Expert Reveals How to Save Money as Bills Jump £1,316 Year on Year

People all over the UK are feeling the pinch when it comes to the cost of living, with no sign of rising household bills slowing down anytime soon after a recent announcement that further increases are on their way this April. But how much have they actually risen in the past year?

A recent study by Comparethemarket revealed that overall average household bills have significantly increased by £1,316 in the past 12 months, with a typical household now spending £3,280 each year. Home insurance has seen the smallest rise across the 12-month period, costing just £17 more than in November 2021. In comparison, energy bills have increased by £1,273 and motor by £76 since November 2021.

With over a third (36%) of households with children struggling to afford energy bills, Hélène Barnes, Cost of Living Expert at Comparethemarket, has commented on what we should be doing to prepare for the upcoming months to ensure all households are getting value for their money.

“Millions of households will be worried about rising costs, with many struggling to afford their regular bills and energy prices which are at their highest level in years.

The cost of energy is set to increase further when the Energy Price Guarantee rises in April 2023. Most broadband, phone and TV providers are also set to raise their prices in line with inflation in April, and many households will likely face a big payment shock.

Before these price rises are introduced, households need to check all their regular bills to see where they could save money.

Our research shows most households could save hundreds of pounds by shopping around for deals on their bills, such as car and home insurance, and could save even more looking out for deals on broadband and credit cards. Comparing prices online is one of the best ways to check you’re getting value for money.”