The cost of living is increasing and next month - which is only a couple of days away - will see the energy cap price increase with those living alone said to be among the worst affected.
People are already feeling the impact of inflation on the energy bills already with many being quoted upwards of £100 extra a month after the cap is enforced.
And the same is happening in the supermarkets too with the Office for National Statistics (ONS) revealing that supermarkets are upping their prices by a fair bit, with the cost of a pint of milk increasing by nearly a fifth in a year – one of the biggest price rises among a host of everyday purchases stretching family budgets.
READ MORE - Exactly how much each item has gone up in supermarkets amid a rise in inflation
Because of this, many people are naturally looking at how to save a few extra pounds a month here and there and as a result, lots of people have been searching 'how to save money' and 'how to save money on gas and electric' in the last six months - an increase clearly seen on Google Trends.
To help, Insulation Express has revealed seven actionable tips for single households to reduce the amount they spend per week. By implementing each of these tips, one-person households could be saving nearly £8,021 per year.
Jenny Turner, Property Manager at Insulation Express says: "With the cost of living rising, it is well worth looking at unexpected ways to save money where possible - and even the smallest cutbacks can soon add up to major savings across a year.
"Those living alone should consider options such as sharing costs with family and friends on bulk food shopping and taking advantage of single-person household discounts, such as council tax. Research government schemes for any further help that is available, or contact the consumer and debt advice organisations such as Citizen’s Advice for assistance if you’re struggling to know where to start."
So how can you save upwards of £8,000 when you live alone?
Apply for single person’s council tax discount – Saving you £6.13 every week
You’re entitled to a 25% reduction on your council tax bill if you live alone. You can also apply for this discount if you live with anyone who does not have to pay council tax, such as students or ‘severely mentally impaired’ adults. To ensure the discount is applied, just contact your local council tax office.
One-person household benefits
This can save you up to £95.77 a week.
If you’re on a low income, you may be eligible for a housing benefit to contribute towards living costs. The average housing benefit payment is £95.77 per week and you can check eligibility via the benefits calculator.
Meal prep is key
This can save you up to £24.76 a week.
Planning your meals for the week can reduce food spend and waste significantly. Utilise your freezer to store meat, pre-cooked meals and multi buys. You could even order food and other toiletries in bulk and split the cost with friends and family for further savings.
Invest in an electric blanket
This can save you up to £15.68.
With energy bills rising, cut the cost of your heating bill by using an electric blanket on an evening instead of cranking up the central heating. A 100kwatt electric blanket can cost just 2p per hour at full power, so you can knock the heating off a couple of hours earlier and still feel cosy in bed.
Install a water meter to become cost effective
This can save you up to £1.92 every week.
For most, your water bill is based on the size of the property and the number of bedrooms in the house. If you’re living alone in a multi bedroom house, installing a water meter could be much more cost effective and save about £100 per year.
Switch heating suppliers to save more
This can save you up to £35.77 a week.
You should be regularly checking your gas and electric spend and switch suppliers if you find a better deal. Lookaftermybills.com is a service that does this for you, regularly checking your bills to ensure you get the best deal.
Research the cheapest fuel in your area to save up to £4.23 a week
This can save you up to £4.23 a week.
Fuel prices are currently very high, which is undoubtedly having a knock-on effect on weekly commuting and day-to-day driving costs. Before heading for your nearest petrol station out of convenience, it is worth looking up local prices online to find the cheapest fuel in your area.
The handy PetrolPrices app could help you negotiate the soaring fuel costs.
What are your money saving tips? Let us know in the comments!
