For many of us, spring signifies the time to give our homes a cathartic cleanse, getting on top of the housework and clearing out the cobwebs. But what about taking care of life admin and giving that a good old spring clean too?
With savings to be made almost everywhere, you should be able to improve upon your current deals. Be it energy tariffs, phone contracts, or the multitude of insurance policies you have, here are some fast ways to help tidy up your contracts, commitments and monthly outgoings.
Big savings start with your energy
Aside from your rent, mortgage or food costs, one of your highest monthly outgoings is likely to be the cost of energy for your home. So, download Compare the Market’s Meerkat app and set up its EnergyCheck service and you could shave a serious amount of money off your bills. This service continually scans the market to ensure you’re on a great deal and even takes into account exit fees, so it calculates if you could be better off even when switching mid-contract.
Direct debits and standing orders
True story. A chap was paying a direct debit of £5.99 a month. He had no idea what it was for, but discovered he’d been paying it for 12 years. After investigating, it turns out the direct debit was an insurance policy for an oven, which resided in a property he hadn’t lived in for 10 years. So that was £720 wasted on an oven he wasn’t even using. The moral of the story is take some time to comb through all your direct debits and standing orders, making sure you know what each one is for. Cancel that well-intended, but stagnant gym membership. Kill the subscription to the magazine you’re not reading. Are you paying for TV channels or streaming services you never actually watch? Delete those dead direct debits!
Be smart when it comes to your phone
Ninety-four per cent of UK adults have a phone [pdf], and whether you want the latest handset or are happy with your current device, there are great offers: it’s just a case of tracking them down. If your current monthly contract has expired, you’re almost certainly paying over the odds. If you’re happy with your handset, move to a sim-only deal – this can save hundreds of pounds a year.
Crushing credit card debt
If you’re currently paying interest on your credit card, or you’re looking to make a big purchase and don’t want to pay interest on it, a few minutes is all it takes to get you a great deal with a credit card finder. The possible savings you can make just by hopping from a credit card you’re paying interest on to a 0% on balance transfers can be staggering.
Auto-renewing is for chumps!
We know, they make it so easy for you: you open your mail, peruse the letter telling you “There’s nothing you need to do, we’re auto-renewing your policy”. But stop right there! When it comes to insurance policies, follow the simple rule of thumb of never, ever accepting any auto-renewal quotes. Even if your policy, be it for car/home/buildings/contents/pet – pretty much any insurance – has remained the same, the likelihood is you can save money by comparing first.
Know your benchmark price!
If you’re on the hunt for a new provider, for anything from roadside assistance to broadband, and have a preferred supplier whose price is too high, there are things you can do. Using a price comparison site will give you a great benchmark figure, which you can take to your preferred company and haggle like you’re in a Marrakech market. It’s likely they’ll either match your benchmark quote or even better it. We’ve tested this recently with the AA, Sky and Admiral Insurance, all of whom were happy to negotiate their price for the business.
Manage your mortgage
We spoke to DipFa-qualified independent mortgage adviser David Conway, who recommends overpaying on your mortgage, if possible. “No one tells you that you can make overpayments, particularly if you’re on an interest-only mortgage. By doing so, you’ll not only clear your mortgage more quickly, but you’ll reduce your mortgage interest.” Customers should speak to their providers prior to making any overpayments, to avoid a fee if applicable.
“And if your fixed-rate mortgage is expiring, don’t sit on your variable rate! Sitting on a variable rate can cost thousands! Your current lender may be able to offer a new rate without any checks on income or credit, providing payments have been kept up to date. Speak to a broker, as they can explain overpayments, look across the market, and consider your existing lender and alternatives.”
To spend less time searching for better energy deals, download the Meerkat app and set up EnergyCheck. Customers of Compare the Market who purchase a qualifying product can also use the app to get two-for-one at restaurants and cinemas for a whole year.
