Money saving tips

As household costs increase, we understand that paying your bills can start to feel overwhelming. We've brought together resources and advice to help you managing rising costs.

Utility bills 

Energy bills will raise and be capped at £2,500 (on average) by the Government’s price freeze in October 2022 until June 2023. This is large increase for households and will feel overwhelming for many. If you find yourself struggling or have concerns, there are a lot of resources you can turn to and helpful tips that can save you money.

If you’re falling behind on your utility bills, speak to your supplier as soon as possible. They usually help by putting together a payment.

Here are some helpful links to support you if you’re struggling or have concerns about paying your energy bills:

• Martin Lewis has a helpful advice page here
• National Energy Action (ENA) offer free support and advice
• Fuel Bank Foundation and help those struggling with their payments.
• The Centre for Sustainable Energy also has some great tips.

You may be to apply to your energy trust fund, speak to them find out more.

As Gas and electricity prices keep rising and now present a large chunk of household budgets here are some helpful ways to minimise their expense.

• Gas bill

  With sharp increases in gas bills, understanding how to lower your gas bill will help you to manage your finances.

  Here are some top money saving tips:

  1. Evaluate your energy bills and speak to your provider to make sure that you are the best tariff for your home
  2. Try using uSwitch or Which? to compare the market and the best tariffs
  3. Ensure that you keep the meter readings up to date, to avoid estimated bills. If you have a smart meter, ensure the meter is providing readings to the supplier, your only indication that it is not working will be an estimated bill.

  Tips for around the home:

  1. By reducing your central heating temperature by 1 degree you can save money on your bill
  2. Close doors and shut curtains – this will help your rooms retain heat
  3. Try not to hang clothes over radiators or obstruct the radiators with furnishings, as this reduces the ability of convection from the radiator to heat your room
  4. Block drafts around doors and windows
     
     
• Electricity bill

  There are a series of government schemes which can make those most to help manage your electricity bill, if you are eligible, these include The Warm Home Discount, Cold Weather Payment and Winter Fuel Payment.

  Top tips on saving on your electricity bill at home:

  1. Use uSwitch or Which? to compare the market and the best tariffs and see if you can start saving money today
  2. Use low-energy and energy efficient light bulbs
  3. Don’t leave items on standby
  4. Maximise how you’re using your washing machine, tumble dryer and dishwasher

  If you’re in gas and/or electricity arrears see if your supplier has a charitable trust that could help.

• Water bill

  One way to reduce the amount you spend on your water bill is by installing a water meter. Speak to your water provider and ask if they can install a water meter. The meter will measure how much water you use, and your provider is likely to take a reading twice a year. Unmetered homes are often charged at a stand tariff based on the value of your home.

  Top tips on saving money on your water bill:

  1. Never boil more water than you need
  2. Always use a full washing machine
  3. Limit the length of time you leave the tap running
  4. Use a washing up bowl for dishes and fruit and vegetables
  5. Shower instead of taking a bath
  6. Reduce your flush.

  If you receive benefits, you could be entitled to apply for the Assist scheme and if you are in arrears there is a Restart scheme, both of which can reduce the amount you have to pay for water supply to an affordable amount, based on your budget. To do this you have to have received financial and budgeting advice from a money adviser.

  If you have health conditions or a large family with school age children, receive certain benefits and have a water meter, the water company also offers a scheme called WaterSure plus. This scheme will cap your water bill to be no more than the average metered bill for your area.

TV, broadband and phone

If you're trying to save money on your household bills, looking at your TV, broadband and phone packages is a good way to start. 

It's always good to look around and review what options are available. Comparison sites like Uswitch and Money Supermarket can help you to find the best rates.

Choosing the right provider for you:

Before switching, make sure you consider what package will best suit you needs. When consider broadband this might come down to:

• What you're using the internet for
• How many people in your household use the internet.

If switching provider is the right decision, make sure that leaving your current provider won't cost you anything. You may find the there is a cancellation charge if you leave the contract early.

If your contract is coming to an end but you're happy with the service, it might be worth negotiating a better deal before switching.

Social Tariffs:

Cheaper broadband and phone options are available for those on means-tested benefits. Social tariffs are delivered in the exact same way as normal packages and range from £10 to £20 per month.

You're eligible to apply for a social tariff if you receive any of the following benefits: