Do You Check Your Bills?

Save Money, Save Energy

Before I can start my Summer planning I like to sort out our household bills and accounts to see if any savings can be made – this is something I encourage people to do annually and if you have your copy of our free e-book you may have already started. Utilities is always a good place to start as the market is very open, but most of us are too lazy or busy to regularly change our accounts to new suppliers. This often results in being automatically moved on to a Standard Variable Tariff at the end of your contract – which can be costly. This post has been sponsored by ENGIE, and written by Mrs F x

I was surprised (and pleased) to learn that ENGIE have made a promise to always move customers onto their cheapest comparable tariff available when their contract ends. They have called this their Rate Rollover Promise. We worked with ENGIE on Clean Air Day and were impressed by their attitude towards customers and the environment.

The Rate Rollover Promise rewards their loyal customers by always making sure they are on the cheapest comparable tariff that ENGIE offer – rather than keeping low rates only for new customers. I found this a refreshing attitude as so many companies do not reward loyalty, and I usually encourage people to change their suppliers often. This promise could mean you no longer need to keep changing; but can stick with a company that value your custom.

Did you know when your fixed term contract ends most suppliers just automatically move you onto their Standard Variable Tariff (SVT)?

This is not likely to be the cheapest option – and you will be paying that rate until you actively move your account or request to change onto a better rate. It’s up to you to be on top of all these dates and agreements… which isn’t easy if you are also trying to keep other plates spinning!

When you sign up to a supplier it’s normal to go with a fixed term price for 12 or 18 months, this is great as both you and the company can plan what is going in and out – however if you don’t keep an eye on when that fixed amount is coming to an end you can suddenly find your bills have changed.

The SVT is a variable amount, so it can go up and down making it hard to estimate your bills. This is an industry standard figure, and many people are paying more than they need to for the same supply as they haven’t checked if there is a cheaper rate available.

As accounts are usually charged by the unit of electricity or gas, avoiding an SVT could make a huge difference to your bill. A recent study commissioned by ENGIE has found that millions of British families could save an average of £121 a year off their energy bills if their provider switched them to the cheapest available tariff rather than the Standard Variable Tariff. That could be a considerable saving for a family, and is why policies such as ENGIE’s Rate Rollover Promise can be so beneficial.

Checking and potentially changing your utility companies is a really important way to keep on top of your finances; and could save you a significant amount of money. Once you are in the habit of looking at the largest bills like gas and electricity you can start to review other regular outgoings like:
• phone packages
• internet charges
• tv costs
• travel
• childcare
• clubs and activities

It’s important to feel in control of your outgoings, to know how much and when the money leaves your account so you don’t have any nasty surprises, and most importantly you can start to plan ahead.

One way to make this sometimes boring or frustrating process more fun is to have a sliding scale of what you will do with any savings you make…
If we save £50 we will…
If we save £100 we will…
If we save £150 we will…

 

When did you last check your monthly outgoings?

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