In the second part of our 7 New Year Money Tips, we’re looking at some simple things you can do to save money on your bills. And if you find yourself with more time on your hands because of lockdown, there’s never been a better time to do it.

Stick or switch?

If you’ve been working at home through lockdown or have just turned up the heating to keep you warm and cosy through the winter months, you’ve probably noticed an increase in your energy bills. The good news is, if you shop around, it’s possible to save yourself a tidy sum. In fact, according to Moneysupermarket.com, you could save at least £288 a year on your energy bills. That’s something that a lot of people have already discovered – according to Ofgem, 8.4 million customers switched electricity or gas provider last year. A good place to start is lookaftermybills.com, a company featured on the BBC’s Dragons’ Den. They’ll review your bills each year and automatically switch you to the best deal.

Don’t be afraid to haggle

When it’s time to renew your car insurance or home insurance, get online or pick up the phone. Even if you want to stay with your current provider, you may get a better price if you tell them you’ve received a lower quote elsewhere. In their research, consumer group, Which? found that customers who haggle pay on average £50 less than those who don’t.

If you found this useful, look out for our next New Year Money Tip talking about how investing early could make you better off.

Sources:

https://www.moneysupermarket.com/gas-and-electricity/

https://www.ofgem.gov.uk/publications-and-updates/infographic-bills-prices-and-profits

https://www.which.co.uk/money/insurance/car-insurance/how-to-find-cheap-car-insurance-a2w188j8m68j

 

Disclaimer: This article does not constitute financial or other professional advice. You should consult a professional adviser if you require financial advice.