Financial expert warns: Check contracts regularly and change providers - you can save here!

Financial expert warns: Check contracts regularly and change providers - you can save here!

According to a report by www.merkur.de, this article provides an overview of the possibility of saving money on contracts such as cell phone, internet and electricity contracts by regularly switching providers. Verivox's 2020 money waste report shows that Germans lose 48 billion euros every year due to contracts that are too expensive. Nevertheless, many consumers seem to underestimate the savings potential of changing tariffs. This article therefore examines the impact that changing contracts can have on the market, the consumer and the industry.

The representative study by the money guide Finanztip has shown that Germans waste an average of up to 460 euros a year by remaining loyal to their old provider. People over 50 in particular rarely change their electricity provider, even though other providers offer significantly more favorable conditions. The Federal Network Agency informs that 27 percent of German households are still on the expensive basic service tariff of their local electricity supplier, which represents significant savings potential. With regard to cell phone contracts, data from Check24 shows that prices for data volumes have fallen continuously in recent years, but these cost reductions often do not reach consumers. When it comes to internet contracts, it's worth comparing the tariffs every two years and changing providers if necessary, as there are often cheaper offers.

These findings show that consumers have significant savings potential if they regularly review their contracts and switch to cheaper providers if necessary. This could result in providers being forced to offer more competitive prices in order to retain their customers, which could have a positive impact on the market. Overall, regular contract switching should lead to more competition and lower prices for consumers. This means you can benefit from cheaper tariffs and achieve a significant financial advantage.