Every month we have certain payments that get paid directly to various providers, no matter what. A lot of these monthly bills were probably setup months or even years ago. It’s really difficult to stay on track as to where your money is actually going, especially when providers have changed their name over the years due to being bought out, or have re-branded.
It’s essential to be vigilant with standing orders and direct debits. Occasionally a payment that you thought you had cancelled can still be taken out, it is possible it may have been taken out for some time.
Staying organised and on track will save you money, as you will know which payments can be cancelled. It is also advisable to renegotiate some of the payments you have going to necessary utility providers such as electricity and gas as there could be huge savings to be made.
Unfortunately some of the providers we pay to on a regular basis don’t reward customers for loyalty, in fact often the opposite happens and our monthly bills increase over time. It is therefore essential to negotiate with providers to lower bills, or take your custom elsewhere!
In fact there are certain bills that you should negotiate on a yearly basis. They include:
- Insurances
- Mobile phone
- TV
- Internet and landline phone
How to negotiate…
Timing. Firstly be aware of when your contract ends with the current provider. By leaving early you may be liable to pay a hefty fee. If a new provider is keen to have you as their customer it may be possible for them to foot the bill of leaving your current provider early – it’s always worth asking.
Contact current provider. Sometimes your payments just continue to roll year after year, with increases now and again, whereas some providers will provide you with a yearly quote. If your quote has risen steeply or you haven’t had a quote for years, it’s worth phoning your provider to ask if they have any current deals and promotions, if they say that the deals are only for new customers, say that you are considering moving to get a better deal. If they want you to stay as their customer they may offer an incentive. If they don’t—change providers.
Do a comparison search. There are many comparison websites online, which will allow you to compare deals from different providers. They will usually order them according to how good a deal is. The deals change daily, so a provider that was offering the best deals one week may be not be the following. Always check what is included in the deals and quotes. If you’re looking at car insurance, check the excess and if the policy will include breakdown cover etc.
To cut costs many providers operate online only now, it’s worth looking at reviews on how easy it is to contact them when making queries or claims.
To conclude, researching a new deal may same costly in terms of time, but in terms of money you are likely to save lots.
Milo Senalle
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