Household products we lose money on

Broadband

The booming broadband industry continues to strengthen as households are increasingly making broadband a must-have. However, an estimated 15 million Britons spend over £3 billion more than they need to on broadband packages.

According to price comparison and switching service uSwitch.com, the average broadband service cost has dropped 36 per cent over the last four years as the product has improved, but people are failing to do their research and seek out the best deals available.

The average cost for broadband at a speed of 8MB currently stands at around £17 and the cheapest broadband providers include AOL and Orange, say uSwitch.

What's more, the average broadband user now spends 15 hours every single week online. That's over a month each year. Make sure it's time well spent by getting the best possible broadband deal for you.

Car finance

Both insurance providers Swiftcover.com and uSwitch.com claim car owners are throwing away money by not researching the best insurance and finance deals on the market.

Collectively, motorists pay £174 million more than they need to when it comes to paying for a new car, says uSwitch.com.

According to their most recent survey those who wish to purchase a new car are better opting for a low rate personal loan rather than traditional car finance deals. They say by doing this consumers can save up to £1,094.

Mike Naylor, personal finance at uSwitch.com says: 'Just because a car dealer can offer you a good deal on a new car, it doesn't always mean that they will offer the best deal to finance it.'

In addition, the UK's 34 million car drivers could save an enormous £1.9 billion a year on annual car insurance premiums by researching thoroughly the deals available while taken on board the following tips.

Opt for a car in a lower insurance group
Every car is given an insurance rating of 1-20 by the Association of British Insurers (ABI), rating group - 1 would be a very small and cheap car and rating group 20 would be a high-powered or very expensive model.

Read your policy's small print
Make sure you are not paying for policy features you will not use. For example, many policies automatically charge extra for overseas cover or a courtesy car.

Add the family
Insurance providers are increasingly giving consumers discounts for adding or introducing a spouse or other family member to the same policy provider.

Excess fees and premiums
Remember that agreeing to pay a larger excess means you often pay a lower premium.

Online
Consider purchasing your insurance online. Some companies provide discounts for online books and are usually cheaper than using companies that have expensive call centres.

Car alarms and parking
A car alarm, immobiliser or tracking device fitted is welcomed by insurance companies. Some offer a discount if they are made aware that a car has one fitted. Also, parking your car on the street opposed to a driveway overnight will mean higher premiums.

For more money saving and personal finance tips, advice, news and videos, visit www.financedaily.co.uk