# Your Guide To A Summer Financial Overhaul

- Link: https://stayathomemum.com.au/work-money/finance/your-guide-to-a-summer-financial-overhaul/
- Published: 2023-01-04T13:57:42+11:00
- Author: Clare Whitfield

## It’s summertime in Australia, and the heat is on – in more ways than one! The mercury is rising, and so is the cost of living.  

There’s no denying the festive season is an [expensive time for Aussie households](https://isu.iselect.com.au/the-true-cost-of-christmas/).
A recent i-Link Research commissioned by comparison service iSelect found that one
in four Aussies estimate their household spends more than $1,000 on Christmas each
year, while 14 percent estimate their household spends more than $1,500. However,
given the increased cost-of-living, more than half of Aussies surveyed (58 percent)
said they’d be taking steps to reduce Christmas spending in 2022.^(1) 

So if you’re one of the Aussie households that have cut back on some of your family’s
festive favourites to save money in 2022, you’re not alone. But have you thought
about some of your other household bills and if you could save money there? Read
on as we outline some of these common expenses, and how your family could potentially
save some of your hard-earned cash right now by reviewing them.  

### **Are You Underinsured?  **

Let’s kick things off with the roof over your head and its contents. Perhaps you’re
heading off on a family holiday sometime this summer before the kids return to school
for 2023? We know prepping for a trip can be exciting, but stressful too! It’s understandable
thinking about whether your home and/or possessions will be safe and secure while
you’re away may be the last thing on your mind. But it’s important to ensure your
home and/or contents are adequately insured. Especially in Australia, where we can
experience storms, fires, floods (even cyclones for those living in the north!).

[Checking you have an adequate policy ](https://www.iselect.com.au/home-and-contents/claiming-home-contents-insurance/)
could save you significantly if an unfortunate event was to occur while you’re enjoying
that hard-earned break. Some people may think they’re automatically covered for 
things like theft, or storm and flood damage when they might not be. So, put your
home and/or contents insurance policy on your 2023 list of bills to review and make
sure you have adequate cover. You could thank us in the  long run! 

[⌊Digital home budget monitor displaying expenses and savings⌉⌊Digital home budget
monitor displaying expenses and savings⌉[

### **Checked Your Energy Plan Recently?  **

Energy became less affordable for many Aussies in 2022 (along with many other household
staples, might we add!) but power bills are expected to soar even higher in 2023
for many.^(2 )The study commissioned by iSelect found most Aussies surveyed (87 
percent) are worried about the cost of their upcoming summer energy bill,  with 
15 percent saying they’re extremely worried and have no idea how they’re going to
pay for it. 

While there are some simple steps you can take around the home this summer to curb
your power usage (such as only cooling the rooms you’re using, or keeping curtains
shut during the hottest past of the day^(3)), but it’s also a great idea to[ review your energy plan to make sure you’re on a suitable deal.](https://www.iselect.com.au/energy/electricity-providers/)
Power prices may be higher across the board, but there are still differences to 
be found between plans and providers, and let’s be honest, every single dollar saved
counts during this current economic climate so taking the time to compare could 
be well worth it!  

### **How’s Your Health Insurance Policy? **

You may recall most of the country’s biggest health funds increased their prices
on November 1^(st )2022.  Medibank/ahm is set to increase their premiums on January
16, 2023.^(4)If you have private health cover, and  your premium just went up (or
is about to) consider comparing your current policy against a range of others in
2023. 

For example, generally, the higher the excess or co-payment you are willing to pay,
the lower the premium. If  you think it’s unlikely you (or your family members) 
will be admitted to hospital in the near future, you could  opt for a higher excess
on eligible policies in exchange for lower overall premiums.? The Australian Department
of Health indicates that savings for customers taking up higher excesses could be
up to $200 for singles and  $350 for families**. ****^(5 )**Also, if you can afford
to (and your health fund allows you to) consider pre-paying your  annual premium
upfront for a full year to lock-in your current rate. This will help you delay any
premium  increases that occur over the next 12 months. 

There you go – some common household bills and expenses to review as 2023 gets underway,
which could potentially help reduce your cost-of-living during the new year. Whether
it’s your energy plan, home and/or  contents insurance, or health insurance policy,
a comparison service such as iSelect* can help you compare  these and see if they
can find you a better deal.  

_*iSelect does not compare all products in the market. The availability of products
iSelect compare may change from time to __ __time. Not all products made available
from iSelect’s providers are compared by iSelect and due to commercial __ __arrangements,
area or availability, not all products compared by iSelect will be available to 
all customers. Some products __ __and special offers may only be available from 
iSelect’s call centre or website.__ _

_A__ny advice provided by iSelect is of a general nature and does not take into 
account your objectives, financial situation or __ __needs. You need to consider
the appropriateness of any information or general advice iSelect gives you, having
regard to __ __your personal situation, before acting on iSelect’s advice or purchasing
any policy. You should consider iSelect’s Financial __ _

_Services Guide which provides information about our services and your rights as
a client of iSelect. iSelect receives  commission for each policy sold. _

^(1 )Source: iSelect commissioned?i-Link Research to conduct a national online survey
between 4?November?and 10 November 2022. The sample is n=1,000  Australians 18+ 
years, with data weighted to represent the population by age,?state,?and gender,
and is representative of all Australian adults 18+ ^(2 )Source: Source: Page 6 of
the [State Of The Energy Market 2022 Report](https://www.aer.gov.au/system/files/State%20of%20the%20energy%20market%202022%20-%20Full%20report.pdf)&
Page 57 of [The Budget Statement 2: Economic Outlook](https://budget.gov.au/2022-23-october/content/bp1/download/bp1_bs-2.pdf)
^(3 )Source: [https://www.energy.gov.au/households/quick-wins](https://www.energy.gov.au/households/quick-wins)

^(4 )Source: [https://www.medibank.com.au/livebetter/newsroom/post/cybercrime-customer-support-package&nbsp](https://www.medibank.com.au/livebetter/newsroom/post/cybercrime-customer-support-package&nbsp);

^(5 )Source: [https://www.health.gov.au/sites/default/files/private-health-insurance-reforms-increasing-voluntary-maximum-excess-levels.pdf](https://www.health.gov.au/sites/default/files/private-health-insurance-reforms-increasing-voluntary-maximum-excess-levels.pdf)

![author avatar](https://i0.wp.com/stayathomemum.com.au/wp-content/uploads/2025/
12/clare_whitfield_profile.webp?quality=80&ssl=1)

 Clare Whitfield Chief Editor

 Clare Whitfield is the Editor of Stay at Home Mum and a recognised voice in practical
home management for Australian families. Based in the northern suburbs of Sydney,
she balances editorial leadership with life as a stay at home mum to two school 
age children. Her background in home economics and more than a decade of experience
in recipe development, family budgeting, and household systems inform her work.

 [See Full Bio](https://stayathomemum.com.au/author/clare_whitfield/) [  ](https://stayathomemum.com.au/author/clare_whitfield/)