People across the country are facing a triple whammy threat this spring, with Ofgem increasing its annual energy price cap by nearly £700 in April on top of widespread inflation due to recent supply chain pressures and the UK Government’s upcoming National Insurance increase.
UK inflation hit a fresh 30-year high after rising further in January as the country remains in the grip of a tightening cost of living squeeze.
Official figures revealed that Consumer Prices Index (CPI) inflation reached 5.5% last month, up from 5.4% in December and again reaching the highest level since March 1992, when it stood at 7.1%.
To combat the upcoming changes to income and outgoings in April, the experts at money-saving website Quotegoat.com have put together the most common financial mistakes people are making which could be a great place to start if you are keen to curb costs this year.
1. Not asking for compensation when a company has wasted your time
If you need to make a complaint to a company and you’re left waiting on the phone for a long time, or you’ve had to repeatedly email to chase up an issue, make sure you ask for compensation.
If you have a strong enough complaint, many companies will give you something - either a credit on your account, a partial refund, a gift voucher or even cash.
2. Not comparing garages for the cost of vehicle repairs or MOT’s
So many people make the mistake of taking their car to the same garage they’ve always done without checking what it would cost elsewhere.
Costs of repairs and MOT’s can vary massively, so it’s always important to check and get quotes from other garages before you get work done.
3. Not asking for a partial refund when you’ve bought something that goes on sale
If you buy something in a shop or online and find it on sale from the same place a couple of weeks later, get in touch with the retailer and request a refund for the price difference.
Although they have no legal obligation to do this, most retailers we’ve tried this out on obliged our request.
4. Not haggling with your gym about membership fees
Gym memberships are very rarely a set price, and there’s always wiggle room. Ask for a couple of free months or a free PT session, or negotiate the number of guests passes they’re willing to give you. Pay upfront for the year for the best savings and check that your office doesn’t have a corporate discount rate.
5. Not calling your providers to haggle
First, go online to research the best deals and then put your fears of talking on the phone aside and dial your utility, bank or insurance providers.
Explain that you’ve seen a better deal online - if they can’t match it exactly, don’t be afraid to haggle on either price or length of the contract. In our experience, you’ll always get a better deal this way.
6. Not asking for a refund on delivery fees if an item hasn’t turned up on time
If you’ve paid for the delivery of an item and it’s not turned up by the date promised, email or call to ask for a partial refund of the goods or refund of the delivery charges as compensation.
7. Not negotiating a better price before your contract ends
Many people wrongly assume you have to wait until the end of your contract before you can haggle for a new price. This isn’t the case - especially with mobile phone providers.
8. Not asking for a discount on damaged goods
If an item in a shop is slightly damaged, but it’s the last one, make sure you ask for a discount. Virtually every retailer will give you something off, although most will tell you that doing so means you waive your rights to bring it back, so make sure you definitely do want it.
You can do the same if you buy something online.
9. Not using comparison sites to save you money
Comparison sites are your friend when it comes to getting the best deals.
Never allow your provider to auto-renew your contract without first checking the other deals on the market on a comparison site. Even if your auto-renew is cheaper than you paid last year, there could be even better deals waiting for you with other providers.
Commenting on the tips, editor-in-chief of money-saving website, Quotegoat.com, Michael Foote, said: “I understand that for some, the thought of haggling or negotiating prices can feel awkward and won’t come naturally, but the more you do it, the better you’ll get at it. The worst that can happen is you won’t get what you want, and that’s when you can vote with your feet and switch provider or retailer.
“Large corporations are making huge profits, so don’t feel embarrassed about negotiating what you pay or demanding a better service. Once you start to stand up for yourself, you’ll wonder why you ever paid full price or put up with bad experiences".
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