The Forgotten Utility: Water
Money Saving Expert Martin Lewis has unveiled a money-saving "rule of thumb" that will help homeowners cut their water bills by a whopping £500. Lewis emphasized that "anybody and everybody needs to know it". According to Lewis, water is often overlooked as a utility bill, but it can be a significant expense that can be easily reduced.
The Surprising Factor That Determines Your Water Bill
Residents in England and Wales may be shocked to learn that their water bills are based on the value of their homes back in 1990. This outdated system means that even if you have a large house but use minimal water, you could be paying more than necessary.
Martin Lewis' Rule of Thumb
Martin Lewis has a simple "rule of thumb" to determine whether getting a water meter could save you money. He advises asking yourself, "Do you have more or the same number of people than bedrooms?" If the answer is "no," it may be worth considering a water meter to cut down on your bill.
A Real-Life Success Story
Debbie, a devoted fan of Money Saving Expert, lives in a three-bedroom home with her husband. By following Martin Lewis' advice and getting a water meter, she managed to save an impressive £478 in just six months. Debbie is now determined to spread the word and help others save money on their water bills.
How to Calculate Your Savings
To determine how much a water meter could save you, you can use the CCWater calculator. This handy tool will give you an estimate of the potential savings before making a decision. It's important to note that if a water meter doesn't work out for you, some companies allow you to switch back within two years, so you have nothing to lose.
Assessed Charge: An Alternative Option
In some cases, fitting a water meter may not be feasible for your property. If this happens, you can request an "assessed charge" to see what your bill would be if a water meter had been installed. If the assessed charge is lower than your current bill, it's worth making the switch. However, if it isn't, then sticking with your current arrangement may be the better option.
Don't Stop at Water Bills
During the show, Martin Lewis also revealed his three-step method to bring down phone contract bills to just £3.50. He urged viewers to take action and avoid being ripped off by their phone providers.
