Households across the UK are facing the toughest cost of living crisis in 40 years as bills continue to soar.
This winter, we’re braced to see another huge energy bill hike with worrying predictions that the Ofgem price cap could hit over £5,000.
Ofgem will confirm its new price cap level for October this Friday.
On top of that, inflation has hit 10.1% - the highest level since February 1982 and five times higher than the Bank of England target of 2%.
Inflation is the rate at which prices are rising and is a key indicator of how expensive everyday products and services are becoming.
What are you doing to save money and cut back during the cost of living crisis? Let us know: mirror.money.saving@mirror.co.uk
The Bank of England is trying to cool inflation by raising interest rates - which means borrowing has become more expensive.
For example, you may pay more to borrow on products like mortgages depending on what type of deal you have.
The base was hiked by 0.5 percentage points to 1.75% earlier this month - its highest level since the end of 2008.
There have been other key money announcements this year that are also having an affect on your finances - like changes to National Insurance.
To help you work out how the cost of living crisis is affecting you, The Mirror has created a new calculator to break it all down.
Here is how it works:
Energy bills
The energy price cap - which is currently set at £1,971 for someone with typical use, paying by direct debit - is expected to rise again when it is reviewed in October.
Experts at Cornwall Insight predict an alarming jump of roughly 80% to £3,553.75 in October - followed by an even more concerning rise to £4,649.72 in January.
Our calculator assumes an increase of 80% on your energy bills.
It doesn't take into account the £400 energy bill discount that will be applied to households from October, spread over six months.
Ofgem hasn't confirmed how much exactly how its price cap will rise by yet - an announcement is expected on August 26.
Mortgage payments
The Bank of England hiked its base from for the sixth time in a row to 1.75% earlier this month.
Our calculator shows the jump from 1.25% to 1.75%.
Those with a tracker mortgage see their rates go up in line with the base rate hike.
If you're on a standard variable rate (SVR) mortgage, then you'll likely see your rates go up as well when the base rate is hiked.
It is down to your lender whether to pass on the increase - and most major banks and building societies do decide to do this.
Figures from L&C Mortgages show borrowers with a £150,000 mortgage on the average standard variable rate will have to pay an extra £44 a month - or £528 a year.
If you’re on a fixed-rate mortgage, a rate rise won’t affect your monthly bill until your current deal expires.
National Insurance
The rate from when you start to pay National Insurance rose from £9,880 to £12,570 on July 6 - meaning less of your income is taxed.
For two million low-income workers, it means they no longer pay any National Insurance at all.
But exactly how much better off you’ll be can be tricky to work out - as there was an increase in how much National Insurance you pay on April 6.
The rate at which you pay National Insurance contributions was raised by 1.25 percentage points - up from 12% to 13.25% to help pay for NHS backlogs and social care.
Our calculator takes both these changes into account.
Rail fares
The inflation figure usually used to determine annual increases in some train fares has soared to 12.3% in the 12 months to July.
This is the figure normally used by the Government to set the cap on the following year’s increase in regulated train fares, which includes most season tickets on commuter routes.
In previous years, fares had risen by RPI plus 1%. That could have led to a 13% rise in rail fares in January.
But the Department for Transport announced on Monday that the 2023 increase in regulated fares in England will be below the inflation measurement.
The Government has yet to announce the exact figure they could rise by - so our calculator assumes a rise of 12.2% which would be the maximum it could rise by while staying below RPI inflation.
Council tax
Council tax bills rose by 3.5% on average for a Band D home in April 2022 - taking the average bill to £1,966.
The average Band A bill will rise to £1,310, Band B to £1,529 and Band C to £1,747 a year.
The totals do not factor in this year's £150 discount for families in Bands A to D to help pay for spiralling energy bills.
Our calculator shows how much your council tax bill has risen by this year.
Council tax bills will change again next April - although the new rates have yet to be confirmed.
Supermarket shop
Consumer Price Index (CPI) food inflation rose in July to 12.6% - its highest rate since August 2008.
The Office for National Statistics (ONS) this week published a list of all the everyday items that have risen in price.
It includes items that are typically seen as household basics - such as bread, milk and cheese.
Bread and cereals were up by an annual 12.4%, while milk cheese and eggs increased by 19.4% and oils and fats were up 23.4%.
Our calculator shows how shopping bills could rise into 2023, assuming the same level of increase.
