Martin Lewis’ money tips for households earning less than £30,000 a year as living costs to soar

On his ITV show on Monday, money expert Martin Lewis advised low-income households to consider claiming benefits, annual prescription services and avoiding buy now, pay later schemes

<p>Martin Lewis’ advised households to stick with their current gas and energy providers amidst unpredictable, rising caps. (Kirsty O’Connor/PA)</p>

Martin Lewis’ advised households to stick with their current gas and energy providers amidst unpredictable, rising caps. (Kirsty O’Connor/PA)

Money saving expert Martin Lewis is advising households earning less than £30,000 on what steps to take amid the rising cost of living.

During his ITV show on Tuesday, Mr Lewis said those earning lower incomes should check what government benefits they are eligible for, re-consider their monthly prescriptions and advised against buy now, pay later services.

Around half of the UK population are thought to earn around £30,000 per year, according to GoSimpleTax, and rising inflation rates and energy bill costs are expected to hit low-income households the hardest.

On considering claiming benefits, Mr Lewis said: “If you have an income of less than £30,000 and you are struggling, it is worth spending 10 minutes on a benefits calculator to see what you are entitled to.”

He also warned viewers about the risks involved in buy now, pay later schemes. “It is a debt even if it is debt free. If you cannot pay it back, it’s difficult,” he said.

On monthly medical prescription services, Mr Lewis suggested people who pay for 12 or more prescription switch to an annual prepayment certificate (a PPC) priced at £108.10, which is a one-off service covering all prescriptions bought within 12 months.

In England, each prescription charge is £9.35 per item.

Mr Lewis has also advised on how best to navigate rising gas and energy costs, as regulator Ofgem increased price caps on bills by 54 per cent in February.

From 1 April, the cap will rise from £1,277 to £1,971 for 22 million households, meaning a £693 per year increase for the average customer.

Mr Lewis advised most people to “do nothing” rather than searching for cheaper deals, due to the unpredictability of the market.

Before the energy crisis, customers would typically shop around for the best energy deals but Mr Lewis advised that there is “no market fix” and warned of further increases predicted for October.

He said: “If we assume that in October, the price cap stays where it is in April, you would have to find a fix that is less than 44% more expensive than where we are right now for it to be worth fixing.”

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

By clicking ‘Create my account’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in