Bills you should check right now to save money
8 bills you should check right now to save money, ranging from broadband to council tax and mortgage.
Everything seems to be getting more expensive, but there are things you can do to save money.
We go through your monthly payments, bill by bill, and explain how to save money on everything from broadband to council tax and mortgage.
It could be through price comparison and haggling, or simply knowing what schemes to take advantage of to reduce your spending.
Being organized is essential, so begin by reviewing your bank statements and noting when all of your payments are due.
Cutting costs becomes much easier once you know how much you’re spending.
Broadband
If you’re not under contract, you’re probably paying too much for your broadband.
Use a price comparison website to see if you can get a better deal elsewhere.
Take note of how much speed you require, as you may be able to save money if you can reduce your package.
You don’t want to change? Speak with your current provider, explain the prices you’ve seen elsewhere, and try to negotiate a lower price.
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Remember that if you’re under contract, you may be charged an exit fee if you switch.
If you receive certain benefits, you may be eligible for a social broadband tariff, which is usually less expensive than regular deals.
TalkTalk provides free broadband for six months to Universal Credit job seekers at the discretion of your local JobCentre.
Other than that, Vodafone’s cheapest social tariff starts at £12.
Mobile
The same logic applies to your mobile phone bill: compare prices, then switch or haggle.
Again, if you switch providers mid-contract, you may face an exit penalty, which could mean paying off the remainder of your current contract.
SIM-only plans are typically the most affordable phone plans.
This is because you are only paying for your minutes, data, texts, and any other allowances, not the handset itself.
When comparing prices, consider how many minutes and data you use in your current deal to determine the type of package you require.
Insurance
If your insurance policy is up for renewal, whether it’s a car or home insurance, make a note in your calendar to begin comparing prices.
According to MoneySavingExpert, the best time to find the cheapest car insurance is 23 days before it expires.
Compare home insurance prices 21 days in advance.
Again, if you’re happy with your current provider but have found a better deal elsewhere, call them up and haggle the price down.
Subscriptions
You’re probably subscribed to several subscription services and memberships, ranging from Amazon and Netflix to your gym, but how many of these do you use?
Examine your bank statements for any regular payments, and then consider whether you can live without that product.
If you pay monthly, you should be able to cancel the service and the payments should stop immediately.
If you’ve made an annual payment, you may be able to get a refund for the months you still have left.
Read the terms and conditions carefully to determine your cancellation rights.
The council tax
It’s well worth checking to see if you’re paying too much in council tax, either because you’re in the wrong band or because you’re missing out on discounts.
If you believe you are in the wrong band, you can appeal your council tax.
But first, do your homework; if it turns out that you’re in the wrong band, your bills will skyrocket, potentially affecting your neighbors.
More information on challenging your council tax band can be found here.
There are also numerous scenarios in which you may be eligible for a discount of up to 100% off your council tax bill.
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For example, if you live alone, you could get 25% off, or 50% off if everyone in your household is exempt from paying.
A person with a “severe mental impairment” living alone, or in an all-student household, could be eligible for a 100% discount.
If you are on a low income or receive certain benefits, you may be eligible for up to 100% off your bill if you qualify for Council Tax Support (also known as Council Tax Reduction).
Energy
Households are currently covered by the Energy Price Guarantee, which has “frozen” the average family’s energy bills at £2,500 per year.
However, this is not the maximum amount you could pay. The guarantee, like the Ofgem price cap, limits what you can be charged for unit rates of gas and electricity.
This means that if you use more energy, you will pay more; if you use less energy, your bill will be lower.
There are no fixed tariffs that will save you money right now. This means that using less energy is the best way to reduce your energy bill.
This can be accomplished through simple measures such as turning down your thermostat (which, according to British Gas, can save you £115 per year on average) or turning off standby appliances.
You should also ensure that your home is properly insulated. If you have floorboards, you can easily remedy this by purchasing rugs or making your draught excluder.
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Finally, ensure that you are receiving all of the energy assistance that is available to you.
For example, a £400 rebate is being distributed in six installments until April. If you are a prepayment customer, you must physically claim this.
Other programs include the Warm Home Discount, which is worth £150, Cold Weather Payments, which are worth £25 each, and Winter Fuel Payments, which are worth up to £600.
Many energy providers also provide free cash grants that do not require repayment. British Gas has a hardship fund for anyone – not just customers – from which you could receive £1,500.
Water
Although you cannot switch water providers, you can save money on your bill.
The most obvious method is to use less water. You could, for example, cut your shower time by one minute.
You could also look into water meters to see if they can help you save money.
Martin Lewis suggests that as a general rule, having more or the same number of bedrooms in your home as people could save you money.
To see if you’d benefit from a water meter, use the free calculator on the Consumer Council for Water’s website.
Save Water Save Money also offers a variety of free water-saving devices to households.
Shower heads that help regulate water usage, tap inserts that regulate water flow, and cistern bags that use less water with each flush are among the gadgets.
Mortgage
Mortgage rates have risen sharply in the last year as a result of the Bank of England’s nine consecutive interest rate increases.
To put this in context, the average interest rate on a two-year fixed contract has risen from slightly more than 2% to 5.75% since December 2021.
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If you have a fixed rate deal that is about to expire, you will face a significant increase in your repayments when you remortgage due to how much rates have risen unless you fix another deal.
Some lenders allow you to lock in a rate six months in advance, while many others allow you to lock in three months in advance.
When negotiating a deal, there are numerous factors to consider. For instance, how long do you want to fix it? What is the size of your mortgage?
Speak with a broker to determine the best options for you.