Cost of living savings tips

Comparethemarket is encouraging people to check their households bills now, to see where they could save money quickly and easily. We want to help people save money whenever and wherever we can. Comparethemarket exists to help you find great deals on a range of products and services, and we want to help as many people as possible during these tough times.

Mark Bailie, CEO of Comparethemarket said:

“Rising costs are a concern for millions of households across the UK, with many struggling to afford their regular bills. During this difficult time, it is essential that people take the time to look for savings wherever they can to get the savings they deserve. Don’t pay more than you need to.''

What is the Money Action Index?

Our newly launched Money Action Index reveals the gap between concern and action when it comes to household finances. Six in ten households, who aren’t confident they can pay their bills, have not taken action to save money.

How the cost of living crisis is affecting the UK

From soaring energy bills to rising interest rates, we know it’s a difficult time.

Did you know?

We understand that the cost of living crisis can seem overwhelming, but there are lots of ways you can still save money and Comparethemarket want to help you save as much as possible.

Mark Bailie on the cost of living crisis

Comparethemarket CEO, Mark Bailie, discusses the rising cost of living, his tips on how to save money and the Money Action Index.

This video information is available as a Text Transcript

Mark Bailie on how Comparethemarket can help you:

  • Comparing prices for products and services can reward you with big savings
  • More than half of people could save up to £324[2] on average when they switch car insurance and up to £148[3] on average if they switch home insurance
  • You could save even more when you switch broadband, mortgages, credit cards and more…
  • Register for Comparethemarket automated updates and we’ll let you know when it's time to check if you could save

 

Mark Bailie's top tips on household bills

  • Start by making a note of what’s coming in and going out
  • Don’t let things like insurance and utilities auto renew
  • Don’t let yourself slip onto variable or ‘standard’ rates for credit cards, make sure you’re not paying any more than you need to 
  • If you’re struggling, contact your supplier, bank or loan provider to work out a repayment plan

 

These are some of our top money saving tips. But, as part of our Money Action Index, we’ve been asking you to share your top money savings tips:

  • Plan your meals and batch cook
  • Cancel subscription services you don’t use 
  • Swap to more energy efficient devices – e.g. LED bulbs, smart plugs, air fryers, set your washing machine to a lower temperature 
  • Use cashback websites and rewards cards for additional savings
  • Sell unwanted items online

[1]Opinium Survey on behalf Comparethemarket of 2,001 Brits who are not confident they will be able to pay their bills in the coming weeks. Conducted 24th - 31st August 2022. £671 million is calculated using our active customers from July 2022 who have purchased a policy through Comparethemarket in the last 12 months and is based on independent research by Consumer Intelligence (June 2022) on the potential savings for customers:

  • 51% of customers could save up to £324.12 for car insurance
  • 51% of customers could save up to £148.97 for home insurance

[2]Based on Online independent research by Consumer Intelligence during June 2022, 51% of customers could achieve this saving on their car insurance through Compare the Market.

[3]Based on online independent research by Consumer Intelligence during June 2022, 51% of customers could achieve this saving on their Buildings and Contents insurance through Compare the Market.