Expert advice on saving

Two financial experts have revealed how to save $5000 by simply taking a little time out of your day to compare prices.

Justine Davies from finance comparison website Canstar and money management guru Michelle House have joined forces to show how an average family can save more than $5000 a day.

They have shown the Thompson family, who have two kids and are struggling with financial pressure from bills, on how to save a staggering $6256.

Ms House says families can save thousands of dollars by focusing on groceries, household cleaning products and entertainment.

Meanwhile Ms Davies says families often forget that they can also save a significant amount of money in financial products such as credit cards, insurance and bank accounts.

Ms Davies found huge savings in the Thompson's health, home and contents insurance, potentially saving them nearly $3000 by switching to an equivalent but cheaper product.

According to Ms Davies families who spend time comparing prices and finding the best value product usually will see their efforts paid off in savings.

"Jump on the Canstar website and check out the star ratings, from there you can find a really good value policy that suits your needs at a good price," Ms Davies said.

Contact:

Canstar - www.canstar.com.au

Michelle House blog - www.michellehouse.com.au/blog