The cost-of-living crisis has hit almost every section of households’ finances in recent months as Britons battle to balance the books at home amid 9 per cent inflation, soaring energy costs and rising food prices.
A string of bill increases took place in April, including rises in council tax, a 1.25 percentage point national insurance increase to help pay for health and social care, and a rise in the energy price cap to a £1,971 average.
The next change in the price cap is due to take place in October – and industry regulator Ofgem recently suggested it may soar by another £800 to somewhere in the region of £2,800 for an average household.
The typical cost of filling up the car has also jumped to record levels, just as many people are spending more time heading to and from the office after the pandemic lockdowns, with a full tank of petrol now at about £94.
It comes as millions of households will receive a £400 discount off their energy bills and a £5billion tax will be levied on oil and gas giants as Rishi Sunak today moved to counter the soaring cost of living.
The Chancellor unveiled emergency measures in a £15billion package to tackle the impact of soaring inflation. As well as the universal payment there was targeted support for the poorest, the elderly and the disabled.
Here, MailOnline looks at six areas of finance and how you might be able to cut the cost of your bills:
ENERGY BILLS
One of the most punishing parts of the cost-of-living crisis are soaring gas and electricity bills, with the energy price cap on course to rise by another £800 to £2,800 in October. Here are some tips to help mitigate the rise:
CAREFULLY CONSIDER WHETHER YOU SHOULD FIX
The energy price cap rose by 54 per cent on April 1, which saw a typical bill increase to £1,971 a year – and it is expected to rise to £2,800 in October according to an update from Ofgem’s chief executive earlier this week.
MoneySavingExpert advises that it ‘now may be worth switching if you’ve been offered a fix that’s no more than 30 per cent higher than the current …….