Congratulations! You've worked through 7 stages of the Finder New Financial Year Challenge already, so your budget should be in better shape than ever.
Don't let the good work stop here. We've rounded up 3 extra areas where you can save even more money. Pick the ones that apply to you and start saving!
Cut the cost of home insuranceThe average Australian can potentially save $1,055* on home insurance over 12 months by switching to a cheaper provider.
It costs around $181 a month for the average home insurance in Australia. If you're paying more than that, it's worth comparing and switching the next time your policy comes up. If you're paying annually, make a note on your calendar to check a month before your policy ends.
Most providers allow switching mid-policy too. This means you don't have to wait until your policy expires to make a move.
At an absolute minimum, you should call your current insurer and see if you can get a better deal. There is definitely money on the table here: compared to the cheapest quotes, the average Australian household could save $1,055 per year.
To give you an idea how much quotes can vary, on a $600,000 home, the difference between the highest and lowest quotes can be as much as $1,300 a year!
Learn more about finding a cheaper home insurance deal.
Find cheaper health insuranceThe average Australian can potentially save $683** on health insurance over 12 months by switching to a cheaper provider.
Health insurance costs vary greatly depending on your age, health, state of residence and level of cover. But the average single Australian pays around $220 a month for gold level hospital cover.
You don't necessarily have to be paying that much. As our full guide to cheaper health insurance notes, you can find combined policies on lower tiers from as little as $23 a week by shopping around and not paying for features you won't use.
For example, you could potentially save about $683 a year comparing the average to the cheapest gold hospital cover policies.
Watch out for basic hospital policies though, as they cover almost nothing by default. Bronze is often a better place to set your minimum.
The table below shows some typical costs for bronze combined policies.
Take our health insurance quiz to see if you could save on your policy.
Supercharge your superannuationConfused about superannuation? Don't feel bad about it. Around 27% of us aren't sure if our super will give us enough to retire. But the sooner you get your super under control, the better the long-term outcome.
These are the key considerations to make sure your super is working hard for you:
*Home insurance saving calculation based on building value of $873,736, contents of $100,000, comparing the average home insurance cost $181 a month compared to the cheapest average across each state of $93 a month
**Health insurance saving calculation based on comparing average gold hospital premium of $219.35 a month and lowest gold hospital premium of $162.44 a month
The information in this table is based on data provided by SuperRatings Pty Limited ABN 95 100 192 283, a Corporate Authorised Representative (CAR No.1309956) of Lonsec Research Pty Ltd ABN 11 151 658 561, Australian Financial Services Licence No. 421445. In limited instances, where data is not available from SuperRatings for a product, the data is provided directly by the superannuation fund.
*Past performance data and fee data is for the period ending August 2024
Learn more about how to choose the right super fund for you.
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