How to cut your bills and save money during 2018

PUBLISHED: 11:21 06 February 2018

There are savings to be made - you just have to know where to look

There are savings to be made - you just have to know where to look

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Follow these expert tips and you might be able to save yourself a few quid

1. Consider switching your mortgage

Many home owners are still sitting on their lenders’ standard variable rate (SVR) - the rate which the mortgage reverts to when a particular deal comes to an end.

Despite the Bank of England base rate rise in November, there are still many low-rate mortgage deals available, so switching could provide you with an instant win and potentially save huge amounts of money.

2. Check you’re not doubling up

As many as 10 per cent of UK adults may be paying twice to protect their personal gadgets - Comparethemarket found that one in 10 had taken out separate gadget insurance on items already covered by their contents policy.

Chris King, head of home insurance at Comparethemarket, said: “If you find your gadget isn’t covered by your contents insurance, it’s worth calling your insurer and seeing if this is something that can be added onto your policy.”

3. See if you can save on your energy bills

More than 100 fixed energy tariff deals are ending or have already ended across the first three months of 2018, Comparethemarket has also found.

Its analysis of the fixed tariffs ending in these months found the average increase to energy bills could potentially be £192 per household.

Peter Earl, head of energy at Comparethemarket, said: “When fixed tariffs are coming to an end, it is essential to engage with your supplier, shop around and switch onto the best deal to avoid being rolled onto these expensive default tariffs.

“A £200 hike in energy costs could be highly damaging to the finances of many households and is easily avoidable.”

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