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You have paid all your bills wrong

HOUSEHOLD bills are skyrocketing, but are you adding to your money going out by making some common mistakes?

From energy costs to gasoline and grocery prices, millions of people are feeling the effects of rising costs of living.

Households are feeling the pinch during the cost of living crisis

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Households are feeling the pinch during the cost of living crisisCredit: Alamy

But if you’re making some common mistakes, you’re likely working more than necessary.

Are from Car’s insurrance To heat up the bill, we have some simple tips that will save you hundreds of pounds.

Shopping around

This may sound like an obvious one, but every year millions of people forget to do it.

If you let your insurance policy renew automatically, chances are you won’t get the best deal.

A rule change in January 2022 means insurers can no longer offer better offers to new customers, but that doesn’t mean you shouldn’t shop around.

The same goes for your cell phone, broadband, and energy bills.

“Never accept the first price you are offered when renewing or quoting your rides,” said Ryan Fulthorpe, spokesman for GoCompare.

“It’s always worth checking the rest of the market to see how that initial offer stacks up.”

Use a comparison site like GoCompare or Confused.com to check prices – and don’t just choose the cheapest policy, make sure it fits your needs.

Get the right product, not the cheapest

That brings us to the next point neatly – this doesn’t automatically pick the cheapest deal on the market.

But if your policy doesn’t give you the coverage you need, it will cost you more in the long run.

For example, if you buy a cheap engine policy but drive many miles, you might consider a deal that includes incident cover.

It’s not a legal requirement, but if you break a long way from home it could cost you hundreds of pounds.

Meanwhile, a cheap price broadband The deal may not offer the speeds you need to work from home or stream the shows you want to watch – and there may be download limits.

Pay in advance

A monthly insurance installment may seem like a more pocket-friendly option, but it comes at a cost.

When you pay by direct debit every month, you’ll also pay interest on your premium.

You can save significant amounts of money by paying in one lump sum for things like car and home insurance.

“Annual payments will reduce your insurance premium costs, because the monthly insurance payment is essentially a loan, and most insurance companies add interest on the premiums,” says Fulthorpe. payment.”

Comparison sites will often give you the option to browse for annual or monthly prices so you can see the difference.

And the added benefit of this is that you’re less likely to get hit by auto-renew, which means you can shop around for the best deal on your next purchase.

Haggle

Being brave enough to question your rates can often save you cash, especially if you’ve been working with the same supplier for a long time.

We’ve heard so many success stories of people negotiating their TV plan or broadband bill – one customer saved more £700 on her Virgin Media plan.

According to GoCompare, a third of Britons have never switched their broadband provider.

If you’re one of them, you’re probably paying too much – that’s because your monthly bill goes up when the introductory offer expires.

If you plan bargain, make sure you’re polite and go for comparable deals you can get elsewhere or if you’re a new customer.

“Once you’ve got a better deal, talk to your supplier and tell them you’ve found something new,” says Uswitch. If they know that you took the initiative to look elsewhere, they may be more open to negotiating.

“Some vendors are more open to haggling than others, so don’t expect it to work in all situations.

“It’s also important to note that you can only really do this when you’re out of contract and can leave the provider freely.”

Check out the small print

Before signing up for any service, it is important that you check the details.

On broadband, check the speed you’ll get or any download limits, for example, and with insurance make sure you know the excess you’ll have to pay if you claim it.

There’s no reason to overpay for a service that doesn’t meet your needs – exceeding your download limit could result in additional fees, and a high excess premium could keep you from claiming compensation if you cannot afford to pay.

With your mobile phone, make sure your deal isn’t over and you’re not being charged for a handset you’ve already paid for, says Uswitch.

“Switching to a SIM-only contract is a great way to save money, as you won’t have to pay for a new phone.”

If you’re still in contact and having trouble paying your monthly bill, you should still talk to your provider – they can switch you to a more affordable plan.

Use cashback sites

Refund Sites basically pay you when you make a purchase.

You sign up to sites like Quidco or Topcashback and click through these sites to get to the retailer you want to browse.

Either way, you should only use cashback on purchases you’ll be making – as payment is never guaranteed – which makes insurance a good candidate.

And some of the best cashback offers are available on insurance products.

When we checked, we discovered up to £90 cashback if you buy from More Th>n and up to £78.75 back on Petplan pet insurance policy.

Do your research

While switching to a new provider is often a surefire way to get the best deal, it pays to do your research.

For example, at this point, switch to a new energy supplier Probably the worst thing you can do.

“While the energy market is in a state of flux, this is an area that may not be straightforward to transform and save on – but there are still ways to save on your bills just by,” says Fulthorpe. control your usage.”

Simple steps like turn the thermostat down can really make a difference.

Uswitch estimates that households could save £50 a year or more for each degree they turn down.

Turn off the lights when you leave the room, replace old bulbs with LEDs, and melt down your radiator to make sure they’re working properly.

We also reviewed worst device to stay in standby And how do you spend it? £3 could save you hundreds.

Martin Lewis reveals how households will pay 40% more on higher energy bills next year

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Bobby Allyn

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