Martin Lewis has revealed four ways people can save money ahead of the energy price cap rise in October.
Last week Ofgem confirmed that its price cap will hit £3,549 from 1 October this year, an 80 per cent rise from the current cap of £1,971.
However, the founder of MoneySavingExpert said families “can still make large savings” on their bills as we head into the winter months.
Writing in his latest MoneySavingExpert email, Lewis said: “It’s tough to save on energy bills, but many can still make large savings elsewhere.
“Of course those who’ve already cut to the bone won’t be able to do any more, but many others, for whom the scale of the challenge is just dawning, should see this as a clarion call to check all your outgoings.”
Martin Lewis’ four tips to save money ahead of energy price cap rise
- Check whether you are entitled to benefits. The first of Lewis’ four tips included checking whether you are entitled to benefits. He said that you can use a free calculator online (such as Turn2Us) to see whether you are and, if you are eligible, you can apply for them through Gov.uk.
- Save money on broadband. Check to see if you can nab a “social tariff” from an internet provider, like TalkTalk’s six-month free deal for jobseekers. Otherwise, use a comparison website to find the best internet deals and rates.
- Invest in a water meter. A water meter records the amount of water being used in your home which can then be used by your water supplier to figure out how much you should be billed instead of charging you a fixed rate. This can be particularly useful if you are a smaller household.
- Cut your credit card debt. If you have credit card debt, see if you can move it to a zero per cent interest balance transfer card, which will stop you paying pricey interest rates for at least a temporary period.
Earlier this week, Lewis warned against cancelling direct debits for energy use ahead of the price cap rise.
He said that cancelling direct debits could result in households paying more for their energy.
