How much can you save by moving to an alternative energy provider

There’s no doubt about it, the cost of living is rising as inflation is going up making everyday purchases and outgoings steadily more expensive. Average household bills are increasing due to the rising cost of utilities like gas and electric, as well as the increase in the price of food at the supermarket. All this is putting pressure on tenants and homeowners to make cutbacks in key areas.

Many are attempting to make savings by cutting out luxuries like clothing, high end food, consumer electronics, holidays, activities and days out, but there are very few who are capitalising on a little known opportunity to save hundreds of pounds every year, simply by switching energy providers. Most energy providers specialise in gas or electric, and having several suppliers often results in sky high bills. There are a growing number of alternative energy suppliers however, like uSwitch who offer consolidated bills at a reduced cost.

These companies combine all your utilities into one payment that not only often works out much cheaper than paying all your bills separately but it is also much more convenient. Many people have their bills spread across the month, or worse still, arranged quarterly and this makes budgeting quite difficult, as there is a lack of consistency. With an alternative energy supplier, one lump sum is paid monthly, so you know where you stand with your payments, and there are no unexpected shocks.

Some energy suppliers can even provide landline and mobile phone services, at a rate much lower than better known network providers, and this is an area where big savings can be made. Mobile phone deals have become far more competitive in recent years, and while line rental and a top of the range handset can end up costing in excess of £100 per month, there are deals out there for under £10. Alternative energy suppliers can offer these, making you a huge saving each month.

You might think that providing all these separate services would result in a reduced level of quality or customer service, but rest assured that alternative energy suppliers are not only cost effective, they have the customer support and backup to match more traditional energy suppliers like British Gas or N Power. Just like these more established companies, alternative energy suppliers can offer help and guidance with questions and complaints.

If you’re not convinced, alternative energy suppliers are totally transparent about their pricing, and a quick glance at the uSwitch site will allow you to compare electricity prices with other key suppliers, potentially saving you up to £420 in bills.  Some may not be convinced because the alternative energy brands are less well known and perhaps less trusted than more established names, but with the increased focus on saving money and reducing costs, alternative energy providers could be the future, since they offer a convenient, elegant solution to budgeting problems that many households face as a result of the recession and the necessity to reduce household bills and outgoings as much as possible.

Tags: energy, switch providers, food, British Gas plc, budgeting, uswitch, alternative, everyday purchases

Brits turn to credit cards three weeks after getting paid

It has been claimed in a recent report that millions of Brits are able to manage for around three weeks or so after getting paid before they are forced to turn to their credit cards. The reliance of many Brits on credit cards has increased as a result of soaring living costs, spiralling bills, frozen wages and government cutbacks. All of this has led to people being unable to manage as well as they used to in terms of their finances.

Whereas in the past consumer wages may have lasted more people for the full four week before the next payday came around, many are now finding that it lasts for only three of the four weeks, leaving them with a week where there money has run dry. This is the point where millions of Brits are turning to their credit cards to fund their living costs for the final week before payday comes around.

The research showed that around a quarter of consumers in the UK turn to their credit cards once they have run out of cash in their current accounts. The majority tend to run out of cash around three weeks after getting paid, at which point they turn to their credit cards. However, around one tenth of those that have to subsidise their monthly spending with a credit card are only able to manage for fifteen days before having to turn to their cards.

An official involved in the research said: “With most of the population feeling the pinch at the moment, it’s no surprise to see so many people reliant on credit so early in the month. However, unless you plan this properly and know you’re able to pay off your balance, this can be a dangerous trap to fall into. If you’re the type of person who doesn’t pay off their card every month, you need to look at the steps you can take to reduce monthly expenditure before turning to credit products. Budgeting is crucial at the moment and people will be amazed at how much cash they can free up each month by simply sitting down and going through their finances.”

Tags: monthly spending, consumers, spiralling, type, expenditure, pinch, budgeting, person

Students expect to be in debt

Young people in university education now treat debt as an expected way of life, it is claimed.

National Debtline spokesperson Becky Boden-Wilkes has commented that young people in Britain are no longer frightened and more accustomed to getting in to debt because they are used to acquiring an overdraft or student loan from the age of 18.

However, despite most graduates expecting to accrue a debt total of £15,000 by the age of 21, she said, students are not worried about the issue because they belief their learning potential accrued from university will enable them to pay of their debt later in life.

Thisismoney.co.uk recently reported that debt among UK graduates has increased by 197 per cent over the last decade to a current total debt figure of £3.2 billion.

Ms Boden-Wilkes acknowledged that students are encouraged to make friends and meet new people when they begin university, which can result in a substantial expenditure of money.

“There definitely needs to be more talk about budgeting and people working out what they need each week,” she said.

Tags: budgeting, UK graduates, substantial expenditure, university education, cent, figure, Public finance, Britain