Since the 2015 Budget announcement came out of that little red briefcase on Wednesday (18 March) everyone has been talking about money and saving for the future.
If all the chat has got you thinking about your financial future, an easy way to save money fast is by looking over your utility bills and taking action to make sure you’re not paying over the odds. Here’s how.
Check your tariff
Your energy bill should tell you what tariff you’re on and also give details of your supplier’s other tariffs. Is the listed tariff the one you expected? If you don’t recognise the name, it may be because you’re fixed rate tariff has come to an end and you’ve been rolled over to your energy company’s standard variable tariff, which is unfortunately the most expensive rate.
Switch your tariff or energy company
With an average difference of £235 between the most expensive and cheapest energy tariffs available on the market, now’s the time to compare gas and electricity rates.
If you’re one of the 70% of households on a variable energy tariff, you could save £235 a year on your energy bills by switching to a fixed tariff*. It is this disparity which led First Utility to call for the industry to scrap the variable tariff which it claims could collectively save customers £3.4 billion a year.
As a way of trying to engage more people to switch and save, the government kicked off new campaign called ‘Power to Switch’ to raise awareness of the benefits of switching energy tariffs or energy companies. Visit the campaign website at www.goenergyshopping.co.uk for personal advice on whether switching is right for you and take a look at our guide to how to switch energy provider.
Get on top of meter readings
By submitting regular meter readings to your energy supplier, you can be sure that the bills you receive are accurate and you won’t end up paying too much or too little. Simply make a note of the numbers on the front of your meter once a month and give them to your supplier.
Find out how to read your meters and then submit your readings to your supplier over the phone or via your online account. Most energy companies have an automated telephone service where you can leave your readings without waiting in line to speak to a customer service representative.
Remember, if you’re struggling to pay your utility bills your supplier is there to help you. You may also be entitled to home energy grants, so it’s worth checking your eligibility. Find out more in our guide to home energy grants.
*Based on the difference between the average big six variable tariff and the cheapest tariffs on the market at medium consumption.
About First Utility
This guide was supplied by First Utility, the UK’s fastest growing and largest independent energy supplier. Offering an alternative to the ‘Big Six’ providers it is committed to helping the UK reduce its energy bills by offering some of the cheapest gas and electricity tariffs, helping customers use less energy through the use of innovative technology and campaigning for industry change.
The contents of this article are for reference purposes only and do not constitute financial or legal advice. Independent financial or legal advice should be sought in relation to any specific matter. Articles are published by us without any knowledge or notice of the circumstances in which you or anyone else may use or rely on articles or any copy of the information, guidance or documents obtained from articles. We operate and publish articles without undertaking or accepting any duty of care or responsibility for articles or their contents, services or facilities. You undertake to rely on them entirely at your own risk, and without recourse to us. No assurance of the quality of articles is given or undertaken (whether as to accuracy, completeness, fitness for any purpose, conformance to any description or sample, or otherwise), or as to the timeliness of the publication.
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