With the cost of petrol now exceeding £5 per gallon, the wallets of some drivers might be running on empty.
But there are a number of steps that any driver can take to cut their costs.
Simple changes to your routine can make a big difference. For example, according to the Money Savings Handbook, a guide published by the consumer organisation Which?, just driving at 50mph instead of 70mph could skim as much as 30 per cent off your fuel bills.
Other tricks of the trade include not using a roof rack and checking your tyre pressure. According to estimates, a roof rack or box can add up to 30 per cent to your fuel bills because of the obstruction it causes to the car's aerodynamic flow, while under-inflated tyres can add another 8 per cent as they cause more resistance, forcing the engine to work harder.
The same principle applies to cluttered boots, in that fuel use will go up as the engine labours to transport heavy loads.
Even switching off the air conditioning can cut costs by as much as 10 per cent if you normally have it on all the time, and a further 25 per cent can be saved by simply changing up and down the gears at the correct times.
full article
Sunday, 25 May 2008
Tips to help your family cope with inflation
Tips to help your family cope with inflation
Inflation is rising at its fastest level in six years, so follow our advice to beat the great squeeze. By Niki Chesworth
Family finances are being squeezed from all sides as inflation is rising at its fastest level in six years, according to official figures.
The Retail Prices Index (RPI) rose by 4.2 per cent over the last year but there have been even bigger hikes in electricity and food prices – up by 8 per cent and 7 per cent respectively – and petrol prices which are 19 per cent higher.
1. HOUSING
The credit crunch has hit the mortgage market but there are a few green shoots. The Nationwide, for example, trimmed fixed rate mortgages by as much as 0.3 per cent last week in response to the Bank of England's £50bn cash injection to the banking system. Abbey, meanwhile, reduced its flexible and tracker rates by 0.05 per cent last week in addition to cutting some of its fixed rates by up to 0.17 per cent. As the mortgage is likely to be the biggest family bill, switching to get a better rate should be a priority.
Inflation-buster : Anyone on a variable rate mortgage has probably not benefited from the 0.75 per cent cut in Bank of England base rates since November, as lenders are not passing on rate reductions in full. Switch a 25-year £150,000 repayment loan from 6.5 per cent to 5.84 per cent and save around £732 a year. If money is really tight switch to interest-only on a temporary basis – saving a further £2,000 a year.
2. ENERGY
Further price rises are to come after British Gas warned this week of sharp increases in wholesale fuel prices. Some analysts forecast the average energy bill could rise by as much as 46 per cent this year hitting £1,327.
Inflation-busters: Some 4m households have never switched utility company from the original local monopoly supplier – even though the average family of four could save around £200 a year. Of the eight in 10 that have switched, many could benefit from changing again. Pay by direct debt, manage the account online and opt for duel-fuel for the biggest savings. Visit www.energywatch.org.uk or www.uswitch.com. Increase energy savings by a further £250 a year by following the tips at www.energysavingtrust.org.uk.
full article
Inflation is rising at its fastest level in six years, so follow our advice to beat the great squeeze. By Niki Chesworth
Family finances are being squeezed from all sides as inflation is rising at its fastest level in six years, according to official figures.
The Retail Prices Index (RPI) rose by 4.2 per cent over the last year but there have been even bigger hikes in electricity and food prices – up by 8 per cent and 7 per cent respectively – and petrol prices which are 19 per cent higher.
1. HOUSING
The credit crunch has hit the mortgage market but there are a few green shoots. The Nationwide, for example, trimmed fixed rate mortgages by as much as 0.3 per cent last week in response to the Bank of England's £50bn cash injection to the banking system. Abbey, meanwhile, reduced its flexible and tracker rates by 0.05 per cent last week in addition to cutting some of its fixed rates by up to 0.17 per cent. As the mortgage is likely to be the biggest family bill, switching to get a better rate should be a priority.
Inflation-buster : Anyone on a variable rate mortgage has probably not benefited from the 0.75 per cent cut in Bank of England base rates since November, as lenders are not passing on rate reductions in full. Switch a 25-year £150,000 repayment loan from 6.5 per cent to 5.84 per cent and save around £732 a year. If money is really tight switch to interest-only on a temporary basis – saving a further £2,000 a year.
2. ENERGY
Further price rises are to come after British Gas warned this week of sharp increases in wholesale fuel prices. Some analysts forecast the average energy bill could rise by as much as 46 per cent this year hitting £1,327.
Inflation-busters: Some 4m households have never switched utility company from the original local monopoly supplier – even though the average family of four could save around £200 a year. Of the eight in 10 that have switched, many could benefit from changing again. Pay by direct debt, manage the account online and opt for duel-fuel for the biggest savings. Visit www.energywatch.org.uk or www.uswitch.com. Increase energy savings by a further £250 a year by following the tips at www.energysavingtrust.org.uk.
full article
Beat half-term holiday rip-offs
Save £200 on your annual petrol bill
With clever use of websites and cards, you could save hundreds of pounds on your annual fuel bill. First find the cheapest petrol in your area, using petrolprices.com. This website will give you the rates on all forecourts within your area. Asda is consistently the cheapest. An Asda in Gateshead was charging 107.9p a litre, but a mile and a half down the road, the rates were 114.9p. With a 50-litre tank, you would save £3.50 at Asda.
You could make further savings by using an Asda credit card which offers an additional 2p off each litre, bringing your total saving to £4.50. Over the course of a year, you would save £234 assuming the difference between the stations remained the same and you filled up once a week.
Meanwhile, Tesco offers one Clubcard point for each £1 spent at a Tesco forecourt. These points are worth 1p so if you bought £50 worth of petrol you could save 50p.
Go to Manchester for £1
Virgin Trains is offering £1 singles between London Euston and Manchester Piccadilly until the end of June. It is part of a trial of online printable tickets. You have to visit virgintrains.co.uk and go to the tickets@home section on the left-hand side. You then select which times you want to travel. Prices range from £1 to £7 each way so you could book a return over the half-term holidays for £2. In contrast, a standard open return costs £230 — allowing you to save £228. Tickets are only available for travel on weekdays because of maintenance work
full article
With clever use of websites and cards, you could save hundreds of pounds on your annual fuel bill. First find the cheapest petrol in your area, using petrolprices.com. This website will give you the rates on all forecourts within your area. Asda is consistently the cheapest. An Asda in Gateshead was charging 107.9p a litre, but a mile and a half down the road, the rates were 114.9p. With a 50-litre tank, you would save £3.50 at Asda.
You could make further savings by using an Asda credit card which offers an additional 2p off each litre, bringing your total saving to £4.50. Over the course of a year, you would save £234 assuming the difference between the stations remained the same and you filled up once a week.
Meanwhile, Tesco offers one Clubcard point for each £1 spent at a Tesco forecourt. These points are worth 1p so if you bought £50 worth of petrol you could save 50p.
Go to Manchester for £1
Virgin Trains is offering £1 singles between London Euston and Manchester Piccadilly until the end of June. It is part of a trial of online printable tickets. You have to visit virgintrains.co.uk and go to the tickets@home section on the left-hand side. You then select which times you want to travel. Prices range from £1 to £7 each way so you could book a return over the half-term holidays for £2. In contrast, a standard open return costs £230 — allowing you to save £228. Tickets are only available for travel on weekdays because of maintenance work
full article
Monday, 19 May 2008
New boilers offer an escape from soaring fuel bills
For the domestic energy consumer facing ever higher bills, one of the most efficient ways to stay warm and keep the lights on has been a pipe dream so far, but record high fuel prices have focused minds on making it reality.
Large-scale combined heat and power plants are widely used across Europe to supply residential areas with warmth, hot water and electricity.
Now, a scaled-down version of the technology is becoming more attractive for use in individual households as gas and power costs soar in line with record oil prices.
Although micro combined heat and power (mCHP) mean homeowners have to invest new boilers, it allows them to sell any extra power they make back to the national grid and eventually make a profit.
At the same time, the increased efficiency cuts carbon emissions and could enable households to become entirely energy independent.
The technology has been commercially available in Britain since 2006 but is gaining popularity as oil prices drive up energy bills and public concern over global warming intensifies.
"It's part of a whole suite of solutions, which we should be developing," said Robin Oakley of environmental group Greenpeace.
"The underlying principle of getting more energy out of the same fuel is a very good one ... Realistically, at the domestic level people make a decision about a boiler when the old one breaks, but high prices are focusing everyone's minds."
full article
Large-scale combined heat and power plants are widely used across Europe to supply residential areas with warmth, hot water and electricity.
Now, a scaled-down version of the technology is becoming more attractive for use in individual households as gas and power costs soar in line with record oil prices.
Although micro combined heat and power (mCHP) mean homeowners have to invest new boilers, it allows them to sell any extra power they make back to the national grid and eventually make a profit.
At the same time, the increased efficiency cuts carbon emissions and could enable households to become entirely energy independent.
The technology has been commercially available in Britain since 2006 but is gaining popularity as oil prices drive up energy bills and public concern over global warming intensifies.
"It's part of a whole suite of solutions, which we should be developing," said Robin Oakley of environmental group Greenpeace.
"The underlying principle of getting more energy out of the same fuel is a very good one ... Realistically, at the domestic level people make a decision about a boiler when the old one breaks, but high prices are focusing everyone's minds."
full article
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