4 stats on your bills and subscriptions that will make you look for better deals
You've set your targets and planned your goals. You're acing your budgets. You're tracking every stop at the coffee shop... If you're still reaching the end of the month a bit too light on cash, it might be worth taking a closer look at your monthly outgoings. It could be a classic case of creeping bills and subscriptions or even forgotten direct debits. Those things have a way of adding up, and, as we always say at Yolt, every little bit counts. This isn't only the case when it comes to your spending, but your savings, too.
So, if you're looking to spend a little smarter and save a little more, we've put together some top stats to inspire you to take action, clamp down on any leaky spending, and find the best ways to save a little — or even a lot — this month and every month…
So, without further ado, four stats on your bills and subscriptions that will make you look for better deals:
1. Your bills could cost you over £5,000 this year
It’s probably no surprise that bills account for a hefty portion of your total outgoings every month, but you might be taken aback by just how much they really add up. According to Yolt spending insights*, Yolt users categorised an average of £434 per month as bills in 2018 –an average total of £5,208 over the course of the year!
So, where are all of these expenses coming from? A lot of the available research on monthly bills tends to focus on the big necessities, such as energy, water, and broadband. But the reality is, what people consider and categorise as bills can be considerably more complex, factoring in everything from your favourite streaming services to your credit card balance.
According to our Yolt spending insights*, the top 50 most popular bill merchants, based on the number of users, fall into the following buckets:
If you’re looking to cut back, have a think about which bills and subscriptions you really need and want. Whether that’s looking for a better deal on your energy (you can do that in Yolt via our MoneySuperMarket connection) or replacing your gym membership with a running club, there are lots of ways to cut back and save. Needs and wants aside, there's also the bills and debits you may have completely forgotten about. Head to Yolt's Bill Tracker to see if there are any you don't use but still pay for!
2. Seasonal changes could have a serious impact on your bills
Considering Britain saw one of its hottest summers on record in 2018 – along with a few cold snaps throughout the year – it probably comes as no surprise that the seasons can wreak havoc on energy bills, especially when fluctuations in the weather are involved.
According to Yolt spending insights*, average monthly spending on bills were at their highest in July and October last year; on average, Yolt users categorised £488 and £482 respectively in these months. When compared to the £434 monthly average, that’s about a 12% increase!
If you’re looking for some quick ways to cut back, there are plenty of options for every season. Ahead of the winter months, think about switching to energy-efficient bulbs – this can have a big impact in the darker months of the year. If you’re a regular air con user, swapping it for a fan could help!
For an even larger budget boost, look into switching energy providers. You can easily compare energy deals in Yolt thanks to our new connection with MoneySuperMarket– head to the Actions tab to get started!
3. A record number of people switched their gas and electricity suppliers last year
Speaking of switching energy providers…When it comes to picking the energy provider that’s best for you, there’s greater competition than ever– at least 54 different providers, according to price comparison service, MoneySuperMarket.
Luckily, it’s also now easier than ever to switch providers. To get started, you just need a few details, including your post code, what type of fuel you use, and how many people live in your home. From there, you can use Yolt and MoneySuperMarket to look for the best deals available to your situation.
Last year’s numbers speak for themselves – Energy UK’s figures are in and the findings are record-breaking. According to the latest data, nearly one in five consumers changed energy providers last year in the UK. That's roughly 5.8 million switches in 2018!
4. You could save up to £302 by switching energy providers
If you’re still not convinced about looking for better deals, MoneySuperMarket reports that you could save £302** just by switching your energy provider this year.
And, if that’s piqued your interest, there are lots of opportunities to look out for, beyond gas and electricity. You could save money by switching everything from your home insurance to your bank account. So, if you want to cut back on your monthly outgoings, one of the quickest solutions is keeping an eye out for any better deals that are available to you.
That’s the inspiration behind our new partnership with MoneySuperMarket, so you’re not just spending smart, but saving smarter, too! Check them out in your Yolt Actions tab and compare deals across dozens of different energy providers!
*Yolt spending insights are aggregated data based on the anonymised data of over 10,000 Yolt users, spanning the period of December 2017 through January 2019.
**10% of customers that applied to switch via MoneySuperMarket could save at least £302.05, November 2018.