The British spent a record amount on gasoline and energy when prices rose last month

FREE BRITAINS Over the past two weeks, the British have allocated a quarter more than usual on energy and fuel bills as the cost of living is experiencing a crisis.

A study conducted by Lloyds Bank showed that on September 24 there were the highest fuel costs, if ever recorded, because the pumps panicked – drivers spent 125% more than usual.

Households are spending on energy and fuel, but there are ways to cut costs

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Households are spending on energy and fuel, but there are ways to cut costsCredit: Getty

A study conducted by Lloyds Bank showed that on September 24 there were the highest fuel costs, if ever recorded, because the pumps panicked – drivers spent 125% more than usual.

The cost of living for millions of households is rising.

In recent weeks, families have had to endure sharp energy prices, rising food prices, and gasoline has reached a maximum of eight years.

And at the same time, millions of families have suffered from the completion of the rise of the Universal Credit and the abandonment of vacations.

Lloyd said that over the past two weeks, households have spent 24% more on energy than usual and 20% more on fuel.

Expenditures on clothing increased by 22%, while department stores increased by 14% more, and in electrical stores – by 5%.

Meanwhile, those who return to the office spend 10% more on transportation costs.

The Center for Economics and Business Research (CEBR) has estimated that rising prices could cost families £ 1,800.

Inflation has reached 4%, which means rising prices in all areas, and that your money will not go that far.

If this year a loaf of bread is 1 pound and inflation is 4%, the same loaf next year will cost 1.04 pounds.

This may not seem like a big deal, but if the same thing happens with the entire weekly supermarket and your household bills, it can have a big impact.

At the same time, inflation is eroding the value of any of your savings.

So if you have £ 100 in a bank this year and inflation is 4%, the real consumer power of that money drops to £ 96 next year.

How to restrain household bills?

But there are still things that can be done to reduce costs. For example, the following tips to make your fuel tank go further.

While households are now advised not to switch to a new energy supplier while prices are high, you should definitely consider buying on other accounts and insurance.

Millions of households face being paid more for their electricity bills, but you can still save hundreds of pounds a year.

Don’t be afraid to bargain with broadband or TV providers to save hundreds.

Recently, Martin Lewis told how you can save hundreds of pounds by checking regular payments.

If you qualify for Universal Credit, you can save an average of £ 270 through the WaterSure scheme.

We’ve also put together eight ways to make extra money before Christmas.

And here’s how to budget for holiday treats without feeling pinched.

Philip Robinson of Lloyds Bank said: “Household energy costs continue to rise – just last week to 13%, driven by rising prices and colder months.

“With that in mind, now is a very good time to sit back and reflect on your personal finances before Christmas.”

This morning, Martin Lewis issued a cooling warning of the fuel crisis, saying some would be forced to “choose between heating and food.”

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