Martin Lewis Warns ‘Prices Will Never Go Down’, Answers 6 Questions
Money saving expert Martin Lewis is currently one of the most in-demand figures in the country.
Bills for millions of households are set to surge again next month. cost of living crisis It continues to wreak havoc on our finances.
Tara Evans spoke to Martin while appearing on the Ideal Home Show to ask questions about the biggest money facing the country.
Q) April is a time when bills are pouring in, what should each household do?
A) For those who spend money, there are ways to save money.
There is always something you can do.broadband, energy, or city tax.
Q) What about the millions of people who will face higher broadband, TV and mobile bills next month?
A) If you’re paying over £10 a month and your contract is expired, the question is why.
If you want to stay where you are, do a comparison and find the cheapest package.
If the contract is expired, take it to them and tell them politely and nicely. I don’t want to leave, but I want it to be worth the price.
If they aren’t worth the price, go for “customer retention”. This is because they have the power and authority to maintain your habits.
When you get there, just say the same thing again.
Q) Grocery and supermarket bills are at an all-time high. Will store prices ever drop?
A) Lower inflation does not mean lower prices. This means that prices will not rise as fast as they used to.
It’s a bit like the difference between a car’s overall speed and its acceleration. Even if you slow down the acceleration, the car will still go faster.
I don’t think the price will go back to the original price.If so, it will cause them problems economic If something called deflation comes.
The most important thing is that we get inflation It will go down and hopefully people’s income will catch up as time goes on.
But for many, the next few years will be tough.
Q) What about our utility bills?
A) I am pleased that the Prime Minister has heard the letter I wrote four weeks ago not to submit the 20% bill in April.
Budget morning, I was pleased that he replied to me to say that he was open to the discussion and that he was not going to raise the price.
One of my arguments was that the end of the £400 Winter Energy Bill Support Scheme this month meant that households would no longer receive the £67 monthly subsidy from their bills.
That means people need to budget for that increase.
of course, Utility costs is still terrifying. People are paying him twice as much as they have paid in the past.
Energy prices are almost certain to drop in July as price caps drop significantly due to lower wholesale electricity prices paid by energy companies.
Your bill will be flat in April, but you will be paying £67 extra per month and from July your bill should be 20% lower than where you are now.
This means that the clouds will break and the sun will be visible, and the rain may be a little weaker than before.
Q) What can be done to care for mental health at a time when many are in financial turmoil?
A) There are no shortcuts when it comes to mental health and finances.
We know there are marriages made in hell between money problems and money problems mental health problem. If you’re feeling stressed, the best solution is to act instead of trying to ignore what’s going on.
Review your bills one by one to see if you can improve your financial situation.
Q) What if I am deeply in debt?
A) for everyone in debt At this time, you don’t have to manage it alone.
There are excellent free debt agencies such as Citizens Advice and Stepchange that can provide support and help you resolve your issues.
If you’re struggling emotionally, try Christians Against Poverty. They give him more time per person than other charities, while also providing moral support.
Talk to an expert about it. I’ve been doing this job for a very long time, and people’s financial situations weren’t as bad as they are now.
There is always light at the end of the tunnel. It may not be an easy journey, and the light may be a little far away, but the best thing to do is get help and do something to start moving towards that light.
Boost your finances in 10 easy steps
1. Sit down and calculate your income and expenses. I try to do this at the same time each month and keep a reminder in my journal.
2. All expenses, especially bills and subscription – Is there any way to reduce them? Can I cancel any amount?
3 Don’t forget to check when shopping for groceries. Could you change it to a cheaper supermarket or your own brand product?Maybe there will be a week when I run out of stash in the cupboard and freezer. Trolley.co.uk Good for comparing prices.
4. Debt can be a large part of your monthly expenses, so you need to get it cheap. For example, if you have a credit card, you can switch to a zero percent balance transfer transaction.Using Eligibility Checker in moneysavingexpert.com.
5. If you can’t afford to pay your debts or feel stuck, get free advice from Citizens Advice, Stepchange, or National Debtline.
6. Use the website Turn2Us to find the benefits and support you’re missing to make sure you’re not missing out on free cash or grants.
7. Note when invoices and contracts are updated. You can apply for a new mortgage 3 months before your current contract ends.
8. Think of ways to increase your income.Can I get another job or can you sell the items I no longer need in my house? I use websites like Ebay and Vinted. Maybe you can do a car boot sale.
9. If possible, make a plan for how to save money. You can set yourself a savings challenge. I know this can be difficult when you live by the month, but every penny counts.
10. Be realistic. Overall, only make plans that are achievable and sustainable. Otherwise, you will atrophy and you will not make any progress.