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Your Money: Top tips to cut costs amid rocketing inflation

The cost of living is ever increasing.
The cost of living is ever increasing.

The cost of living crisis is only getting worse, with households across the north and north-east continuing to feel the squeeze.

Here are some ways to make your money stretch further, from Quotezone comparison website founder Greg Wilson.

  • Shop around for insurance quotes around three weeks before you’re due for renewal – that should be the time when the best deals are available and you don’t have to rush into a decision.
  • Don’t let your annual direct debits auto-renew – always search for a competitive price.
  • Pay annually in one go rather than by monthly direct debits.
  • Order in bulk where possible, for almost everything from home heating oil to toiletries.
  • Look into switching providers. According to energy regulator Ofgem, households can save an average of £360 a year. Switching provider doesn’t just help save money, it can also allow consumers to seek out more environmentally friendly suppliers and those with better customer service.
Consumers are facing huge increases in the cost of heating their homes.
  • Check out the tax relief option, which allows anyone working at home on a regular basis to claim relief on gas and electricity bills – as well as metered water and business phone calls. HM Revenue and Customs is offering relief worth £312 per year, with no need to provide receipts or factor in any complicated calculations.
  • Carry out efficiency checks and use energy efficient lightbulbs, draft excluders, boiler jackets, radiator reflectors – all relatively inexpensive solutions which help to reduce costs over a long period.
  • Take your rewards where you can get them. Some companies offer cash-back and discounts on a whole range of big brand and high street items, including help towards household bills.

  • Downgrade your mobile phone, internet or TV packages.
  • Some credit card companies stopped accepting new customers during the height of the lockdowns, but many of them are now returning to the market. This means there could be an opportunity for people with good credit histories to transfer their balances to a new 0% APR credit card. But remember there is normally a time limit here before the interest rate starts to rise.
  • Shop around by using a comparison site to compare the best deals.

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