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 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?
Almost half of households found it difficult to pay bills in recent weeks
And that's not all.
59% of households who are worried about rising costs have not taken steps to improve their finances
But there are ways to change this.
£751,000,000 to be saved each year on car and home insurance if customers switched through Comparethemarket
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 how Comparethemarket can help you:
- Comparing prices for products and services can reward you with big savings
- More than half of customers could save up to £374 on average when they switch car insurance and up to £159 on average if they switch home insurance
- One in three customers could save an average of £188 by switching broadband through Comparethemarket. You could save even more when you switch credit cards, mortgages 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
Censuswide Survey on behalf Comparethemarket.com of 2,000 households with children at home who are not confident they will be able to pay their bills in the coming weeks.
 £751 million is calculated using our active customers from December 2022 who have purchased a policy through Comparethemarket in the last 12 months and is based on independent research by Consumer Intelligence (November 2022) on the potential savings for customers:
- 51% of customers could save up to £374.08 for car insurance
- 51% of customers could save up to £159.73 for home insurance.
 Based on online independent research by Consumer Intelligence during November 2022. 51% of customers could achieve this saving on their car insurance through Comparethemarket.com.
 Based on online independent research by Consumer Intelligence during November 2022. 51% of customers could achieve this saving on their building and contents insurance through Comparethemarket.com.
 34% of customers could achieve an annual saving of up to £188.28 (£34.68 monthly bill equil) from nationally representative sample of 2000 customers (990 Broadband only) vs our cheapest monthly cost for superfast broadband (67Mbs), £18.99/month, prices correct at Sep 22.