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How Families Can Beat The Budget Cuts

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It’s clear from last night’s Budget that middle-income Australian families are going to feel the brunt of bringing the budget back to surplus.

With families already feeling the pinch on their household budgets from April’s 6.2% average increase in health insurance premiums, as well as news that energy prices are set to soar across the country from 1 July, price comparison site comparethemarket.com.au is urging Australians to be proactive and reassess their household costs to see if they could find savings to beat the Budget.

“The intense Budget speculation has given people a real incentive to take note of their household spending. Too many of us are guilty of choosing the easy option – we know there’s probably a better deal out there but just haven’t found time to search for it. Free comparison sites can help in finding a better deal, and enable people to quickly and easily compare the products and services they rely on in their everyday lives,” said comparethemarket.com.au spokesperson Grant Waldeck.

Comparethemarket.com.au has spoken with a typical family to see how they think the Budget changes could impact them and what they’ve done to better manage their household costs.

Queensland-based Elaine Hurst is married with three kids under the age of seven.

Elaine’s savings with comparethemarket.com.au
Product / service Savings Elaine’s comments
Private health insurance $1700 p/a
  • Our previous policy didn’t suit our family needs. We weren’t entitled to dental, and had a $400 family limit on glasses. It was costing $3500 a year, and we were using up our annual limits within two months.
  • We called comparethemarket.com.au to see what our other options were. They did the research and called me back with their recommendations.
  • The policy we’re on now is great. The cover is more suitable for us and the health fund has a mobile app for refunds which is much more convenient for a busy mum like me.
  • We’re saving over $140 a month which makes a real different to our household budget.
Car insurance $550 p/a
  • It’s worth shopping around on your car insurance. There’s bound to be a cheaper option out there.
Home & Contents insurance $500 p/a
  • While we were comparing on our other insurances, we thought we’d try Home & Contents and are very happy with the new policy and price.
Energy bills $350 credit per quarter(our bills used to be $700 per quarter)
  • We installed solar panels which we see as a long-term investment (cost was about $7500 upfront)
  • We use gas for our hot water needs and electricity for everything else.
  • It’s much easier to switch energy providers than people think – there’s no disconnection, it’s the same supply; the only thing that changes is the paperwork and the price.
Fuel $230 p/a
  • We use comparethemarket.com.au to find out the cheapest fuel in our area. It might only be a few cents difference per litre but if you’re filling up your car every couple of weeks then it adds up over the year.
TOTAL SAVINGS [per year] $3000 approx  

 

“My advice to other families is to start using comparison sites. By comparing you can save money and time. It’s freed up our life. By shopping around our family has saved over $3000 a year. That’s our school fees and uniforms paid for alone. It’s a much better way of living for us, especially as we’re a one-income household,” said Elaine.

“We encourage Australians to follow Elaine’s example and jump online to comparethemarket.com.au to see if they could beat the Budget cuts by shopping around for a better deal for them,” said Grant.

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