Martin Lewis reveals his best to recoup the cost of rising energy bills Business News

Consumers should look at their spending item by item as they look to cut spending and ease the pain of the cost of living crisis, Martin Lewis said.

the Money saving expert The founder said customers were unlikely to see big savings on their energy bills, with prices climbing again this year from an already record high.

But he said other areas such as broadband, mobile and water could offer potential discounts to allow people to recoup their losses.

Customers face an annual energy bill hitting £2,800 in October when Ofgem lifts its price cap for the second time this year.

On a one-hour cost of living special Martin Lewis Money Show Live On ITV on Tuesday night, the personal finance guru admitted things might get worse before they get better.

But Lewis told viewers, “Let me tell you what I would do. Don’t look at the big picture. The whole situation is currently overwhelming and we cannot deal with it. Instead, you have to look item by item at what you’re spending money on.

“We can’t do much in the energy market, but there are in broadband, mobiles and water bills… and they can save you enough to recoup what you spend on energy.

“It’s about going through the details and the minutiae and spending time and figuring out, first, where you can just cut your costs, and then if you need to, where you can cut as well.”

The show aired hours after Ofgem boss Jonathan Brearley said the energy regulator planned to raise its price cap by a further £830 this autumn, just months after it was announced. increased by £693 in April.

He told MPs that ‘higher and more volatile’ petrol prices were behind the rise.

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This notice was published: 2022-05-25 00:01:49

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