Wales, South East Queensland, South Australia and ACT. Click here to view iSelect’s range of providers.  

Sources:

Source 1: EnergyAustralia announces electricity and gas price increases for residential and small business customers | EnergyAustralia & AGL, Origin announce upcoming energy price rises for households, small businesses – ABC News

Source 2: iSelect commissioned i-Link Research to conduct a national online survey between 28 April and 3 May 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+ 

How to get a $125 bonus from ING

Get a $125 Bonus from ING

Until 30 September 2024, ING is offering $125 cash to new account holders. Here’s what you need to do:

  1. Open an everyday account and put the promo code Cnw116 in the promo box (you must use the code to get the $125 bonus) and complete all the steps below in the first month.
  2. Deposit $1,000 into the account such as your income or Centrelink payments within the month
  3. Make 5 settled transactions
  4. Open a Savings Maximiser (current interest rate is 5.5%)
  5. Make a deposit of ANY amount into the Savings Maximiser

Then you get your $125 the following month.
Note: The $1,000 deposit doesn’t need to be $1,000 at once, it can be smaller amounts as long as it is $1,000 total within the month.

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