The Money Saving Expert founder has made a name for himself as the nation’s most trusted financial guru. As Britons continue to grapple with rising fuel prices and the soaring cost of energy bills, Martin Lewis has shared some ways they may be able to cut costs.
Unfortunately, it doesn’t look like the cost of living crisis is going to end anytime soon.
In fact, financial journalist Martin Lewis says it’s going to get worse before it gets better.
Mr Lewis told the Daily Mail: “‘It is almost certainly going to get worse.
“The problems are going to peak over the winter months, from October onwards, when we’re expecting to see energy bills rise again by another 30 percent.”
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While it’s difficult to help those on the lowest income with no wriggle room Martin recommends 15 things Britons can do to cut costs including halving broadband bills and checking people are receiving all the benefits they are entitled to.
Martin Lewis’ 15 ways to save money:
- Broadband: Some 16 million people are out of contract on their broadband and mobile and could easily halve their bills.
- Pension Credit: More than 800,000 qualify for pension credit which is for people who receive the state pension and are on a low income. It could also lead to council tax discounts, free TV licences for over-75s and help towards energy bills.
- Bank bribes: Switch banks – HSBC is offering £175 in free cash.
- Childcare costs: Hundreds of thousands of working parents are missing out on thousands of pounds worth of help in childcare costs.
- Direct debit: One way to make savings is to do a direct debit detox and check standing orders and other recurring payments at the same time.
- Council tax: Discounts range from 25 percent to 100 percent, depending on someone’s circumstances.
- Sell stuff online: If you haven’t used something for a year, sell it.
- Purchase a PPC: Last year more than a million people in England would have been better off using an NHS prescription prepayment certificate. If you rely on more than one prescription a month, it’s worth it.
- Wash clothes at 30 degrees: Using your washing machine on a 30-degree cycle and ditching the tumble-dryer saves about £28 a year according to the Energy Saving Trust.
- Check council tax band: Nearly half a million (400,000) homes are in the wrong band and could be paying less. Be careful though as you could end up paying more as one woman discovered in March when she disputed hers.
- Save around the house: Small things like cutting dishwasher tabs in half and squeezing the very last out of the toothpaste can all add up.
- Pay less for debt: Apply for a zero percent balance transfer card to pay off debt.
- Eat out for less: The ‘meerkat trick’ gets you a discount at thousands of restaurants from Sunday to Thursday and at cinemas on Tuesday or Wednesday.
- Get paid to recycle: People could get up to £5 for old clothes. The MSE website has a full recycling rewards list.
- Yellow sticker bargains: These can help people save a fortune on food – most supermarkets reduce food by up to 80 percent from 7pm. Express.co.uk recently spoke to Morrison’s worker Al Baker about the best time to get a yellow sticker bargain.
Retired journalist and broadcaster David Poyser now takes people on tours of London and loves his new job.
People can also consider taking in a lodger or foreign language students as this could earn them an extra £7,500 a year tax free.
State benefits are still significantly underclaimed – around £15 billion is lost in unclaimed DWP benefits every year.
There’s a handy benefits calculator on Gov.uk
Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip.