Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk. Representative example: £400 borrowed for 30 days.
Total amount repayable is £459.36. Interest charged is £59.36, interest rate 180.5% (variable). Representative 728.9% APR.
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Utility bills are a fact of life for most of us. Paying for gas, electricity and water are integral parts of our monthly outgoings and cost us all a significant amount of our monthly budget. But don’t think that you simply have to accept what you are paying for your utilities. If you’re a savvy money saver, there are a number of ways you can not just reduce your utility bills but slash them significantly. Check out our 5 ways to slash your utility bills and start saving money on your gas, electricity and water today.
Perhaps the most endearing thing you can do to save money on your gas and electricity bills is to look at switching supplier. According to OFGEM, the government’s gas and electricity regulator, 14 million households could save £200 per year or more through switching their energy supplier. Of these, 9.5 million could save over £300 (£85 electric and £215 gas). For some people, significantly greater savings could be made.
Switching suppliers is relatively straightforward and easy to do these days thanks to the range of comparison sites that are available including USwitch, Moneysupermarket and Which. The Citizens Advice Bureau have produced a useful guide on how to switch energy supplier.
Even if you find that you are on the cheapest tariff for your electricity and gas, you may still be able to shave some money off your bills. You’ll often find that gas and electricity suppliers used estimated meter readings when calculating your bill and that means you could be being charged more than you are actually using and you could be owed a refund. Even if you are being undercharged, you will have to pay for all what you have used eventually so it is worth getting your meter readings and giving them to your utility suppliers.
If you are on a prepayment meter, it may be worth taking a look at direct debit credit meters These are often cheaper than prepayment meters and you do not run the risk of running out of credit and being without heating and light.
If you don’t have a water meter then your water bill will be calculated by the rateable value of your home, not the amount of water you use. This is great news if you are a large family using lots of water in a home with a low rateable value but not such good news for a single person who lives alone in a property with a high rateable value and uses very little water. To check whether you may be better off with a water meter then you can try the Consumer Council for Water’s online calculator. Alternatively, you can ask your current water company for their advice.
If you are not currently paying your utility bills by direct debit then there are almost certainly savings to be had. Most energy companies will charge extra fees for those people being billed by traditional paper bills because this costs them significantly more than using direct debit. By switching your billing from paper to direct debit could save you up to (and even over) £100 per year.
Some of the easiest and most practical ways of slashing your energy bills are by reducing your energy usage. Practical ideas to implement include:
Put our 5 ways to slash your energy bills into practice a