The Martin Lewis fan, known only as Sam, was able to cut her car insurance, broadband, phone and water bills after reviewing her finances. Plus, she’s now making the most of her savings
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A Martin Lewis fan has explained how they saved £213 by making six simple changes to their bills and savings.
The reader, known only as Sam, was able to lower her car insurance, broadband, phone and water bills after reviewing her finances.
She also earned more interest on her savings after transferring some of her income from a checking account to a cash ISA.
Sam, 65, receives Universal Credit at an increased rate for her disability.
Writing to MoneySavingExpert, she first explained how she used the new car insurance comparison tool to save £53 compared to last year’s spending.
She then haggled down that renewal price by a further £32 with no loss of coverage to top up her savings.
In her next success, Sam saved around £5 a month on her internet after signing up for the BT Home Essentials social plan, which she qualifies for by claiming Universal Credit.
Sam also contacted her water supplier and received a 20% rebate worth around £40 a year after answering questions about her circumstances.
Finally, she also saved £60 a year by switching her mobile sim to a cheaper deal.
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The other change Sam made was to set up a standing order so a small portion of her income goes into a cash ISA instead of sitting in her First Direct checking account.
She also transferred £3,000 of savings into the same cash ISA, which was “easily squatting elsewhere”.
“All in all that’s £213 a year, plus the little interest from the ISA,” Sam said.
“It won’t cover the energy gains but I’ve gone from very worried to worried and feel so empowered to have done something about my finances.”
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Going through your bills has never been more important as the cost of living crisis is heating everything up and April brings with it a slew of price hikes.
Energy regulator Ofgem has increased its price cap by an unprecedented 54% in a major blow to household bills.
For those on a standard plan paying by direct debit, the price cap has increased by £693 from £1,277 to £1,971.
The average Band D council tax rate in England has risen by 3.5%, while the average water bill has risen by around 1.7%.
Almost all major mobile and broadband providers have also confirmed price increases.
And for homeowners, adjustable rate mortgages are now more expensive after the Bank of England raised its base rate to 0.75%.
https://www.mirror.co.uk/money/martin-lewis-fan-explains-how-26721774 Martin Lewis fan explains how they saved £213 by making five simple bill changes