How to save money this winter

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Following the new energy price cap setting, the amount suppliers can charge customers this winter will reduce, however, your bills may not change over the winter months. However, with the cost of living continuing to stay high there are other ways you may be able to save money this winter. To help you start the new year off right, here are some tips to help you save.

Whether you are renting or have your own home, most of the energy we use goes on heating, especially during the winter months. Turning your thermostat down by one degree and switching your heating off when the house is empty, could help you save around £125 per year.

However, it is important to keep your home warm with a recommended room temperature of at least 18C. If you are older, disabled or ill, you may require a warmer temperature. If your house is too cold it could encourage damp and mould, which could lead to respiratory illnesses, infections or allergies.

Installing a water-efficient showerhead or reducing the length of showers to four minutes could help you save around £130 per year.

Some water suppliers have a variety of free resources to help you save water, so it’s worth taking a look to see if your water supplier can support you. Radiators are another way you can save money, if used correctly.

Turning down radiator valves in rooms you may use the least, could help you save £50 per year. Keeping doors closed will also help trap the heat in the room, allowing you to reduce the radiator temperature.

Another effective method in helping you save money, is through draught-proofing doors, windows, floors and chimneys. This method is one of the cheapest and most effective ways to save energy and could help you save up to £155 per year.

Consider installing draft-proofing strips around doors and windows, a letter-box cover, sealant to close floorboard and skirting board gaps and a chimney draft excluder on unused chimneys.

When making these changes, do not block extractor fans, wall vents and airbricks, typically found in your kitchen and bathroom, as these are necessary for ventilation.

It is important to note that savings will vary for different households, and there may be refinancing options available for large scale changes.

For more information, contact your adviser who can support you and discuss the options available to you.

If you’d like to discuss the options available to you, contact your adviser today.

Source: Mortgage Intelligence (Published December 2023)

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