By Sophie Ryan, iSelect spokesperson. Disclosure, sponsored.
It must be December. The twinkle lights are up and a ‘quick dash’ to the shop has become anything but.
Think full car parks 30 minutes before the doors have opened, and of course, dreaded trolley rage.
It’s enough to send a chill down the spine of even the most seasoned festive fanatic.
As Christmas quickly approaches, your ‘to-dos’ may be getting longer than Santa’s naughty or nice list.
We wouldn’t want to pile another task onto your plate at this time of the year, but have you thought about your finances?
Household budgets are top of mind for many Aussies this year, and Christmas is shaping up to be a little less bright as a result.
A new study commissioned by comparison service, iSelect, found more than half of households surveyed (57 per cent) say they will be reducing the amount they typically spend over the festive holiday period, due to significant cost-of-living pressures.
From higher interest rates to rent hikes in many areas, soaring power bills to health insurance premium increases, and it’s no surprise Christmas may look quite different this year.
The research suggests presents, travel, food and drink are the top things Aussies surveyed are most likely to be cutting back on.
The good news is cost-of-living pressures needn’t put so much of a damper on festive celebrations, as there are ways households could be saving money this Christmas.
Read on as we break it down.
1. Consider Switching
To see if you could save some extra cash to splash out on the fun stuff instead, review some common household bills and expenses to see if you could switch and save money.
This could be your energy plan or provider, health insurance policy or your home loan.
While comparing might seem boring, you don’t need to visit all the different energy sites yourself.
iSelect can help make it much easier and faster by comparing numerous energy providers in one place.
2. Avoid the ‘set and forget’ trap
Think your loyalty is being rewarded? Think again!
iSelect General Manager – Utilities & Credit Cards, Julia Paszka, said when it comes to essential insurance and utility plans, many people fall into the ‘set and forget’ trap.
“We know life is busy but if it’s been a while since you shopped around, or you can’t even recall the last time you thought about it, you could be paying too much for an outdated plan,” she said.
“For example, energy providers often offer better rates to attract new customers than what are available to existing customers.”
3. Save On Power
According to the research, rising electricity costs mean that more than half of regular Christmas light aficionados surveyed (59 per cent) say they will be using less this year – or none at all.1
Sad, we know, but it’s one way to potentially reduce your power bill this summer.
While you’re at it, do you really need your air-con blasting for hours and hours a day?
If you must, consider shutting doors to unused areas and only cooling the rooms you’re using to help reduce your energy consumption.
Remember to turn off appliances at the power socket when you’re not using them, and if you are still decking the halls this year, this includes your decorations!
Consider using lights that have automatic timer, so you don’t forget to turn them off.
There you have it, three steps to take this month that could help ease the financial pressure and make your Christmas a little jollier during these tough economic times.
You Might Also Like:
19 Frugal Ways to Keep Cool and Reduce Electricity Costs
How to Save Money in Summer: Includes bills, school holidays, Christmas and back to school tips
Tips to Reduce the Cost of Christmas
How to Survive When the Cost of Living Keeps Rising
*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.
Source 1: iSelect commissioned iLink to conduct a national online survey between 2 November and 7 November. The sample is N=1,000 nationally representative sample of those 18+ years.
Source 2: Quick wins | energy.gov.au
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