How to fix your energy prices

"Yes it is still possible to move onto a fixed tariff for your energy bills. You will probably find that this is more expensive than your current deal, though. The question to be asking is do you think that when the prices go up again in October, they will be higher or lower than the fixed rates available today? If you think they will be higher then you can lock in a fixed deal now. If you think they will be lower then you will want to stay where you are. It's a bit of a gamble now either way."

"Seriously, there is nobody better than Martin Lewis on this subject. His team is updating the Money Saving Expert page daily with any new news. The latest is that if you can find a switch that is no more than 30% higher than your current rate it MAY be worth it. There is no crystal ball, however. The current period of how the energy is priced is February to July - the prices here will affect the cap change in October. My advice is to listen to Martin for the best most up-to-date news and tips."

Out of interest, I logged on to my energy supplier to find out what would happen if I switched to a fixed price deal. I currently pay £175 per month, although they recommend that I increase this to £275 based on estimated annual useage of £3,085. But wait for it...fixing into a 12 month deal would cost £375 per month! This clearly means that expected rises in October are already priced in. Switching to a fixed deal might provide a sliver of peace of mind for some, but who knows whether it will actually save money in the medium term. It's time for us all to take a holistic review of our household spending across the board. There's little point stressing over energy price increases, which are largely out of our control. Instead, focus on savings that could be made elsewhere. It's amazing how much cash can be freed up by cancelling monthly subscriptions that are no longer needed, switching food brands and maybe even stepping back into 'lockdown lifestyle' for a limited period of time.