Is a fixed price energy tariff right for me?

Answer these three questions to work out if a fixed price energy plan is it right for you…

What would happen if your gas and electricity bills went up?

I would struggle to afford necessities, such as food, clothing and transport.

I would have to cut back on luxuries, such as eating out and holidays.

It wouldn't have a drastic effect on me.

Which statement best describes your attitude to your finances?

I prefer to be organised when it comes to my finances. I would rather have time to reshuffle my outgoings and plan for increased payments, as opposed to having a price rise sprung on me.

'Planning ahead' sounds good in theory, but I tend to bury my head in the sand and put financial decisions off, so I don't always get round to making changes and looking for better deals.

I'm quite laid back about my finances; I take them a month at a time, and don't always keep a record of exactly what's going out when.

Can you afford to risk sudden changes to your bills?

No. I have a family/partner to support.

I could probably cope, I'm independent and I only really have to worry about myself.

I could manage; an increase wouldn't affect me that much.

Mostly ?

Fixing might mean…

Short-term - a bit more organisation when it comes to finances and some budgeting.

Long-term - savings, stability and better odds on that holiday next year.

What should I do when my fixed price plan ends?

When your fixed plan is about to end, the first thing to do is find out which plan your supplier will be moving you to. This may be your supplier's 'Standard' plan, although some suppliers may offer you the chance to fix your prices again.

Standard energy plans are among the most expensive in the market and there are usually cheaper plans available. If you're offered the chance to fix your prices again, you may wish to take it, if you are willing to pay above-average prices in return for security against potential price rises in the future.

Once you know what energy plan you're being moved to compare all available energy plans onlineand find out how your new plan compares to other deals.

If you find that you could be saving money with another energy supplier, you may want to consider switching your gas and electricity supplier.

How do I find out when my fixed price energy plan ends?

Take a look at the table below for list of tariffs ending in the next few months:

If you're on a fixed price plan it's important to know when it ends so you can be prepared to avoid a sudden increase to your gas and electricity bills.

But be careful - if you switch before your contract is up you could incur a penalty fee. Check your terms and conditions or speak to your supplier to find out when you can switch without the risk of a penalty charge.