Christmas is a tough time of year for the old bank balance. And thanks to the cost of living crisis, there are many who have no idea who they will afford to pay for food and fuel this festive season.
But money-saving expert Martin Lewis has given a grim warning for the future on the last episode of The Martin Lewis Money Show Live before Christmas. The cash-hoarding guru said, although this year is bringing worries over energy costs, next year may bring more bad news.
He said that the Energy Price Guarantee is "not being paid next winter".
"So for somebody on typical use, pro rata they're paying the equivalent of £2,100 a year this winter - next winter it will be £3,000.
"Energy prices nearly doubled from last winter to this winter and they will be going up again 43% on average next winter. And if you use less, then losing that £400 has a bigger effect and your percentage rise, I'm afraid to say, will actually be more."
The MoneySavingExpert website has pulled together the 'need-to-knows' for people on the Energy Price Guarantee here.
The Martin Lewis Money Show Live is on ITV Hub
