Unlocking Savings: The benefits of comparison shopping

23 Oct 2024

The current cost of living crisis has hit the hip pockets of Australians across the nation, with as many as 3.7 million households estimated to have battled concerning levels of food insecurity, according to Foodbank Australia’s 2023 Hunger Report. 

Among the hardest hit are seniors, with a new survey revealing that 80 per cent of older Australians are feeling the pinch. 

The National Seniors Social Survey covered 5,700 people over the age of 50 nationwide. The results showed 90 per cent of respondents were concerned about keeping up with rise of living costs, while 25 per cent were “extremely concerned.” Health costs, energy prices and groceries emerged as the top three worries, while housing affordability was also a concern. 

With such alarming statistics, it’s not surprising that many are looking to cut costs wherever possible, and technology might just be the best weapon in the fight against rising costs. 

Price comparison apps and websites can be powerful tools when it comes to saving your pennies, enabling you to easily compare rates on essential services such as health insurance, electricity and internet plans, as well as everyday items like groceries, household goods and fuel. Comparison shopping is a great financial habit that helps you find the best prices online.

These platforms aggregate information from various service providers, displaying pricing and features side-by-side. Popular platforms such as Compare the Market, Canstar and Finder offer extensive databases covering a wide range of services, making it easier to navigate your choices. 

While embracing technology might seem daunting, the potential savings and convenience offered by these platforms is well worth the effort.

Benefits of comparison shopping

• Cost savings: The most significant advantage of using price comparison tools is the potential for cost savings. Health insurance, for example, can vary dramatically between providers. By using a comparison site, you can identify plans that offer the coverage you need at a lower price, potentially saving hundreds of dollars a year.
• Time efficiency: Shopping for essential needs and services can be time consuming. Price comparison tools streamline the process by presenting all options in one place. Instead of spending hours researching multiple stores or providers, you can quickly access and compare prices and plans, saving valuable time.
• Transparency: Price comparison platforms promote transparency by providing clear information about what each plan offers. You can easily see differences in premiums, coverage levels, and any additional benefits, making it easier to make informed decisions without feeling overwhelmed.
• Tailored recommendations: Many price comparison platforms allow you to filter results based on specific needs, such as age-related healthcare services or plans with additional support for seniors.
• User-friendly interfaces: Most price comparison websites and apps are designed with simplicity in mind, featuring intuitive layouts that make navigation easy. Many platforms also offer customer support, guiding you through the comparison process if needed.
• Access to reviews and ratings: These platforms often include user reviews and ratings for various services, providing insights into customer satisfaction. This feedback can be invaluable in choosing a reliable provider.

Helpful comparison shopping websites and apps

comparethemarket.com.au – Compare hundreds of products and services from insurances and utilities to home loans and fuel.

canstar.com.au – Australia’s biggest financial comparison website.

finder.com.au – Find a great electricity or gas plan from a panel of retailers.

frugl.com.au – Compare grocery prices against 5,266 supermarkets in Australia, including Coles, Woolworths, ALDI, IGA and more.

www.fetchie.app – Track entire shopping lists of items, or those special items you’d love to buy when they go on sale, and never miss a price drop.

mydeal.com.au – An Australian online retail marketplace that provides quality products from a curated selection of trusted retailers.

petrolspy.com.au – Ranked as the best overall and most accurate for checking fuel prices Australia-wide.