Household bills have surged by £1,316 in the past 12 months, according to worrying new research.
The analysis from comparison site Comparethemarket looks at the cost of energy, home, and car insurance.
In reality, households have also been clobbered by soaring prices in the supermarkets and higher fuel costs as well.
The research from Comparethemarket shows how the typical household spent £3,280 on their energy, car and home insurance in November 2022.
This is an increase from £1,964 - and up £1,316 - in November 2021.
The typical household energy bill now stands at £2,500 due to the Government’s Energy Price Guarantee.
In November 2021, the Ofgem price cap was £1,277 - meaning an increase of £1,223.
The research shows the typical household paid £134 on home insurance and £553 on car insurance in November 2021.
This has gone up to £151 for home insurance and £629 for car insurance.
The cost of energy bills is due to rise again in April 2023, as the Energy Price Guarantee for the average household will rise to £3,000.
Other costs including broadband, TV, and phone bills are also expected to increase in line with inflation from April.
Hélène Barnes, cost of living expert at Comparethemarket, said: “Millions of households will be worried about rising costs, with many struggling to afford their regular bills and energy prices which are at their highest level in years.
“The cost of energy is set to increase further when the Energy Price Guarantee rises in April 2023.
“Most broadband, phone and TV providers are also set to raise their prices in line with inflation in April, and many households will likely face a big payment shock.
“Before these price rises are introduced, households need to check all their regular bills to see where they could save money.”
How to cut your bills
- Energy: The best way to cut your energy bill right now, is to use less energy. Go round your home and work out where you can be more economical - for example, switch all appliances off standby and reduce the temperature on your thermostat. Speak to your energy supplier if you're struggling to see if you can access a hardship grant or any other tailored help. Also keep an eye out for energy help such as the Warm Home Discount scheme and Cold Weather Payments.
- Broadband and mobile: If you're out of contract, compare prices elsewhere to see if you can get a better deal. Don't want to switch? Try and haggle down the price of your current deal with your existing supplier. If you're still in contract and want to switch, check if you need to pay any exit fees - you might still end up making a saving even if you have to pay to leave.
- Car and home insurance: Make a note of when your policy is up for renewal and then start comparing prices. MoneySavingExpert says 23 days before your car insurance is due to expire is the prime time to find the cheapest deals, and 21 days for home insurance. Make sure you always compare prices on multiple sites - some insurance firms won't be covered across all the major comparison websites.
- Water: Households are not able to change their water supplier or sewerage service provider, as it is based on where you live. Again, using less water will save you money - so try to change your habits if you can, such as shortening the length of your shower. You should also check if you can get free devices from Save Water Save Money. If there are more bedrooms in your home than people, or the same number, you might benefit from a water meter - but do your research first.
