Household bills have shot up by over double the rate of inflation in the past 10 years.
Household bills have increased by an average of 81% in the past decade, over double the rate of inflation over that time (37%).
That's according to new research from Santander, which revealed that gas prices have been the biggest driver of this increase, with bills jumping an astonishing 185% in the past 10 years. Electricity has more than doubled at 120% while water bills have shot up by 66%.
|
Bill type |
Increase in prices 20014-2014 |
|
Gas |
185% |
|
Electricity |
120% |
|
Water |
66% |
|
Council Tax |
27% |
|
TV, phone and broadband |
6% |
|
Average increase |
81% |
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Lifelong spending
Santander also looked at how much these bills cost households across their entire lifetime, arriving at a final figure of an incredible £138,000. Here's how that breaks down:
|
Bill type |
Estimated lifetime spend |
|
Gas |
£36,875 |
|
Electricity |
£30,555 |
|
Water |
£30,472 |
|
Council Tax |
£21,819 |
|
TV, phone and broadband |
£18,226 |
|
Total |
£137,948 |
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Switch and save
[SPOTLIGHT]One way to ensure you pay less than the rest is to regularly shop around for new deals. OK, so that's not an option with Council Tax and water bills, but there's no reason not to regularly check out new deals on your energy bills, phone and broadband packages, as well as other regular bills like your mortgage, car insurance and home insurance.
It's also really important to keep on top of just how where your money is going each month. Be sure to make use of loveMONEY's Track tool, which can help you categorise your spending and work out where you can easily save some cash.
It's also worth remembering that the Santander 123 Current Account actually pays you cashback on certain direct debits. You get 1% on water bills, Council Tax and Santander mortgage payments, 2% on electricity and gas payments and 3% on mobile phone, landline, broadband and paid-for TV packages.
The 123 account also pays interest of up to 3% on balances of up to £20,000, though there is a £2 monthly fee to bear in mind.
Keep tabs on your finances with the Track tool
More on household spending:
Inflation unchanged at 0% in March
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