How to reduce spending by $11,000 in 11 months
apps such as Motormouth to find the cheapest prices could save 19c a litre, or $300 a year. Timing your buying around capital city petrol price cycles could drive even more savings.
Research by comparison site Mozo.com.au found the most expensive financial mistake could be sticking with the same mortgage provider.
Mozo director Kirsty Lamont said the average borrower could save more than $2000 in a year by shopping around. “The difference between sticking with a less competitive provider and switching to a better deal could be tens of thousands of dollars over the life of the loan,” she said.
Ms Lamont said it was worth ensuring you were on the best possible energy deal.
Mozo said carrying a balance on a credit card could be costly, with standard credit card interest rates at almost 20 per cent.
Supermarket and credit card reward programs offer handy savings that are often overlooked. Flybuys and Woolworths Rewards deliver $10 off for every $2000 spent, saving an average weekly shopper $80 a year. Credit card reward programs pay up to 1.5 points per dollar spent.
Ms Hassan said competition in the mobile phone market meant customers could switch from a major provider charging $99 a month to an identical deal with a smaller provider for $49 a month.