Financial expert explains: This is how consumers save money on electricity, internet and cell phone contracts

Financial expert explains: This is how consumers save money on electricity, internet and cell phone contracts

According to a report from www.merkur.de, consumers should regularly check their electricity, internet and cell phone contracts and, if necessary, change provider to save money. According to Verivox's 2020 Waste of Money Report, Germans lose 48 billion euros every year because their contracts are too expensive. Older consumers in particular are reluctant to change and could save a lot of money by switching tariffs.

The 2021 study by the money guide Finanztip shows that consumers lose on average up to 460 euros a year if they remain loyal to their old providers. In the electricity sector, the savings potential is almost 150 euros per year if consumers switch from an expensive basic service tariff to a cheaper provider. The cost of cell phone contracts has steadily fallen in recent years, but many customers do not benefit from this unless they change their contract. There are also big price differences between landline and internet contracts, so it's worth comparing prices every two years and changing providers if necessary.

Switching to cheaper car insurance can also result in significant savings. New drivers can reduce their costs by up to 47 percent if they choose a cheaper offer. Stiftung Warentest recommends checking your vehicle insurance regularly, as a rate that was cheap last year may not necessarily be so this year.

Overall, the analysis shows that consumers can save a lot of money by regularly checking and, if necessary, changing their contracts. It is worth questioning your current contracts and investigating possible savings by switching.