Haven’t checked your bill lately? You could be missing out on $13,722 a year!

In the hustle and bustle of daily life, it’s easy to let certain tasks slide down the priority list. One such task that many Australians are neglecting could be costing them thousands of dollars each year. According to recent findings, a staggering number of Australians are missing out on significant savings by not shopping around and switching service providers.

The research, shared exclusively with Yahoo Finance by comparison site Finder, indicates that a whopping 60 per cent of Australians feel overwhelmed by the idea of switching their product and service providers. This includes everything from electricity plans to home loans, health insurance, and even superannuation. The thought of sifting through various plans and deals can cause a headache for many, with 13 per cent of people finding electricity plans particularly daunting, followed by home loans at 10 per cent, health insurance at 8 per cent, and superannuation at 5 per cent.

However, the potential savings are too substantial to ignore. Finder’s research suggests that the average renter could save around $3,810 over a year by reviewing their bills, while homeowners could pocket an impressive $13,722. Sarah Megginson, a personal finance expert at Finder, emphasises that the savings potential is ‘huge’. Yet, for many, this task falls to the bottom of an already lengthy ‘to-do’ list.

Decision fatigue is a real issue, with many Australians feeling burdened by the multitude of small choices they face every day. This can lead to what Megginson describes as ‘paralysis’ – a state where the extra bit of life admin required to compare and switch providers is simply too much to handle. The consequence? A ‘money leak crisis’ where individuals are unknowingly wasting funds that could be better utilised elsewhere.

It’s important to note that providers often reserve their best deals for new customers. This means that loyalty doesn’t always pay off, and sticking with the same company year after year can end up being a costly mistake. To entice new customers, businesses frequently offer perks such as cashback, gift cards, and discounts. The competition watchdog has even found that households who haven’t switched electricity plans in over a year are paying an average of $238 more annually than those on newer offers. And for plans that are two or more years old, the extra cost jumps to $318 each year.

If the thought of switching providers feels overwhelming, Megginson recommends breaking it down into smaller, individual tasks to make it more manageable. Tackling one switch every fortnight can make the process seem less daunting and more achievable. Moreover, switching providers is often much easier and quicker than most people anticipate. In many cases, the entire process can be completed online without the need to make a phone call, and it can be finalised in ten minutes or less.

So, why not start today? Set aside some time to review your current plans and compare them with what’s available in the market. You might just find that a few clicks or a phone call could lead to a more prosperous and less financially stressful future. Remember, every dollar saved is a dollar earned – and with potential savings in the thousands, it’s an opportunity too good to pass up.

Have you recently switched providers and unlocked savings? What challenges or surprises did you encounter during the process? If you haven’t made a switch yet, what’s holding you back? We’d love to hear your thoughts—share your experiences, tips, or questions in the comments below!

Also read: How to save on electricity bills: Practical steps from the consumer watchdog