16:57 21 October 2015
Recent figures have reveal that the average amount we spend on essentials has increased from £565 in 2007 to £668 this year. Although the inflation rate remains flat, regular household bills are steadily rising putting more pressure on family finances.
The figures reveal that compared to pre-recession times, we are now paying 18per cent more on energy, mortgages, water, rent, council tax, phone, broadband, and household insurances.
The figures were released by new Bill Tracker launched by BACS, the people who run the UK’s direct debit transactions system.
BACS executive Mike Hutchinson said the statistics, drawn from processed payments, “reflect the financial burden households face as the price of bills increases steadily”.
He added: “With almost three quarters of regular bills paid by direct debit, this data gives a clear indication of the upward financial pressures across a basket of core household bills.
“Splitting the cost across the year could relieve some of the strain on hard-press family purses. And with discounts offered by many billers and service providers for paying by direct debit, there’s an opportunity to save money.”
With winter and higher energy bills looming, now’s the time to give your household finances the once over and ensure you’re on the very best deals.
How to cut cost of living?
49-year-old Rob Barton, married and has three children, has cut some of his expenses by simply picking up the phone. He rang up some suppliers and told them that he was leaving. In less than an hour, he managed to cut his car and home insurance premium by 50per cent and got £30 off his satellite TV package and another £10 off his pet insurance.
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