Thimbl. Press Release
The cost-of-living crisis has meant that many of us have had to cut back on our monthly outgoings. We might have done this by reducing the number of takeaways we fork out on, or limiting how much we spend on clothes, gym memberships, and beauty appointments. But what happens when this isn’t enough, and we’re still left struggling?
As of September 2023, the average broadband package cost £26.90 per month.
It was reported that up to one million people in the UK had been forced to cancel their broadband because they were no longer able to afford the expense.
From accessing online services, like banking, and working from home to following DIY instruction videos and arranging appointments, having access to broadband is important to so many of us.
Joe Lytwyn, a personal finance expert at thimbl.com, shares 5 ways to save money on your home broadband in 2024.
1. Check your eligibility for a social tariff
‘Depending on your circumstances, you could receive some help towards the cost of your broadband,’ Joe says. ‘Social tariffs are broadband packages offered by various providers that come with lower monthly costs. While each provider will have their own eligibility criteria, social tariffs are generally available to those claiming certain benefits including Universal Credit and Pension Credit.
‘If you think you might be eligible for a social tariff, speak with your existing provider to see if this is something they offer. If they don’t, switching to a provider that does could be an option, although it’s worth bearing in mind that you may be charged a fee for leaving your contract early, so make sure that you factor this into any potential savings.
A study by Ofcom revealed that 4.8 million people eligible for discounted broadband had not taken advantage of the scheme, with just 5% of entitled households signing up.’
2. Free broadband for jobseekers
If you meet the criteria, you can apply through your local Jobcentre, which you can find by entering your postcode on the Gov.uk website.’
3. Compare deals
‘All broadband providers are required to contact customers between 10 and 40 days before their contract expires,’ Joe states. ‘They are obligated to tell you when your contract ends, and how much you can expect to pay if you renew. They must also inform you of any offers and deals.
‘Use comparison sites such as MoneySuperMarket and GoCompare to scope out the best deal. Some providers advertise incentives and promotional offers for new customers – and this isn’t necessarily always in the form of discounted packages. You might find that you’re offered bonus freebies, such as vouchers and gadgets. If you can’t personally make use of your complimentary items, you could sell them or even give them to friends and family as birthday or Christmas gifts, helping you to save money in the long run. At the end of the day, a pair of headphones or a VR set are great presents – nobody needs to know that you got them free.’
4. Negotiate with your provider
‘If you’re shopping around ahead of your renewal and you’ve found a deal that trumps your current package, it may be an idea to get in touch your provider to let them know. Most companies will want to avoid losing customers and may be willing to match the offer you’ve found. They might even better it.
‘Be sure to keep all screenshots of quotes to hand in-case you need to send them across to your provider as evidence.’
5. Consider a longer contract
‘Most providers offer broadband contracts of either 12, 18, or 24 months Usually, the longer your contract, the cheaper the cost.
‘Remember, if you’ve taken out a new contract, you may legally qualify for an initial 14-day “cooling off” period, which allows you to cancel within two weeks without accruing any fees. If you do decide to cancel, you’ll still be required to pay for any calls or data you’ve already used. You should read through your terms and conditions before you commit to any package so you’re fully aware of your rights.’
thimbl. has shared ways that you could save money on your broadband.
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About thimbl.
The thimbl. credit card and the thimbl. Loan are issued by Vanquis Bank Limited. Digitonomy Limited (trading as thimbl.) is a credit broker not a lender, and provides its services to Vanquis on an exclusive basis in respect of each of these products. Digitonomy is paid commission from Vanquis for these services. If Vanquis are unable to provide you with one of these products, Digitonomy will try to find you an alternative product and will receive commission from the provider of that product if you enter into an agreement for it. Digitonomy's registered office is: Steam Mill Business Centre, Steam Mill Street, Chester, Cheshire, CH3 5AN. Registered in England and Wales, under company number 08385135. Digitonomy is authorised and regulated by the Financial Conduct Authority, and is entered on the Financial Services Register under reference number 690249. Licenced by the Information Commissioners Office, (registration number ZA007309).
Website: https://www.thimbl.com/
Joe Lytwyn – Head of Partnerships
Joe is Head of Partnerships for thimbl. and has over 7 and a half years’ experience in the financial industry. His current role involves working with our partners on product and journey development, and the commercial and general management of our card program.
Joe has extensive knowledge in the financial world, especially in the loans division, having worked at Vanquis Banking Group for 6 years. Joe also has a great understanding of customer marketing and engagement.