Martin Lewis has revealed four ways people can save money before the energy price cap rises in October.
Last week, Ofgem confirmed that its price cap would rise to £3,549 from October 1 this year, an 80% increase from the current cap of £1,971.
However, the founder of MoneySavingExpert said families “can still make big savings” on their bills as we head into the winter months.
Writing in his latest MoneySavingExpert email, Lewis said: “It’s hard to save on energy bills, but many can still make big savings elsewhere.
“Of course, those who have already cut to the bone will not be able to do anything more, but many others, for whom the scale of the challenge has only just begun, should see this as a clarion call to check all your expenses. ”
Martin Lewis’s four tips for saving money before the energy price cap rises
- Check if you are entitled to benefits. The first of Lewis’ four tips was to check if you qualify for benefits. He said you can use a free online calculator (like Turn2Us) to see if you are eligible and, if you are eligible, you can apply through Gov.uk.
- Save money on broadband. Check to see if you can get a “social rate” from an internet service provider, such as TalkTalk’s free six-month plan for job seekers. Otherwise, use a comparison site to find the best internet deals and rates.
- Invest in a water meter. A water meter records the amount of water used in your home, which can then be used by your water supplier to determine how much you should be charged instead of charging you a flat rate. This can be particularly useful if you are a small household.
- Reduce your credit card debt. If you have credit card debt, see if you can move it to a zero-interest balance transfer card, which will keep you from paying high interest rates for at least a temporary period.
Earlier this week, Lewis warned against canceling direct debits for energy consumption before the price cap rises.
He said canceling direct debits could cause households to pay more for their energy.
. martin lewis reveals four ways to save money on the bills before rise cap price