Martin Lewis has shared his tips on how households can cut back on costs. The money saving expert shared an extensive guide, in which he included tips on washing machines and hot drinks to help people save money.
The nation has seen a rise in the cost of living recently, with energy bills being a big part of the problem after the energy regulator Ofgem hiked its price cap by a staggering £693 for someone with typical use - a rise of 54% to £1,971. Introducing the survival guide, Martin said: "On 1 April, the 54% rise in the energy price cap hit 22 million homes, a desperate, typical £700/year increase – catastrophic for those with the lowest incomes."
He added: "Yet, the pain stretches far further – when combined with all the other price rises, we will see a material drop in the standard of living for most on low to middle incomes. For some there is sadly no route to cut expenditure below income; that fix will need political intervention. For others, we need a collective endeavour, to work together to take financial pressures off where we can. And that is partly behind this guide." You can get more consumer news and other story updates by subscribing to our newsletters here.
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The guide recommended that people "watch the weather" to decide when to wash their clothes. "Doing one fewer load of washing a week, using your machine on a 30-degree cycle and making sure your machine is full when you use it can save about £28 a year on your energy bill, according to the Energy Saving Trust." Martin Lewis has warned that the country is close to civil unrest over the cost of living crisis - you can read more about that here.
It also prompted Martin's followers to share their money saving tips, including ones for saving money on making hot drinks. Heather, one money saver, said: "Boil water for hot drinks once a day and save the rest in a flask to save electricity. Forage food (made nettle tagliatelle, nettle and potato soup, dandelion flower jam etc during hard times)."
Another Twitter follower, Clare Lynch, suggested using showers elsewhere. She said: "Martin, I know this sounds a bit daft, but my £15 council employee pass for my local swimming pool is buying me unlimited long hot showers. I’m there 3/4 times a week. Bargain!"
