Most of us, after having taken out an insurance policy or chosen a provider for our internet and telephone or electricity, seem to 'set and forget'. This loyalty - or laziness - can often result in a hefty 'loyalty tax'.
There are websites which allow you to compare prices but keep in mind that they are operated by businesses who make money through promoting links which may not necessarily be the best deals. So who do you trust?
When it comes to electricity prices, the Australian Competition and Consumer Commission (ACCC) found 79 per cent of households were paying higher power bills than they needed to be, but there is one comparison website which does not peddle any particular electricity supplier, and that's the Australian Government site "Energy Made Easy".
It involves four easy steps (and you have to look up your National Meter Identifier number on your electricity bill). I've just used it and discovered that I could save myself $140 a year by switching to a better deal. Perhaps not worth the trouble and so I shall continue to pay my 'loyalty tax', but it is good to know that I'm not being too outrageously overcharged.
