Martin Lewis has given viewers his five money-saving tips to help them get through the cost of living crisis. The financial guru packed a lot of cash advice into the last episode of this series of The Martin Lewis Money Show.
In a one-hour live special, Martin discussed the cost of living crisis facing us all, with worldwide high energy prices. He said this final episode was especially important as we are all facing challenges on our bank accounts right now.
"It's going to feel like a grand a year," he said, adding that: "Some areas need political, not money-saving, intervention."
So what tips does he have for those who are trying to save the pennies - and the pounds?
Households will get up to £350 help this year to help
Households in England, Wales and Scotland are to get up to £350 of Government support to soften the blow of rocketing energy prices, after Ofgem announced a 54% increase to the energy price cap.
The Energy Bills Rebate will provide around 28 million households with an upfront discount on their bills worth £200. This will be repaid over the next five years.
Households in England, which are in council tax bands A-D, will also receive a £150 rebate. The rebate to bills will be made directly by local authorities from April. This will not need to be repaid.
There has also been discretionary funding of £144 million which will also be provided to support vulnerable people and individuals on low incomes that do not pay Council Tax, or that pay Council Tax for properties in Bands E-H. Read all about these measures on Money Saving Expert here.
Save water and save cash
Put your postcode in savewatersavemoney.co.uk and you could make a difference to your bank balance. Martin told people to try the site which says it has delivered 2.75 million water-saving devices to more than 1 million customers, saving over 51 billion litres of water - and saving you cash.
Subject to your water company being a participant, you could be eligible for a free device which will make a difference to your water consumption and your bills.
If you're out of broadband and mobile contract you can grab a deal
Make them fight for your business and slash your costs by using comparison sites. Money Saving Expert says switching usually nets you the cheapest prices, but if you are out of contract – or nearing the end of your contract – you could try to haggle your price.
Companies are desperate to keep hold of customers. This makes it the perfect time to play hardball with them. Visit the Money Saving Expert page on this here.
Make sure you're under the right tax code
In case you didn't realise, Martin says that making sure you're paying the right amount of tax isn't up to your employer or to HMRC. The responsibility falls to you.
As a result, you have to be on top of this - and luckily Money Saving Expert has a tool to work out what you should be paying. Make sure you check your tax code here.
You can get a working from home tax rebate
You may be able to claim tax relief for additional household costs if you have to work at home on a regular basis, either for all or part of the week. This includes if you have to work from home because of coronavirus (COVID-19).
You cannot claim tax relief if you choose to work from home. You may be able to claim tax relief for gas and electricity, metered water and business phone calls.
You could be able to claim £6 a week from April 2020. Click here to find out if you're eligible.
