Skip to main content

Fix your bills: how to cut your everyday costs and keep saving money all year round

/li> 26 shares 16

comments

If you've decided to tackle the long-overdue job of overhauling your bills, you can look forward  potential savings of thousands of pounds.

Although you will need to set aside a bit of time to check out the best options for you, This Is Money's guide to fixing your bills can help you get on track. We have lumped all the tools and top tips you need in one place to make it easier to save money - and keep on saving it all year long.

Fix your finances: From your energy bills, to your mortgage and your car, how to get your bills sorted

Firstly, why do this?

Needlessly overpaying for gas and electricity, mortgage payments, home phone, broadband and car and home insurance costs can take its toll - adding up to tens, if not hundreds, of pounds every month.

Put a little work in though and you can keep that money. Here's how:

CAR INSURANCE

Why now? A landmark rule change last year meant insurance firms are banned from taking gender into account when pricing premiums. As a result, teenage female drivers are seeing the cost of their car insurance rise by up to 50 per cent.

Top money savings tips for car insurance include adding or removing additional drivers, checking your listed occupation and thinking about installing a 'black box' (which monitors your driving).

But, when looking for savings, make sure that you check the level of cover. Comparison sites are geared towards price – double check your quote includes important coverage such as excess or legal cover.

Car insurance: shop around to make sure you get the best deal

Don't, whatever you do, just accept your car insurer's renewal price.

Insurers often discount premiums to attract new customers but increase cover costs for existing customers – even if you have not claimed.

Do shop around for the best deal - it is even worth approaching your insurer as a new customer to see if you can get a better offer.

Deal alert

First Direct is offering new customers holding a First Account a 25 per cent discount on their car insurance.

You must be over 21 to take out the cover and there is a minimum excess of £150 on damage, fire and theft.

NatWest offers its current account customers signing up for car insurance 15 per cent off and a further 10 per cent reduction is given to those with existing home insurance.

The offer applies to comprehensive and third party fire and theft policies and the discount only last for the first year.

Customers who take out a new Sainsbury's comprehensive car insurance policy will clock up double Nectar points on their Sainsbury's shopping and fuel for two years.

John Lewis offers a 10 per cent discount when you apply for motor insurance online. In addition, holders of its Partnership Card get a further 10 per cent off. If you take out insurance with the retailer before July 29 you can also bag yourself a £30 TomTom voucher.

Cashback

It might be worth checking out a cashback website such as Quidco which will pay you a lump sum - often as much as £80 - in cashback if you buy your insurance via its site.

Car insurance quick links

- Under 25? Top tips to cut your car insurance premium.

- How-to guide on the best ways to bag car insurance deals.

- This is Money's car insurance search is powered by MoneySupermarket and will compare more than 130 insurers for you. Compare prices right here.

- Visit This is Money's car insurance savings page for more news, information and advice.

HOME INSURANCE

Why now? As with car insurance, many homeowners continue to just renew their premium every year - forgetting that an insurer will often just up their price, even if you have not claimed.

HOME SAVINGS

Knock money off your premium with approved locks on all windows and doors. If they don't stay locked, it may invalidate your claim, even if that isn't the cause of the problem.

Fitting NACOSS standard burglar alarms reduces premiums, but they are expensive and need annual check-ups.

Think about increasing your excess. The more you're willing to pay, the lower your premium.

Bizarrely, you could be eligible for a cheaper premium if you live in a neighbourhood watch area - it's worth checking, just in case.

Don't forget to tell your insurance firm about your no claims bonus if you have one.

The older you are, the less likely you are to make a claim, which could impact your premiums.

Are you a full-time housewife or husband? if so, don't tick the 'unemployed' box, which could make your premium more expensive.

Make sure you get an annual quote and shop around.

Watch out for pay monthly options, which usually cost a lot more because the insurer simply loans you the annual cost and whacks on big interest rates.

When it comes to insurance, be as open and honest as you can - that way if anything happens to your home you will be covered under your policy.

You may have to pay extra if, for example, you live in a high-risk flood area. But it is worth it long-term.

Your coverage could be invalidated if you do not give all the correct information.

On the other hand, if you are teetotal, a non-smoker, or have a dog (considered a deterrent to burglars by some), it's worth asking insurers whether this positively impacts the price of your premium.

Check for cashback. Cashback sites Topcashback and Quidco are two of the best. Make sure you don't make your choice based on the cashback deal, though. See it as an added bonus once you've picked the right cover.

Deal alert

NatWest is offering 12 months for the price of nine, with an additional 30 per cent off if you buy your home insurance online.

Broker Quoteline Direct promises to beat like-for-like cover by at least 10 per cent.

Don't forget to check Aviva and Direct Line separately because they do not include themselves on comparison sites. They often both offer good deals, too.

Aviva - current deal: new customers buying buildings and/or contents insurance, who can prove at least five years no claims on their existing policy can save 40 per cent when buying online.

Direct Line - save up to 40 per cent by booking online until the beginning of July 2013.

Home insurance quick links

- Read This Is Money's home insurance guide here.

- Compare the best rates for home insurance here

- Visit out home insurance section for news, advice and tales of the unexpected.

Bills: how to cut costs and get the best deal on your gas and electricity

ENERGY 

Why now? If you are with one of the major gas and electricity suppliers you could make substantial savings by moving to one of the smaller firms which are offering the cheapest tariffs.

Comparing and switching is easy - all you need is your postcode and an estimate of what you use on a monthly basis.

Top money-saving tip - once again, the golden rule is to shop around. You are pretty much guaranteed to make electricity and gas savings if you do your homework - those who have not switched before or not done so for some time are in line for the best savings.

Energy quick links

- Read our how-to guide for more on how to switch and save.

- Read how small gas and electricity firms beat the big six in a recent survey

- Find out how much you can cut costs on your energy bills using our price comparison tool

MORTGAGE

Why now? Mortgage rates have dropped to their most affordable level in nearly a decade.

This is great news for homeowners - mortgage payments are often the single biggest monthly expenditure, so changing your mortgage provider to make the most of new rates could save you a fortune.

 

Cutting just 1 per cent off a £100,000 mortgage will slash costs by £60 to £80 a month.

Although remortgaging can save you hundreds, if not thousands, overall, it is a process that's not without its own costs.

Lenders are under increasing pressure to keep headline rates low - to balance this out they often increase the fees they charge borrowers to move to new deals.

So if the fees outweigh the savings, there's no point in moving.

To get a better price you could shop around for deals yourself.

However, this could be an instance where it's better getting professional advice from a broker. They can help you track down and access top deals more quickly.

Mortgage quick links

- Want to find out how much you're paying? Use our 'true cost' mortgage calculator

- What next for mortgage rates? Simon Lambert's latest analysis and round-up of the best deals

- This is Money has teamed up with London & Country, the UK's leading no-fee mortgage broker, to offer you expert help on the right mortgage deal. See best buys and get free advice

BROADBAND, TV AND HOME PHONE Switch to save: Keep broadband, home phone and TV costs to a minimum by comparing prices regularly

Why now? Most providers are hiking their prices - resulting in some having to shell out nearly 10 per cent more on bills.

Broadband, TV and home phone companies rule supreme when it comes to introductory offers. And, with lots of different incentives and deals around now too, it's a good time to switch.

With all-inclusive deals, customers get a discount for paying a single monthly fee rather than finding the cheapest of each and signing up to separate contracts.

But even though households sign up for a set period, many are surprised to find that the costs are not fixed.

What’s more, because they are locked in to these contracts, it can be difficult to duck out of just one service — for example, the landline — and move to a cheaper firm.

Those who want to jump ship on only one part can be hit with expensive early exit charges. In some cases, they can be asked to pay £6.50 for every month remaining on their contract.

On top of this, they may have to pay reconnection fees with their new company of around £130. And their service can be cut off for weeks as the old provider drags its feet in helping their departing customer make the transition to a rival firm.

Despite the downsides, using one firm for multiple services is increasingly popular and still offers the best value when you first sign up.

 

So do your homework. Price plans from various firms vary dramatically - comparison site uSwitch found that if a customer paid for television from Sky, broadband from Virgin and a BT phone line, it would cost a total of £797.25 over 12 months.

But it found Virgin Media’s Essentials Collections bundle, which includes phone, broadband and TV, costs £441.75 over 12 months — a saving of £417.67.

Top money-saving tip - if you're a sports fans who only watches Sky Sports for several months of the year, cancelling sports packs during the months you don’t use it can save you around £20 a month.

Remember, although a bundled package is most likely going to be the cheapest option, it's worth running a separate search just in case you can get cheaper individual deals.

Broadband quick links

- Compare the cheapest broadband, digital TV and home phone deals here

- How you can duck out of your contract for free if prices are hiked




Popular posts from this blog

Study Abroad USA, College of Charleston, Popular Courses, Alumni

Thinking for Study Abroad USA. School of Charleston, the wonderful grounds is situated in the actual middle of a verifiable city - Charleston. Get snatched up by the wonderful and customary engineering, beautiful pathways, or look at the advanced steel and glass building which houses the School of Business. The grounds additionally gives students simple admittance to a few major tech organizations like Amazon's CreateSpace, Google, TwitPic, and so on. The school offers students nearby as well as off-grounds convenience going from completely outfitted home lobbies to memorable homes. It is prepared to offer different types of assistance and facilities like clubs, associations, sporting exercises, support administrations, etc. To put it plainly, the school grounds is rising with energy and there will never be a dull second for students at the College of Charleston. Concentrate on Abroad USA is improving and remunerating for your future. The energetic grounds likewise houses various

Best MBA Online Colleges in the USA

“Opportunities never open, instead we create them for us”. Beginning with this amazing saying, let’s unbox today’s knowledge. Love Business and marketing? Want to make a high-paid career in business administration? Well, if yes, then mate, we have got you something amazing to do!   We all imagine an effortless future with a cozy house and a laptop. Well, well! You can make this happen. Today, with this guide, we will be exploring some of the top-notch online MBA universities and institutes in the USA. Let’s get started! Why learn Online MBA from the USA? Access to More Options This online era has given a second chance to children who want to reflect on their careers while managing their hectic schedules. In this, the internet has played a very crucial in rejuvenating schools, institutes, and colleges to give the best education to students across the globe. Graduating with Less Debt Regular classes from high reputed institutes often charge heavy tuition fees. However onl

Sickening moment maskless 'Karen' COUGHS in the face of grocery store customer, then claims she doesn't have to wear a mask because she 'isn't sick'

A woman was captured on camera following a customer through a supermarket as she coughs on her after claiming she does not need a mask because she is not sick.  Video of the incident, which has garnered hundreds of thousands of views on Twitter alone, allegedly took place in a Su per Saver in Lincoln, Nebraska according to Twitter user @davenewworld_2. In it, an unidentified woman was captured dramatically coughing as she smiles saying 'Excuse me! I'm coming through' in the direction of the customer recording her. Scroll down for video An unidentified woman was captured dramatically coughing as she smiles saying 'Excuse me! I'm coming through' in the direction of a woman recording her A woman was captured on camera following a customer as she coughs on her in a supermarket without a mask on claiming she does not need one because she is not sick @chaiteabugz #karen #covid #karens #karensgonewild #karensalert #masks we were just wearing a mask at the store. ¿ o