Energy bills – Man shares cutbacks that save him up to £550 a year

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Money Box listener shares tips for saving money

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On BBC Money Box, one man shared the cut backs he makes monthly in a bid to save money to put towards his energy bills. Steven Sheperton emailed MoneyBox saying that he has stopped going out on Fridays.

He would usually go out every Friday and spend around £50 but has stopped this to put towards rising bills. This is a £200 saving.

Additionally, he has cut back on takeaways and restaurants which is around £150 a month.

All together that is a saving of £350.

“It might not be substantial but it pays the energy bills,” he added.

Research from Barclaycard found that 67 percent of Britons say they are looking for ways to reduce the cost of their weekly shop.

Of these shoppers, 43 percent are paying closer attention to the prices of items they buy regularly, 40 percent are cutting down on luxuries or one-off treats for themselves, and 36 percent are purchasing own-brand or value ranges in supermarkets.

Esme Harwood, Director at Barclaycard, said: “Consumers are taking a savvy approach to budgeting as they reduce spending on discretionary items and seek more value in their weekly shop, which is having a knock-on effect on retail and hospitality sectors.

“However, Brits are also looking for ways to enjoy themselves at home while saving money, which has led to growth across “insperience” categories such as digital subscriptions and takeaways. 

“It is likely to remain a challenging time for many other sectors as consumers focus on essential spending and businesses continue to navigate inflationary headwinds.”

Steven also shared the way he is managing to save money on water.

He explained he has a 65 gallon water butt on his roof to be able to catch the rainwater and use it for other things. This saves him around £200 a year.

JD Pipes estimated that rainwater replaces, on average, around 40-50 percent of someone’s mains water usage.

Therefore, a property owner can realistically expect to make a saving of around 45 percent on their water bills.

The average UK roof collects enough rainwater to fill an average of 450 water butts per year.

If people then use this collected water throughout the year for their domestic garden appliances, and to flush the toilet, they’re still going to be making savings.

For example, using a hosepipe in the garden costs on average, £1.50 an hour- by using the water for this alone individuals could potentially be saving hundreds of pounds per year, depending on their usage.

The cost of living crisis is showing no signs of slowing down as energy bills are predicted to remain high despite significant support from the Government and suppliers.

Today Ofgem has confirmed that the energy price cap will rise to £4,279 from January, however, the energy price guarantee was extended last week.

It will last 12 more months from April, but will rise to £3,000 from then.

Episodes of Money Box are available on BBC Sounds

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