HomeMoneyHow to Save Money on Energy, Home Loans and Household Bills

How to Save Money on Energy, Home Loans and Household Bills

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Families are feeling the pressure from money worries like rising fuel prices and shifting mortgage rates.

A regional finance expert is urging residents to make use of support services and adopt careful approaches to manage their money during this uncertain time.

Jenny Wright, who oversees the Yorkshire and Humberside area for the Money and Pensions Service, is pointing individuals toward free guidance from MoneyHelper, a government-supported platform offering financial advice.

She recommends using websites to find cheaper fuel, such as Confused.com and PetrolPrices, which let people compare prices using their postcode.

Older people can also use free or discounted bus and train services, which may help offset increasing travel costs.

According to Ms Wright, those aged 66 and older might qualify for free or discounted public transport.

Gas and electricity bills remain the same until July for those on default tariffs, but the next price limit is expected to rise.

Although deals below the cap are rare, she noted that consumers may still decide to lock in their contract to have certainty about their expenses for the next 12 months.

She also warns that anyone with travel plans to the Middle East, or flights passing through the area, may find they cannot continue their journey or could have difficulty getting travel insurance.

MoneyHelper has details about what consumers are entitled to if their holiday is called off or if they decide to cancel it themselves.

On the subject of mortgages, Ms Wright notes that some lenders have withdrawn their best deals, which is particularly worrying for those looking to switch.

According to her, fixed-rate mortgage deals for new customers could become pricier because of international developments.

Keeping on top of your budget remains crucial, and Ms Wright suggests using MoneyHelper’s free budgeting tool to monitor regular spending.

She also recommends checking the Cost of Living Hub to see what benefits and emergency support consumers may be eligible for.

According to Ms Wright, people should explore MoneyHelper.org.uk for cost-free and unbiased financial guidance.

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