When people hear I that every year not only do I save money on my household bills, I also make money – they don’t believe me. Immediately the response is “yeah I change supplier but that’s saving not making…” Well I do both! I save money on the renewal rates of every single bill, plus I make money through comparing my new policy and buying my new policy! And it’s so much easier than people think! I hear the question all the time; “I have no money” and “my whole wage goes on my bills” followed by “I can’t afford that because the gas bill is due..” Now what would you say if I told you that your bills, yes all of them, could actually be the key to additional income every year? Yeah right! Well this is the way I do it and on average, I save myself around £200 each year and make a similar amount to boot….here’s how…….
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This is an exercise I’m going to talk more about in my upcoming book (eeeek! excited much?!) but I want you to know the basics of the process right now. Because believe me when I tell you it is not difficult and does not take hours upon hours to do. Once you have the basics down, it’s a process that takes around an hour for every bill you have; some slightly more, some less. The only household expense that I can’t help you with here is your water rates, council tax and rent but I can help you with the rest, even the mortgage!
You need to start the process by opening yourself a Top Cashback account. This sounds scary; it’s not. It is not a scam and there is a screen shot of my earnings below to show you that this is something that genuinely works and they do really pay you (my username is blanked out for obvious reasons but I promise it’s me!) My earnings are over the course of about three years of using it properly! The trick to using it is to be savvy and know what to do and when…..
The next thing you need is to head over to The Puddin’ Club and grab the free printable I made for you. It’s a simple sheet that helps you to manage the process that much more easily. So go get it….. (it’s called Renewals)
If you’re not a member (ahem, why not?) joining is free forever and you can use as many or as few of the resources as you like. There’s also discount codes, workbooks and other awesome helpful things that’ll help you to get home and life a little bit tidier….
So now we’re into the nitty gritty of this process. What you need is to choose a household expense that is not tied in to a contract or is due for renewal soon. In the book, I’ll talk about how to manage these types of contracts etc. to save you time and money every year but for now, you’ll have to go with me on this….
For the sake of explanation I’m going to use car insurance as today’s bill but honestly you can save and make money on every single renewable or household bill that comes with choices i.e. “who the hell do I let provide me with this service and who can offer me the best freaking deal?” So whether it’s your TV package, your broadband, gas and electricity or your car insurance, there is an option to change therefore there is an option to save and make money on those services! So grab your bill and lets get crack-a-lacking!!
- Complete the top section of your printable. This keeps you focused and gives you the basic information that you’re going to need. Do not put your paperwork away as you will need this for comparison purposes.
- Next login to your Top Cashback account and head to confused.com (this may change but to date this is the absolute best rate for comparison sites on Top Cashback for insurance policies – usually around £2 for a genuine quote). I’ll be looking for the “car insurance” option that pops up below the search bar.
If you’re looking to compare your energy supplier, type “energy comparison” into the search bar, or navigate using the options at the top of the page – Utilities > Gas and Electricity. There is a comparison site for everything in the webiverse, so if you can’t find one for your product on Top Cashback go to google and find one there. It’s not the end of the world if you don’t make money from the comparison process….
- Use the comparison site as instructed, using your last bill as a guide.
THINGS TO REMEMBER:
- Don’t forget to check your job description as this can impact the cost of insurance (especially car insurance!). If you have the time and inclination, try getting quotes on different variations of your job title and find which one is the cheapest.
- Also on car insurance, if you and your partner share a car and use it equally (you have to be completely honest about who the main driver is please!) then check out the cost difference when you change up the main driver. The results might surprise you. Whatever the case, make sure you write things down so you can keep track.
- Lastly ensure that your preferred payment method is reflected in your options, so if you prefer to pay by monthly direct debit then make your comparison based on that, and not the annual payment option. There is no better way to confuse yourself and end up paying more for your policy than forgetting this part. Insurance providers add fees to monthly payers so this needs factoring in. If you can afford to pay for any policy outright, I would alway recommend you do it because it will save you money in the long run.
- Write down the cheapest outcome from the comparison site. Do not go through the comparison site to buy! Move onto step 5…
- Now head back over to Top Cashback. Search for the company that was cheapest on your comparison. Click the link and go through the process of getting a quote direct from them. I know it’s a pain filling the information in again, but it’s worth it. Some companies offer over £100 cashback for buying their policies so it certainly isn’t to be sniffed at! Record your direct quote. Which is cheapest?
Now look at your numbers and make a decision based on what you see. Is your current provider cheaper? Is there only a matter of a few pounds in the cheapest quote and your current provider? If so, don’t take your current company’s first offer, get on the phone to them and ask them if there is anything they can do with the renewal quote – there usually is. The renewals team often have the ability to knock additional money off your quote to save you even more. Remember to factor in the cashback – how much cheaper would it be to go with a new company and earn the cashback? I would never recommend going with a new provider who is more expensive unless their cashback makes it SUPER worth your while! Do the sums and use the printable to record the outcomes.
How much have you saved? How much have you earned? One tip for cashback is to leave it in the account as long as you can. The reason; they take a small amount of the cash on withdrawal, usually around £5.
I keep mine in the account all year and draw it out just before christmas time thus making it a one time fee. I spend the money online shopping for christmas presents (so it’s like, free!) and earn cashback whilst doing it because I shop through Top Cashback (but that’s another story for another day!)
In summary this is a simple process that, once you get into the swing of it, will earn you hundreds and save you the same! Do you think you’ve got this adulting thing down then? take our quiz to find out!!
Let me know your top money saving/money making tips in the comments!