Martin Lewis is urging households to start budgeting now before energy bills rise again this winter.
The consumer champion issued the alert ahead of the October price hike and warned everyone to do this vital check in a Facebook live Q&A.
To reduce the impact Martin said: “If your direct debit goes up in advance, it’s actually not the worst thing because it will help spread the cost even though you might not like it.
“It’s going to be horrendous and I hope that when a new Prime Minister comes in place, the current sort of freeze on policy making ends on that day, on September 5.”
The money expert said forward planning is key and it’s important to acknowledge the hit to our pockets now.
He continued: “What’s likely to happen if you’re on the price cap, if you’re paying £100 a month now, it’ll be £165 in October.
“If you’re paying £200 a month now, it’ll be £330 in October on average. That’s the scale.”
Annual household energy bills are set to rise further in October when the price cap goes up, having already risen by more than 50% in April.
Actively trying to save money by switching energy providers may not always work; however, you can always reduce your costs by using less energy.
So, you can keep your electricity and gas usage to a minimum, by using them less or depending on the season.
Can you lower other household bills to save money?
The consumer journalist said it would be useful to look to see if there are other bills that are too expensive. And where it’s possible to cut costs, there are savings to be made on expenses long-term.
So, whether it’s your home, car or pet insurance, there are always savings to be made. Rather than automatically renewing, check to see if there are better prices so that you don’t miss out on the best savings.
In a recent Good Morning Britain appearance, Martin warned that there’s not much more people can do when it comes to the energy bills crisis.
He said: “When it comes to energy and the poorest homes, I am mostly out of tools”.
The financial expert said that it ultimately comes down to the government to help fix the difficulty millions of households across the UK are currently experiencing. “It’s politicians who are going to have to fix this one,” he added.