The £1000 Challenge

The team at Gould Financial Planning would like to take this opportunity to wish our clients and professional colleagues a healthy and prosperous 2015.

Prosperity arises both from wealth creation and spending your wealth wisely – and this can sometimes be a challenge in a world where the utility companies and the like take advantage of loyalty.

One example:

My wife checked her car insurance rates in 2011 and moved from Aviva to Admiral because Aviva were increasing prices every year. This Christmas, Admiral sent the annual reminder for 2015 and the cost of the car insurance was rising from £254 in 2013, to £315 in 2014 and a whopping £352 for 2015!!! She checked out the market and SAGA have offered like for like cover for just £203. Now Saga may well also use ‘price creep’ to increase their profits at the expense of their loyal and inactive shoppers. She will again price check next year (Post script …. When she advised Admiral she was changing insurer, they offered to reduce their price).

It’s not just car insurance, the same principles apply to other insurances. Private medical health insurance savings can be huge and moving between insurers can be achieved without the need for any new medical underwriting. House insurance, contents insurance should be checked too. Even life assurance!!!

And then there are the utility companies. When was the last time you checked your Gas or Electricity supplier charges?

Our challenge to our readers is simply this.

Can you save yourselves and your family £1000 in 2015 by recognising that loyalty is not rewarded, by price checking and voting with your feet. Please let us know how you get on.

Simon Gould APFS
Chartered Financial Planner
01633 653 198