How Staying Loyal Can Cost You Money

Sticking with the same mobile company or failing to swap our energy supplier could be costing us dearly according to a new report from Quotemyenergy. While many of us think that loyalty gets rewarded with numerous discounts and special offers, the opposite is often the case.

The company took a look at several long term provision relationships to see how much extra we can end up paying by staying put. This included utility bills, insurance, gym membership and those all-important mobile phone contracts. Across the board, Quotemyenergy found that we’re loosing out to the tune of £2,827 a year by being loyal.

Some the main findings of the report are as follows

Mobile Phones

When we finish a contract, most of us don’t bother to renegotiate a new deal. The truth is that switching provider and looking for a better bundle can save as much as £204 if we just make the effort.

Energy Supplier

We’re always being told to swap utility companies but it’s still the case that many of us don’t do it. Changing from one company to another can save nearly £400 a year on average and it’s relatively simple to do.

Broadband

Most of us use Wi-Fi nowadays and switching this can save over £100 a year even with fewer suppliers on the market. Negotiating a better deal once a contract has finished can also make a big difference.

Insurance

This can be something we leave to renew each year without realising that switching suppliers can cut our costs significantly. If you decide to switch a couple of weeks before renewal, you should expect to save £137 a year.

Gym Membership

If you’ve signed up to a gym and spend your time pounding out the miles on the treadmill or pumping iron, shopping around for a better deal can save you £240 according to the research. More gyms nowadays are offering monthly rather than yearly rates which can further help to bring the costs down.

One other area where Quotemyenergy say that you can boost your income is swapping your job. The company suggests that you can improve your earnings by as much as £1,656 in a year if you make the right choice.

The survey was carried out by using a variety of internet sources from the Telegraph to valuepenguin.com and the full infographic is currently available on the quotemyenergy.com site.