Cutting the cost: Why regular bill reviews are essential



Even though inflation has decreased, prices are still rising, just more slowly. Most UK households are now facing bills that are 25% higher than they were two years ago. It’s more important than ever to regularly review your monthly expenses. From mobile phone contracts to energy bills, examining these costs and shopping around can result in significant savings.


Here’s why you should make a habit of reviewing your bills regularly:


1. Identify potential billing errors
Errors in billing are more common than you might think. A simple miscalculation or incorrect data entry can lead to overcharges. By regularly checking your bills, you can catch these mistakes early and dispute them before they cost you a significant amount of money.


2. Monitoring usage
Reviewing your bills helps you monitor your usage patterns. For instance, with mobile phone contracts, you can see if you are consistently exceeding your data limit or paying for services you don’t use. Adjusting your plan to better fit your actual usage can result in substantial savings.


3. Spotting unnecessary subscriptions
Many people sign up for services or subscriptions that they eventually forget about. Reviewing your bills helps you spot these unnecessary recurring charges. Whether it’s a streaming service you no longer use or an outdated insurance policy, eliminating these can free up funds for more important expenses.


4. Start shopping around ahead of time
Whether it’s re-fixing your mortgage or looking for a new car insurance policy, don’t leave it till the last minute.
  • Car insurance: Money Saving Expert has found that that the cheapest time to buy car insurance is 20 to 26 days ahead, and that you should never auto-renew as it’s more than likely you’ll pay more than you need to.
  • Mortgages: While there is never a right or wrong time to look at mortgage deals if you’re coming to the end of a fixed period, some financial institutions such as No1 Copperpot lock in a mortgage deal for up to 6 months. This means if mortgage rates go up, you could potentially lock in a lower rate.


5. Taking advantage of better deals
The market for services like mobile phone contracts, car insurance, and energy supply is highly competitive. Providers often introduce new plans and discounts to attract your business. By keeping an eye on your bills and staying informed about market rates, you can switch to more cost-effective options. Many providers also offer loyalty discounts to existing customers who ask for a review of their current plans.


Online comparison tools such as U-Switch, Compare the Market, and Money Supermarket can be a great starting point to check out what deals are available on the market.


5.1. Checking your mobile phone contract
Financial expert Martin Lewis revealed earlier this year that many people are overpaying for their mobile phone contracts. He suggested a simple way to check if you can save money: by texting the word INFO to 85075, you can find out if you are out of contract with your current provider. If you can leave without incurring a charge, switching to a new provider could save you a significant amount of money. This text is free to send, and you will receive a message indicating whether you have any exit fees to pay if you decide to leave your supplier.


5.2. Recent findings on mobile phone contracts
Recent research conducted by U-Switch highlights some key insights:
  • An upgrade doesn’t always mean more expensive: Users of the Apple iPhone 14 Pro Max had the highest average mobile phone bill. U-Switch customers with a contract for this phone pay an average of £1,506, while a contract for the Apple iPhone 15 Pro Max costs 3% less.
  • The difference in providers: Sky Mobile had the highest average phone contract price between 2022 and 2023, with an average cost per user of £1,360. This was 40% more than what the average UK mobile phone user paid during that period. EE was the second most expensive, with users typically paying £115 less than customers of Sky Mobile.
(Source, U-Switch:


6. Improving financial awareness
Understanding where your money goes each month helps you make more informed financial decisions. This habit can lead to better budgeting and spending practices, contributing to long-term financial health.


7. Preventing fraud and identity theft
Checking your bills can also help you detect fraudulent activity. Unauthorised charges on your credit card or unexpected increases in your utility bills could indicate identity theft or fraud. Early detection is key to mitigating the damage and resolving these issues swiftly.


8. Budgeting and Planning
Consistent bill reviews allow you to better plan and budget for the future. Knowing your fixed monthly expenses helps you allocate funds more effectively, ensuring that you meet all your financial obligations while still being able to save.


Regular bill reviews are a simple yet powerful tool for maintaining financial health. By taking the time to regularly scrutinise your expenses, you can identify errors, cut unnecessary costs, and take advantage of better deals, all of which contribute to a more secure financial future.

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Written by,
Benjamin Kirkman
Marketing Officer