Food prices are still significantly above their pre-2021 levels. Energy bills remain elevated. Mortgage rates have come down from their peak, but they are still far higher than the era of 0.5 percent base rates. The cost of living crisis has moved out of the headlines — but it has not moved out of people's bank accounts.
Here are seven moves — practical, specific, UK-relevant — that can meaningfully reduce your monthly outgoings.
The energy price cap moves quarterly. If you are on a standard variable tariff, check whether a fixed tariff offers a better deal — particularly if you expect prices to rise. Use Uswitch or the MSE Cheap Energy Club to compare. Even if you do not switch, knowing your current rate keeps you alert to better deals when they appear.
Car and home insurance providers routinely increase premiums significantly at renewal for existing customers. Loyalty costs the average household hundreds of pounds per year. Set a reminder three weeks before renewal and run a full comparison on Compare the Market, GoCompare, and MoneySuperMarket. Switching saves an average of £300 per year on car insurance alone.
The average UK adult spends approximately £85 per month on subscriptions — many of which they have forgotten they have. Go through your bank and credit card statements for the last three months and list every subscription. Cancel anything you are not actively using. Even cancelling one streaming service saves £100 to £200 per year.
If your fixed rate deal expires in the next six months, start the remortgage process now. You can typically lock in a new rate up to six months before your current deal ends. A difference of even 0.5 percent on a £200,000 mortgage saves approximately £1,000 per year. Use a fee-free broker — they search the whole market at no cost to you.
Several council tax reductions are widely unclaimed. A 25 percent single person discount applies if you live alone — or if other residents are disregarded, such as full-time students. If you are on a low income, Council Tax Reduction (formerly Council Tax Benefit) can reduce your bill significantly. You can also challenge your council tax band if you believe it was incorrectly assessed — the Valuation Office Agency handles England and Wales.
Billions of pounds of benefits go unclaimed in the UK every year. EntitledTo and Turn2Us are free online calculators that check your eligibility across the full range of means-tested and universal benefits. Many people on modest incomes are surprised to find they qualify for support they were not aware of.
Switching from branded to own-brand products on staples — pasta, tinned goods, cleaning products, cereals — typically saves 30 to 40 percent on those items. Checking unit prices rather than pack prices catches many supermarket pricing tricks. Planning meals before shopping and buying fresh ingredients reduces food waste, which is a larger drain on food budgets than most people realise.
Seven moves. Some take ten minutes. Some take an afternoon. Together they can save hundreds of pounds per month. The cost of living happened to you. Your response to it is something you can control.
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