Consumer cost of living champion Nous has launched a free online service to help families calculate and understand the specific impact that the cost-of-living crisis is having on their personal household spending. Nous’s ‘smart forecast tool’ will work out - on a personalised basis - a family's current household bills, and calculate – in pounds rather than percentages – the effect that every single cost-of-living increase will have on their outgoings.
It predicts the impact of future changes in expenditure to help millions of people get smart about budgeting and save on bills in the face of rising living costs. Among the household bills Nous takes into account are gas and electricity, satellite and cable TV, broadband, mobile phone, petrol/diesel costs, mortgage, council tax, water bills, and national insurance. Car and home insurance will be added in the coming weeks.
Current predictions are that a family of four can expect their annual household bills to rocket by more than £3,000 in the next 12 months. But the figures can vary dramatically and the impact is different in every household. The launch comes after research earlier this year showed more than 80 per cent of Brits massively underestimate how much their bills are going to rise and think their personal hike over the 12 months will be just £1,000 – as little as a fifth of the real figure.
