A simple way to maximise your money..

Whatever your budget, everyone needs to make their money work for them. Every month we carry out a financial audit, or in simple terms we sit down and see where our money goes each month! It’s quite interesting how much this benefits us, as it allows us to really make the most of the money we have. While it’s easy to say cancel that gym membership you never use, or the chocolate club you joined on a whim, can you do anything about bills for things you really need, like household energy?

A number of our friends have never changed supplier, and I’m really quite astonished that they haven’t! It’s one of those things which sounds like it might be difficult, or take a long time, but it’s quite easy to do! Be An Energy Shopper, from Ofgem, the energy regulator, tell you everything you need to know about the switching process. The best bit is once you have selected your new deal, your new supplier deals with your old supplier, and the switch magically happens without any interruption to your supply. Oh, and you don’t have to be the homeowner to switch suppliers, tenants who pay the gas or electric bill directly to the supplier, can switch too.

So how do you go about changing utility supplier?

The first thing to do, is look at your usage, write down what you are currently spending with you current supplier. Then do you have gas and electricity (dual fuel) or just electricity? As this will make a difference which deals you are searching for! Then, find an Ofgem accredited energy comparison site and see whether you could beat the price of your current supplier. If you’re dual fuel, look at the prices of getting the supply separately as well as dual, though usually I’ve found it is cheaper to go dual fuel it’s always worth checking both! Look at the deals carefully, how long are they offering the price quoted for? Does the price go up once the offer ends? How much does it go up to? How long is the contractual period for? It’s really easy to do and once you’ve decided on a deal and signed up for it, your suppliers will do the rest.

We like to set a reminder on my phone (or write it on the calendar!) for a couple of weeks before the energy deal we’ve chosen is up, this means we have plenty of time to shop around using a comparison site for the best deal again!

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