Martin Lewis has shared his tips on how households can cut back on costs. The money saving expert shared an extensive guide, in which he included tips on washing machines and hot drinks to help people save money.
The nation has seen a rise in the cost of living recently, with energy bills being a big part of the problem after the energy regulator Ofgem hiked its price cap by a staggering £693 for someone with typical use - a rise of 54% to £1,971. Introducing the survival guide, Martin said: "On 1 April, the 54% rise in the energy price cap hit 22 million homes, a desperate, typical £700/year increase – catastrophic for those with the lowest incomes."
He added: "Yet, the pain stretches far further – when combined with all the other price rises, we will see a material drop in the standard of living for most on low to middle incomes. For some there is sadly no route to cut expenditure below income; that fix will need political intervention. For others, we need a collective endeavour, to work together to take financial pressures off where we can. And that is partly behind this guide." You can get more consumer news and other story updates by subscribing to our newsletters here.
