Easy ways to slash bills after April hike from home changes to schemes | Personal Finance | Finance
People worried about the increase in their household bills in April can take action to bring down their costs, an expert has said.
Many bills went up from April including council tax, which increased by the maximum five percent in many parts of England.
Broadband and mobile tariffs also increased in line with inflation plus an additional amount and water bills also went up.
Pete Mugleston, MD and mortgage expert at www.onlinemortgageadvisor.co.uk, encouraged families to try “different approaches” to slash their costs.
He told Express.co.uk: “If a family is facing higher energy bills, they should implement energy-saving measures to improve home insulation, switch to energy-efficient appliances and adopt positive habits such as turning off lights and electronics when not in use.
There are several ways people can bring down their bills
“They can also reduce utility bills by comparing and switching to more cost-effective energy suppliers. Families can also explore government assistance programs and grants such as Universal Credit or The Warm Home Discount Scheme which can provide additional financial relief.
“It’s also worth noting that many local councils and organisations offer support for low-income families to help with energy costs, food and other essential items.”
Mr Mugleston said workers could get more pay increases after the economy returned to growth again but these may be quite small given on-going uncertainty.
He explained: “Businesses are likely to experience higher revenues and growth which may make them more confident in raising salaries and hiring more employees down the line.
“However, the extent of these benefits will depend on the sustainability of economic growth and overall market conditions. With growth expected to increase slowly in the next year, I would not expect wages to increase by that much.”
He also warned there could be “lasting negative impacts” for the economy with global uncertainties in the economy and the potential for energy shortages.
He cautioned: “We should not get ahead of ourselves just yet as the UK economy will still feel the lingering effects of high interest rates and high inflation for some time, even with us moving out of recession.”
His comments come after an invesment expert told Express.co.uk Britons are starting to benefit from the improving economic situation.
Rob Morgan, chief investment analyst at Charles Stanley, said: “Confidence among both businesses and consumers has grown.
“Having battled the impact of stubborn inflation and high interest rates, many households are now starting to reap the benefits of inflation falling more rapidly than wage growth.
“Recent cuts to National Insurance and the planned increase in the National Living Wage also stand to offset the headwind of restrictive higher interest rates. This boost to spending power bodes well for some further modest growth in the coming months.”
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