As the UK grapples with a fresh wave of price hikes across essential household services, financial pressure is mounting for millions of families.
From energy bills and broadband to council tax and water charges, the cost of everyday living continues to climb. To help, experts at MoneyPlus have shared eight practical ways households can save money and better manage their budgets in the face of growing financial strain. Here’s what you can do right now to ease the burden:
The first step to saving money is knowing exactly where it’s going. By tracking your monthly income and expenses, you can spot patterns, cut back on non-essentials, and set a realistic budget. Subscriptions, for example, are often a hidden drain - cutting down on unused services could save you more than you think.
Smart budgeting tools like Snoop and Plum make money management easier. Snoop categorises your spending and flags better deals on household bills. Plum uses clever algorithms to save spare change automatically and even stashes extra cash based on your spending habits.
Boost your savings bit by bit with creative challenges.The 1p challenge is a good example. On day 1, you save 1p; on day 2, you save 2p and keep building it with this formula where you save £3.65. At the end of the year, it means you will have saved £667.95.
One of the biggest household expenses, especially during colder months. For example, by turning your thermostat down by just one degree, from 22C to 21C, you could save around £90 a year, all while staying within the recommended comfort range of 18–21°C.
You don’t need a full renovation to improve insulation. Simple fixes like draught excluders, thick rugs, and curtains drawn at night can keep the heat in. Other cost-effective tools include radiator foil and hot water cylinder jackets, which help prevent energy loss.
Leaving appliances on standby can add unnecessary pounds to your electricity bill. Turning them off at the plug when not in use - especially items like TVs, computers, and microwaves. This can help cut costs with minimal effort.
Meal planning helps avoid food waste, reduces temptation to order takeaways, and cuts your weekly grocery bill. Cooking in batches and freezing meals is another time-saving, budget-friendly habit that pays off.
For those already overwhelmed by bills, help is available. Solutions like a Debt Management Plan (DMP) offer manageable repayment options over time. Organisations such as MoneyHelper provide free, confidential debt advice to support people in regaining control of their finances.
As household costs continue to rise, taking small but intentional steps could make a big difference. Whether it’s budgeting smarter, cutting energy use, or tackling debt head-on, there are ways to weather the storm—and come out stronger on the other side.
