Cost of living savings tips
Compare the Market 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 Compare the Market said:
“Millions of households across the UK are continuing to struggle to afford their regular bills due to rising costs and the effects of inflation. Shopping around could be a lifeline for many and 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 Money Action Index tracks the gap between concern and action when it comes to household finances. Our latest index shows that nearly 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?
of households who are worried about rising costs have not taken action to improve their finances.
of households with children at home have seen their cost of car insurance increase in the past six months.
of those with credit cards struggled to pay off their monthly balance in the past six months due to rising living costs.
We understand that the cost of living crisis can seem overwhelming, but there are lots of ways you could still save money and Compare the Market want to help you save as much as possible.
Mark Bailie on how Compare the Market can help you:
- Comparing prices for products and services can reward you with big savings
- More than half of customers could save up to £516[1] on average when they switch car insurance and up to £176[2] on average if they switch home insurance
- One in three customers could save an average of £186[3] by switching broadband through Compare the Market. You could save even more when you switch credit cards, mortgages and more…
- Register for Compare the Market 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
You could start saving right now on your household bills:
[1] [2] Based on Online independent research by Consumer Intelligence during August 2023 51% of customers could achieve this saving on their car and / or home Building & Contents insurance through Compare the Market.
[3] 35% customers could save £186 a year on their broadband only / landline contract. Annual savings based on an average monthly bill of £37.49 from a nationally representative sample (n=2000, reduced to n=410 following selection criteria for fairness) vs our cheapest headline cost for superfast broadband (>=50Mbs), £22/month headline price. Refreshed in Sep-23, with data correct as of Aug-23. All prices are subject to consumer price index (CPI) changes, refer to the individual provider T&Cs for more information.