Money saving New Year’s resolutions for 2016

Which? has put together our five top tips to help save money in 2016 by switching providers and haggling for a better deal.

Our research shows that households can save hundreds of pounds by bartering on their telecoms bill and a further £297 by switching energy providers.

Which? executive director, Richard Lloyd, said:

“With many people feeling the pinch post-Christmas, it is worth looking at your bills in the New Year and see if you cut down on your monthly costs. Our research shows that switching providers or haggling for a better deal could save you hundreds of pounds a year.”

Using our five top tips in 2016, you could save money on:

Energy bills - You could save money by switching your energy provider. Which? Switch customers are currently saving an average of £297 a year on their gas and electricity bills.

Use the Which? Switch energy comparison calculator to find out how much you could save by switching to a better energy deal.

Banking - Switching your bank account may seem like a daunting prospect but the Current Account Switching Service has made it easier than ever to change bank accounts. With lots of current accounts paying respectable levels of interest on balances that are in credit, it is worth switching. Our free reviews show which bank accounts are best for you if you’re always in credit.

Telecoms - More than half (54%) of people say they have never haggled on their telecoms services but we found on average you could save £314 across a mobile and combined broadband and pay-TV contract.

Our handy hint to haggle for a better deal is to do some research and see what deals are available from competitors before calling your provider. When you call your telecoms provider to haggle, mention the other deals that you have found and see if they can make you a better offer.

Groceries - Swapping big brands for supermarket own brands can save a significant sum on groceries. We regularly put big brands to the test against supermarket own ranges and in our gin taste test Morrisons’ London Dry Gin (10.49) came top beating some of the more popular and pricier brands. The Co-operative Les Pionniers NV Champagne (£16.99) was labelled the best Champagne ahead of Veuve Clicquot Yellow Label Ponsardin Champagne.

Car insurance - Insurers reserve the best deals for new customers and often push up the premiums for their loyal policyholders. Rather than just allowing your policy to roll into another year shop around and see if you can find yourself a lower premium. Even if you want to stay with your provider, it’s worth haggling as eight in 10 (78%) people told us they successfully haggled for a better deal and saved £60 on average.

For more money saving tips visit www.which.co.uk/savemoney. We also have free advice and guidance on your consumer rights at www.which.co.uk/consumer-rights

Notes to editor

  1. Energy methodology – £297 is the average estimated annual saving for customers who applied to switch suppliers through Which? Switch between 1 May and 31 August 2015.
  1. Telecoms methodology– We surveyed 3,000 Which? members, on their mobile, broadband & TV and broadband only packages in November 2015.
  1. Car insurance methodology– We surveyed 1,880 motorists in November 2015, 78% of respondents haggled successfully.

Press Release: , , , , ,