The simple financial moves that could save Australian families thousands of dollars every year

Australian households could save close to $8,000 every year with just a few shrewd switches, offering vital relief in the battle against rising living costs and inflation, experts say.

More Australians are missing mortgage payments as soaring financial pressures push families to the brink.

WATCH THE VIDEO ABOVE: Household bills pushing families to the brink.

“We’re seeing a concerning trend where the financial cushions many Australians relied on are now depleted,” Compare Club’s head of research Kate Browne said.

“January saw mortgage arrears rates jump from 1.4per cent to 1.63 per cent, the biggest leap since early 2022.

“It’s clear that despite people’s best efforts to budget and save, they’re running out of wiggle room.”

Where savings can be made

Browne said there are savings of up to $7,700 to be found through a closer look at the bigger household bills.

Refinancing your mortgage could pocket homeowners $5,170 a year, while a 20-minute call to your energy provider ($317) or health insurer ($328) could save hundreds more.

Switching car loans ($924) and credit cards ($908) could put $1800 back in your pocket.

These moves could be easily done digitally or over the phone with zero paperwork, Browne said.

“It’s definitely worth doing because the savings are really substantial,” she told 7NEWS.

Marie Alessi’s husband died six years ago and, along with her grief, she was left to navigate household expenses.

She said there was “myriad paperwork” from bills to insurance.

Her husband had stayed loyal to his insurer for decades but Alessi realised “I was paying for things that I would never need”.

Feeling she was being taken advantage of “in the most vulnerable time”, she told 7NEWS she asked for a better deal, switched and saved.

Experts recommend switching health insurers every three years and energy providers even more frequently to maximise savings.