How to save money on household bills

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Did you know that the average household is paying hundreds more a year on bills than they could be? With the cost of household bills continuing to rise there's never been a better time to make sure you're paying the right amount. So we've put together a few ways you could be saving money on bills 💸

1. Save money on energy bills

Ofgem has reported that the average household can save up to £300 on average on gas and electricity bills by switching energy tariff. 

With more and more energy suppliers offering services, it's easier than ever to find a cheaper deal.

Looking to switch energy providers? You can switch using Monzo. It’s hassle free, eco-friendly and could save you money on your bills. And you’ll get up to £75 credit when you switch. Open a Monzo bank account to get started or you can read more about it here

If you've already switched energy provider you could still save more money on bills by:

  • Turning down your thermostat by just 1°C can cut costs on your heating bill by 80% (according to the Energy Saving Trust).

  • Switching to monthly Direct Debit payments can reduce costs on late payments.

  • Send regular meter readings to keep your bill accurate!

  • Managing your account online you can reduce bills with some companies who charge extra for printed statements.

2. Save money on your water bill

Although you can't switch your water supplier, you can still try and reduce the costs of your water bill. There are a few ways to do this. 

Try having a water meter installed. This means that you only pay for the water you use. This might not suit everyone as, generally speaking, the bigger your home and the fewer people that live in it, the more likely you are to save money with a water meter. To see if it's the right option for you, use a water usage calculator.

Other ways you could save money on your water bill is by having showers not baths to save the amount of water you use. Switch off running taps while you're brushing your teeth and make sure you fix any leaky taps!

3. Cut down your home phone bill

Home phone bills can be expensive. Here are a few tips to help reduce the cost of them:

  • Call your supplier: Ask for a better price

  • Switch supplier: Sticking with the same home phone and broadband provider can be expensive. Switching your supplier to a cheaper one can help save money.  According to uSwitch, the average household can save £69 on their broadband bills by switching when their contract ends.

  • Get a contract that suits you: Otherwise you might spend money on extra features you don’t need! Or get charged for going over your limit.

The best place to start is by using a price comparison website to see if you're missing out on any cheaper deals. 

4. Check you're paying the right amount in council tax 

If you're looking to save money on bills, check you're not in the wrong council tax band, which sometimes can the reason people find themselves spending a lot more than they should be on bills.

You could end up saving hundreds of pounds and getting a tax rebate. Find out more about how to go about this if it applies to you!

5. Avoid late payment fees

Paying your bills monthly by Direct Debit could save you any additional costs on late payment fees! Even late payments on credit cards can mean you paying extra.

It's worth making sure your bills are on time. Things like keeping a record of all your payments and planning ahead is always helpful when thinking about money management. 

Download Monzo and start saving money on energy bills today. 💸