Rising energy bills call for careful budgeting 

Debt management company Gregory Pennington advises people to take a careful look at their finances and to 'make room' in their budget for predicted rises in energy bills.

by Melanie Taylor Friday, August 12, 2011
Debt management company Gregory Pennington has advised consumers to look carefully at their finances following predicted rises in energy bills over the next five years, commenting that some people may need to re-think their monthly budgets to cover the increased cost.

Things like switching to a cheaper energy tariff where possible, investing in a 'smart meter' or following a strict budget every month could help to cover the rising costs and reduce the risk of debt problems.

The comments follow plans announced by Energy Secretary Chris Huhne for a £200 billion drive towards 'green' energy, with estimates suggesting that energy bills could double from an average of £1,000 a year to more than £2,000 a year by 2015.

A debt expert at Gregory Pennington commented:

"Predicted rises in energy costs have inevitably caused concern for many people about how they're going to afford their bills. For those already living on tight budgets due to rising living costs, there is a very real possibility they could fall into debt trouble if they can no longer afford higher bills.

"As such, it makes good financial sense for people to review their budget and make adjustments wherever possible to reduce the impact of price rises. For instance, people could minimise the amount they spend every month on bills by shopping around for the best deals - and switching to a cheaper provider if possible.

"Consumers may also find they could make savings on their bills by getting a 'smart meter', which can help people to monitor exactly how much energy they are using and identify which gadgets and appliances cost the most to run.

"Furthermore, people could make cutbacks by drawing up a new budget, being careful to put enough money to one side to cover essential living costs every month. This could help reduce the risk of missing bill payments and incurring charges, which in turn could help limit the chances of falling into debt.

"For those who can afford it, it's also a good idea to start putting money into a savings pot whenever possible - which could help cover the cost of an unexpected bill or expense that's not been budgeted for.

"Of course, those most likely to be hardest hit by rising bills are those already struggling with their finances - particularly those having difficulty repaying their debts. Anyone who feels they are having trouble keeping on top of their finances, or are worried about covering the cost of their bills, should seek expert advice as soon as possible."

-ENDS-

Notes to editors

Gregory Pennington currently helps over 50,000 people repay their debts through its Debt Management Plan. The company is part of the Think Money Group, one of the UK's leading financial solutions providers.

Gregory Pennington is a founding member of DEMSA, the Debt Managers Standards Association, which was established in 2000 'to promote good practice in the debt management industry'. DEMSA's code of conduct has received Office of Fair Trading approval, under its Consumer Codes Approval Scheme.

For more information, visit the Gregory Pennington website at http://www.gregorypennington.com/.

General | Categories: financial
0    submitted by Melanie Taylor
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