Top 5 ways to Save Money

There are many simply ways to save money without being an Ebenezer Scrooge! You do not have to do without your little luxuries or treats, substantial savings can be made simply by shopping around for the best deals on the services you are already using, just a little bit of research can save hundreds of pounds every year. The best  methods for saving money include switching banks and switching energy supplier, but you could also save money each year by considering installing a water meter, changing your mobile phone and provider and shopping around for your insurance.

Switching your bank account can give you access to better rates of interest and other useful features. Even better, banks nowadays do most of the switching work for you, switching accounts is quicker and simpler than ever before thanks to the introduction of new switching rules in 2013. The new switching service launched in conjunction with the Government, now gives banks a time limit of seven days in which to switch a customer’s current account with direct debits and standing orders. Before this switching service was introduced, it could take about eight weeks to transfer an account and many thought it not worth the hassle! To switch account, simply use a comparison service such as MoneySupermarket or Gocompare to find the best bank account for your circumstances, then make an application with the new bank and ask them to switch accounts, give them the name of your old bank and your previous account details along with two forms of identification, completing an application form and a transfer form. Then your account will be set up, all direct debits and Standing orders will be transferred and and your old account will be closed.

Switching energy supplier can offer the average consumer big potential savings of up to £180 on their annual energy bill. You can find the cheapest supplier through companies such as uSwitch, MoneySuperMarket and GoCompare. Then contact your new supplier and provide details of your existing supplier, current tariff and energy to calculate your bill. These readings will also be given to your old supplier to finalise your last bill from them. If you are in credit with your old supplier when you switch, the credit will bed be refunded to you. Generally it costs nothing to switch energy supplier, unless you are signed up to a  fixed-term contract with your existing supplier which has a termination fee. If such a fee is payable, you will have weigh up the potential savings against the termination fee to see if it is worth changing, if not, wait until 6-8 weeks before end of fixed rate contract then compare prices again.