Australians choose frugality over fun
Our research revealed a worrying trend. Households may have started 2021 feeling positive about their finances, but regular bills are coming in higher than expected - and most of us think it’s only going to get worse. We found that:
All ages are cutting back on eating out & entertainment so there’s enough in the bank to pay the bills.
Almost three quarters of us have experienced bill shock in the past three months.
Nearly half of Australians say high bills affect their mental health.
5 year+ homeowners don’t believe they can save any money by refinancing their home loan
50% of over 55s keep their heater off in winter to save money but only 8% consider switching energy plans.
How Liz cut her energy costs and
paid off her mortgage
Don't set and forget
I've been with the same provider for ten years, but almost every year before the cold really sets in, I look at what better deals are out there and how I can get the best bang for my buck.
The power of switching
I think now I'm paying $50 less a month on gas and electricity than previous winters, which may not seem like a lot but being savvy with smaller, ongoing bills enabled me to pay off my mortgage quicker.
Bills before burritos
Australians are increasingly cutting down on everyday treats as they look to protect their bank balances from bill shock.
Top 5 spending sacrifices to pay bills:
Maintaining mortgage misery
For homeowners, their home loan is their biggest monthly expense. Refinancing is one way to cut their costs by thousands of dollars, but our survey suggests that many mortgage holders are reluctant to switch lenders. Here’s why.
Top 5 reasons for not refinancing
Shivering over switching
Over 55s prefer to rug up and stay under the doona to cut the cost of their energy bill over winter, rather than switching providers. Here’s what older Australians think will make the most impact on their energy bill.
Do your bills need saving?
Compare Club can help you overcome a nasty dose of bill shock. We specialise in cutting the cost of your energy bills, home loan, and even your health insurance.