With the new financial year just around the corner, many people are concerned about bills going up. Traditionally next month, deemed as 'Awful April', sees prices rise, and thanks to a combination of inflation, increasing costs and energy prices, it is expected that prices will rise much higher than usual.
The biggest bills faced by households are those for their energy, water, broadband, mobile phone contracts, insurance and subscription services. To help you deal with the current cost of living crisis, there are a few things that you can do to help cut costs reports the Daily Mirror.
Broadband and mobile phone contracts
It has been reported that the main mobile phone service providers are planning big price increases from April 2023, with broadband and mobile providers introducing mid-contract hikes of between 14% and 17%. This increase is inflation as well as at least 4 percent.
However, Ofcom estimated that in 2021 around 7.4m people were out of contract, this means that if your deal with the company has expired you are free to go to another provider or you can negotiate with your existing provider to get a better deal. Additionally, if you are in receipt of certain benefits you can apply for one of the new "social tariffs" that could lower your payments to £20 a month if you don’t mind a basic package.
Although if you are still in mid-contract this doesn't mean you can't save money, as there are ways to end your contracts earlier.
Council tax
A large bill experienced by households is Council Tax, which we all have to deal with whether we like it or not. The tax is usually billed over the course of ten months, with two months free at the end of the term, but if money is tight you can ask the council to spread the money evenly over 12 months instead.
For example, If you’re paying £1,400 a year, then over ten months you pay £140 a month but over 12, you pay £116.66 which saves you £20 a month. It is also important to claim discounts you are eligible for, such as if you live alone you can get a 25% discount on your bill.
Council tax can also be discounted if someone is disregarded, which means that person does not have to pay or be ‘counted’ when it comes to the tax. Additionally, if your home has been placed in the wrong band, if you moved when you were in credit with your payments or if you’d just been overcharged, then you can ask for the money back.
Water bills
Although water bills are not going up as much as inflation, the increase is still around 7.5 percent. Water meters are one way you could actually save some money as in most parts of the UK water bills are based on the "rateable" value of the property.
This means that the size or value of your property affects how your bill is estimated, so if you have a big house but only you live in it, then a meter may save you hundreds. However, if you’ve got a big family, a garden and the washing machine is always going, you could pay more.
You may also be entitled to compensation automatically if your water supply is interrupted as under regulator Ofwat’s guaranteed standards scheme, water companies must ensure that water pressure is right, appointments to fix issues are kept and ultimately deal with supply interruptions.
If you have supply issues you should check with your water provider to see if they have credited you. Some water companies also offer customers gadgets to help with water consumption, these include shower nozzles that help reduce flow.
Insurance and subscriptions
Every year, you also have a month-long window of opportunity to change insurance companies because they must give you four weeks’ notice that your current policy is due to expire. However, instead of waiting for the letter, check with the insurance company and pop the date in your diary a month earlier so you’ve got more time to shop around and save.
Another way to save money is by cancelling subscriptions lurking on your account, such as subscriptions you forgot about or no longer use. In short, go through your accounts and cancel anything you don’t need through your bank or card provider and claim back anything you haven’t authorised.
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