Savvy number-crunchers have deduced the nation’s best side hustle to make extra money, and it’s not what you might expect.
Forget pet sitting, renting out a spare room or delivering food, it’s far simpler.
Savvy number crunchers have deduced the nations’ best side hustle- and it’s not what you might expect. iStock
And you could make an eye-watering $1491 per hour of work.
However, this doesn’t involve much actual work at all.
All you need to do is set aside three hours to check your bills.
Research from Canstar showed a typical household could save an estimated $4474 over the next year.
That’s an estimated hourly rate of $1491, and with the cost of living spiralling, it could be a big help.
The research found an average family of four could achieve the extra cash in their pocket by tackling multiple expenses.
It includes haggling on their home loan or refinancing it, shopping around for car, home and contents insurance and reviewing the cost of private health cover.
Moving internet, electric companies and altering mobile plans could also prove worthwhile.
The mortgage could hold the biggest saving, with a 0.25 rent cut on a typical $600,000 loan offering savings of close to $1500.
Moving from an average variable rate of 6.26 per cent to the lowest rate of 5.69 per cent could cut a borrower’s interest bill by an estimated $2267 in the next 12 months, even when switch costs are taken into account.
Next, car insurance is a big expense, with the possibility of saving over $1000.
But the company says research shows many Australians have never switched providers, including 52 per cent of home loan borrowers, 44 per cent of people with private health cover and a third of home and car insurance policyholders.
Canstar’s data insights director, Sally Tindall, said: “The reality is, a lot of people are still paying a ‘set and forget’ tax in some shape or form. They signed up to a deal years ago and never looked back, even though the market has moved on.
“It’s time to break up the loyalty bandwagon, and for good.
“The first step is to carve out three hours in one day. If that means taking off a half day from work, so be it.
“Write down your regular bills, then go through them one by one. Ask yourself: can I negotiate this down? Can I get a better deal somewhere else? Or do I still need this at all?
“Sort the bills in order of most expensive and there is your to do list.
“While some bills are easy to switch, don’t be afraid to haggle with your existing provider as well.
“You’d be surprised how often they can find a discount once you mention you’re looking around.”
Meanwhile, side hustles that do involve a lot of effort are an increasingly popular way to make a few extra bucks, but as the gig economy grows, so does the taxman’s reach.
A letter sent by the Australian Taxation Office and viewed by nine.com.au reveals the extent to which authorities are cracking down on unreported income from side gigs.