And so could keeping an eye on mobile phone tariffs. According to moneysupermarket.com, Brits are plying mobile phone companies with more than £8.45billion a year by being on the wrong tariff.

Commercial manager of mobiles and broadband at moneysupermarket.com, James Parker, warns, “People need to be more aware of what package they have and what’s available to them. Monthly bills should be checked regularly and if consumers are using up all their allowance it’s worth considering a move to a different tariff with more inclusive minutes and texts.”

Mr Parker added that shopping around is key when it comes to finding the best mobile phone tariff. “Ultimately people need to shop with their feet.” he said. “When looking for a new mobile contract it’s always a good idea to see if your existing provider can offer you a better deal – your contract will be expiring and you can easily move to another network.”

When it comes to broadband, TV and home phone deals, Mr Parker recommended bundles, arguing that broadband and phone packages are often cheaper and easier.

“One of the advantages of bundled deals is the amount of money people can save. With providers fighting for new customers and dropping their prices, savvy customers can easily change to a better deal.” he added.

“Dealing with different providers and organising various bills can be a nightmare. However, with bundled deals you’ll receive just one bill each month making it far easier to keep an eye on expenses. Also if something goes wrong you only need to ring one provider.”

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© Fair Investment Company Ltd