You could save £100 yearly just by ditching one streaming service
You could save £100 yearly just by ditching one streaming service (Picture: Getty/Narumon Bowonkitwanchai)

The new measures announced by Liz Truss and Chancellor Kwasi Kwarteng reduce the impact of rising wholesale energy prices, but they don’t stop the majority of us still having to fork out more every month for our gas and electricity.

The only substantial way we can save more on this bill is to use less energy. By now you’ll have energy saving tips coming out of your ears, so I won’t repeat them.

But I will give you a nudge about the other bills where you can make a difference, and potentially save hundreds of pounds each year.

With most of these you need to be out of contract, otherwise there could be some nasty early exit fees. They’re best avoided.

So check your online account or paperwork to see what the situation is. If it’s not yet, make a note right away in your phone or diary so you get a reminder.

Aim to do this about a month before the term ends as there’s usually a window where you can leave early.

If not, you’ll at least get a headstart on finding the best deals. Assuming you’re free to take some action, the first one to look at is your mobile phone. If you’re paying more than £8 for your SIM then you’re being had.

You may need to revisit your monthly TV subscription fees
You may need to revisit your monthly TV subscription fees (Picture: Getty Images)

The vast majority of us won’t use the mammoth data allowances that networks offer on upgrades, so look at your account or app to see just how much you use. It’s likely less than 8GB. And if it’s more could you reduce that by using wi-fi whenever possible?

Moving on, take an axe to your pay TV. The amount you’ll be charged by the likes of Sky and Virgin Media for channels you can get elsewhere for less (or even nothing in the case of Freeview channels) is something easily avoided.

For Sky’s own channels look at streaming service NOW. At full price it’s £20 a month for entertainment and movies, and you can cancel any time.

Ideally you won’t pay full price for this thanks to frequent deals. I’d also look to cut back on all your streaming services and pay for just one each month.

Binge it, cancel it, move to the next one and repeat. If you currently have two a month and ditch one, that could be £100 saved a year.

Let’s not forget broadband. This is one of the best bills to haggle over. Find the cheapest deal out there and tell your current provider you’d like to leave.

If they can match, or beat, the new price you find then there’s more money in the bank. If they can’t, switch to the new company and you’ll still get the savings.

As with mobiles and data, be careful not to be upsold, in this case superfast connections you likely don’t need. It’s impossible to switch your water company, but if you pay a set amount each month, moving to a meter could be cheaper.

There are calculators online at ccwater.org.uk which will help you find out if you’ll save money by moving over.

Don’t ignore annual insurance policies. Yes, I know they’re boring. But auto-renewing will cost you more.

So have a look at a comparison site to see what a competitor will offer. Be careful here not to underinsure yourself. You’ll need to make sure you get the cover you need if there’s a reason to claim.

And lastly, that credit card bill could probably do with an overhaul too. Hopefully, if you use one you’re clearing the total balance every month and avoiding interest. But if that’s not happening, consider a 0% balance transfer credit card.

You can move money owed over to one of these and pay no interest for a set time, often around 20 months with no fee or up to 34 with a transfer fee of around three per cent.

You’ll save a packet – just be sure you pay at least the minimum each month and have a plan to clear the balance by the time the deal ends.

Andy Webb is an award-winning blogger and podcaster from Be Clever With Your Cash. Follow Andy on Twitter, YouTube and Instagram via @andyclevercash

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