Tag Archives: utility bills

Cost Savings – Cutting The Costs Of Your Utility Bills

Cutting The Costs Of Your Utility Bills

Find out how you can cut the cost of your utility bills without turning to payday loans or credit cards.

Recently there has been talk about people turning to payday loans or their credit cards to help meet the cost of their utility bills – electricity, gas and water bills.

But let’s face it – turning to a payday loan is not a good way of meeting monthly bills. Credit cards and short term loans should only be used as a last resort.

But what can you do to help cut the cost of your bills. Let’s take a look:

Gas and Electricity Bills

According to recent figures the average gas bill is liable to increase in the colder months making many homeowners and tenants concerned. However, with the right kind of tools you can actually reduce the cost of your heating with relative ease.

One of the most popular ways of cutting your heating bill is by insulating your loft as this will prevent heat from escaping. In some instances you may be eligible for a grant to go towards the cost of insulating your loft. It’s certainly worth contacting the Energy Savings Trust to find out more.

Did you also know that if your boiler is relatively old you could be eligible to claim for the cost of a new G-Rated boiler (£400). However, it’s important to bear in mind that the scheme is limited to 125,000 applicants so it’s important to get the claim in early on.

Another way of reducing costs is by combining your electricity and gas bills so that you are paying off both in one lump sum every month – potentially saving you a fortune.

Energy Saving Lightbulbs and installing double glazing are more ways of saving money on your electricity and heating bills.

Water Bills

Did you know that water bills are rapidly increasing. In fact recently water bills leapt by 8.8% and many people are struggling to pay off utility bills as a result.

Fortunately there are ways of reducing the cost of water bills – let’s take a look at a few:

If you don’t already have one consider installing a water meter. A water meter simply records you water usaget and could help you to reduce water consumption considerably.

Try not to waste water. Every time you turn on a tap ask yourself whether it’s really necessary – it’s worth bearing in mind that a running tap can waste around 6 litres per minute. So ask yourself… do you really need to run the tap whilst your brushing your teeth?

Consider a water efficient shower head as this could help save considerable amounts of money when you’re having a shower.

So before you turn to your payday loan provider or your credit card – ask yourself if you really need to and whether there are ways you can reduce utility bill costs… it’s really not impossible to live within your means.

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Feeling The Pinch – British Consumers Cutting Costs To Make Ends Meet

Feeling The Pinch - British Consumers Cutting Costs To Make Ends Meet

Feeling The Pinch - British Consumers Cutting Costs To Make Ends Meet

British shoppers could benefit from switching credit card accounts or to a cheaper utility provider after a report revealed that growing numbers of consumers have very little cash to spare.

The report revealed that 32% of people felt they had little to no money left over as they are increasingly concerned about the rising cost of utility bills, increasing fuel prices as well as the current state of the economy.

The report also suggested that more and more shoppers are tightening their purse strings, showing that more than 70% of consumers are changing their shopping habits and a whopping 65% are switching to cheaper grocery brands so they can stay within their monthly budgets.

The Director General of the British Retail Consortium (BRC), Stephen Robertson, suggested that “the squeeze on disposable incomes is getting tighter.” He added that around a third of people said they simply have no spare cash.

On a more positive note, Mr Robertson commented:

“With finances under pressure, consumers are becoming increasingly savvy, with 65% saying they are switching to cheaper grocery brands, often own-brand labels, to stay within their budgets.Competition within the sector is helping to take the edge off price inflation with a larger number of promotions and discounts on offer.”

Whilst consumer confidence did increase over the second quarter as more and more people felt better about personal finances and job prospects, it still remains relatively low when compared to last year.

In spite of this many economists are expecting to see an increase in consumer confidence in 2012, off the back of the London Olympics.

If you’re feeling the pinch of the credit crunch and suffering as a result of the recession then there are a number of options you could consider including:

  • Changing your existing credit card to one with a competitive interest rate or cash back benefits.
  • Switching to an affordable utility provider, in fact a company such as the Energy Helpline can help find you the cheapest provider for your area.
  • Switching to more affordable brands, such as supermarket own brands over the more expensive ones.
  • Switching your car to a smaller hybrid / eco-friendly model to cut the cost of fuel.
  • Look at your car insurance or home insurance and consider how much it’s costing you – is there a cheaper alternative?
  • Consider a small short-term loan such as a payday loan

There are a number of other cost cutting things you can do – the above are just a few! However, if you’re still really struggling with making ends meet and are faced with debt then you could consider a debt management plan to consolidate any existing debts into one lump sum that gets paid off every month.

Check out these related articles:

Top Ten Money Saving Ideas

Ten Top Tips For Making More Money

If you are looking for a cheap utility provider then check out the Energy Helpline:

British Consumer Credit Impacted By Rising Cost Of Energy

British Consumer Credit Impacted By Rising Cost Of Energy

The rising costs of energy is severely impacting customer credit, with some experts suggesting that it could increase by 50% over the next 4 years.

Utility bills, including gas and electricity, are expected to increase by a whopping 50% over the next four years as gas and electricity suppliers look to offset rising wholesale costs. Further taking it’s toll on consumer bank accounts and credit cards.

This year alone we are expected to see an increase of 15% in energy prices, according to the Bank of England Governor, Mervyn King. However, it’s also been noted by Deutsche Bank that even higher bills are possible from 2013 should suppliers attempt to protect profit margins.

With the average household income dropping back to 2005 levels, high inflation levels and the ever increasing cost of living, many are concerned that this could further impact consumers throughout the UK. Some economists have even ventured that, should earnings and benefits fall further it could represent the most significant fall in “median incomes since 1981.”

Since many people around the UK are already suffering from significant from personal loan, credit card debts, unemployment and crippling taxes, it’s proving more and more urgent for changes to welfare reform and the availability of credit where it’s needed. The Work and Pensions Secretary,

Iain Duncan Smith, commented:

“This underlines the urgent need for our radical programme for Welfare Reform and especially Universal Credit which will make work pay and end the madness of generations living on benefits with no reason to aspire for more.”

Mr Duncan Smith went on to add that Government plans will help around 1 million people out of poverty and back into work. This is expected to end “the depressing spiral of a lifetime on benefits that blights too many of our towns and cities.”

In a positive move to controlling energy regulations and costs, Ofgem have been investigating the cost of gas and electricty suggested that energy companies respond very quickly in raising their prices when costs increase, however, they are a lot slower in responding when costs fall.

Hardly surprising is it? It’s all about profitability at the end of the day - it would just be nice to see an “ethical” energy company who responds to the needs of their customers – maybe it’s time for a shake-up, similar to the one the banks received when the British economy collapsed.

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