August 14, 2022

Finance Superman is here to save the day

With energy prices set to skyrocket in April, finance guru Martin Lewis has shared three essential things to do before the enormous hike in the cost of living.

From April 1, the maximum amount energy companies will charge will rise from £1,277 to £1,971, a rise of £693 annually. While the talking heads in parliament debate the cost of living crisis, money-saving expert Martin Lewis has offered some usable, actionable advice.

First, Lewis urges customers using a prepayment meter to check if they are able to stockpile energy through purchasing as much as possible at the lower rate, reports the Independent.

“If you max out your top-up in March before the rate goes up, that’s what you’ll get, even if you then use that energy in April,” Lewis said.

For those of you using direct debits, Lewis suggests taking a meter reading now and once more just before the prices rise to ensure as much energy as possible is charged at the lower rate.

Finally, Lewis said customers should ensure they are educated on how to claim the £150 council tax rebate in April.

Via Getty

He explained: “Keep an eye out for a letter from the council because each council will tell you its claim system and you need to watch for that.”

Ultimately, if you are worried about the price hike, talk to your energy provider regarding possible payment plans. Other things to research include the government’s Warm Home Discount and Winter Fuel Payment.

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“There are lots of people out there that can afford the increase and won’t like it, but there are also millions of people who will be thrown into fuel poverty, who will get close to having that choice between heating and eating,” he concluded.

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