23 Oct 18
How To Save Money On Bills When Renting In London
If you’re anything like the average person, you are looking for ways to reduce your living costs and save money on bills. One of the easiest ways is to save on your ‘pleasure expenses’, by this we mean the superfluous splurge on coffee, restaurants and whatever other vices you may have. However, paradoxically, the average person struggles to cut down on these.
There are many methods to save money, the one we are sharing with you today is how to save money on bills by switching your household bills to a cheaper supplier. On average you could save over £300 a year! This may sound like a lot of hassle, but it doesn’t have to be. We have put together this easy guide so that after reading you’ll be a pro at spotting and switching to the cheapest provider.
Gas & Electricity
Competition means that customers can often get a better price if they are savvy about how they switch. Changing providers will be the biggest way to save money on bills. Some renters don’t know this, but if you, and not your landlord pay the bills, the decision to switch is yours. Here are a few essential steps for switching:
😖 If energy tariffs are like another language, click here to see a trusted breakdown of the lingo
⚖️ Compare energy prices easily. Check out our partner service, Switchcraft, for great help with switching
🔄 Switch energy provider. To complete the switch you will need the following close by:
- A recent energy bill
- Your bank details
So, that is how you switch energy providers; the process is surprisingly straightforward and should only take between 2-4 weeks until you are with your new deal.
Usually, you can’t change your water provider, but that doesn’t mean you can’t save money on bills. The typical house in the UK has two options to pay for water:
💷 Rateable billing: this means you would pay a set price per year based on information about your home
🚰 Water meter: this means you pay for the water you use
Therefore, you might be paying for water you don’t use; but, also, if you use more than is expected for your house you might be saving money 🥇😉
So, before you jump into contacting your supplier, you should calculate your usage to check which option is cheaper. The Consumer Council for Water has a great, free to use, calculator on their website.
Bonus Tip: Council Tax
Some people are eligible for a Council Tax reduction; it is well worth checking because if you are eligible, you could be saving over £100 a year. Typically, you might qualify if:
🧑 You are the only adult in the house
💰 You’re a low-income earner
🎓 You, or someone in the house, is a student
🇬🇧 You receive some benefits from the government
♿ You, or someone in the house, is physically or mentally impaired.
To find out the full extent of reduction and whether you can claim one, you can check the Government’s website.
Even if you can’t claim a deduction, you do still have a chance of saving money on your Council Tax. Approximately 400,000 homes have their Council Tax band incorrectly identified, so it is worth checking you are paying the right amount. It should only take a few minutes and yet could save you a few hundred a year. However, it works both ways, and you might end up paying more; for a detailed look at the risk check out this post by the MoneySavingExpert.
Following these tips certainly won’t make you a millionaire but it might just help you save an extra few hundred pounds each year, which of course, can make all the difference living in London. The best way to save money in London is to budget correctly and ensure you are not overpaying on your rent.
John is a Marketing Executive at Homie. He is passionate about copywriting and, equipped with his skateboard wants to make renting in London a roll in the park.