Sunday, 1 March 2015

Is your Energy Bill Devouring your Graduate Wage?

Despite the comfort of your hometown calling, there are plenty of grads who decide to up sticks in search of their next big career move. Whilst it’s tempting to move back in with your parents, nothing beats the freedom of living away from home. That is, until you realise the expense involved!

Having your bills included in with your rent and avoiding council tax completely is a luxury only known to students, yet you only really appreciate the difference to your bank account when you’re miles away from home and there’s no student loan waiting around the corner. Graduate life can often make you feel deflated, especially when your bills take up over 50% of your earnings. Is this what graduate life is all about?

No! There are plenty of ways you can take back control of your outgoings, all you need to do is start paying attention to your bills.

It’s easy to disregard the letters that drop through the door and submissively allow your energy and utility providers to take their chunk of your wages without questioning anything. In fact, a recent survey by energy comparison site Love Energy Savings found that 18 to 24-year-olds are extremely likely to ignore the fluctuating energy market, with 45.5% admitting it’s not something they think about when asked ‘Are you happy with your energy supplier?’

Even if you’ve spent all three years of university away from home, you can still fall into bad habits. There’s plenty of learning to be done and you can start by paying closer attention to those mounting bills.

Did you adopt a provider?
Plenty of people make the mistake of sticking to the same energy provider that previous tenants used, simply because it’s easy. However, you could be throwing your finances into disarray. Just because the previous tenant could afford the tariff, it doesn’t mean you can. Make sure your energy provider always matches your monthly budget!

Are you too loyal?
Unfortunately loyalty is not rewarded when it comes to your monthly bills, as providers often reserve their best deals to attract new customers. There are no medals for paying your bills on time for months on end, so if you’re not feeling valued as a customer, what’s the harm in checking out other options?

29% of 18 to 24-year-olds asked in the study said they were happy and loyal to their supplier, so perhaps they could be missing out on savings just as much as those who do not think about their monthly bills.

Did you take your parent’s advice?
Mother knows best, apparently! That’s why plenty of us ask our parents for help when we graduate and move away to find employment. If you simply went along with who your parents are signed up with, you may be in for a shock. The same provider doesn’t always mean the same tariff, so be careful when taking someone else’s advice when you move house or switch providers.

Are you with the ‘big 6’?
There are 6 main power providers who are at the top of the UK energy food chain. Their monopoly over the market has allowed them to dictate the prices in the past - with a market share of 92.4%, who would really tell them otherwise? However, people are now becoming more aware of smaller companies and breaking away from these conglomerates. Why not see if a smaller or lesser-known provider is right for you too?

24 comments:

  1. Your article is given general ideas about the energy bill about the graduate students. It is nice

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