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cold frost

Don’t let floods or a cold snap break the bank

From cyclones to snow storms, proper winter weather is here… and with it can come frozen pipes, floods, large heating bills and other unexpected expenses. Bad news for you and your money.

But there are ways to prepare yourself and your finances for the winter chill. Here are our top three:

1. Have an emergency fund

Whether it’s a broken boiler or an accident thanks to icy roads, cold weather can mean unexpected costs. These emergency bills can be a big shock to your finances if you don’t have savings put aside.

With our research showing the average emergency costs coming in at £1,101 a year, we recommend putting aside at least £3 a day, which would give you £1,095 after a year.

2. Check your insurance covers you

Last winter saw mass flooding in parts of the UK. If your buildings or contents policies don’t offer protection from flooding, speak to your insurer. They should be able to offer you additional cover – even if you have to pay a small additional premium. It may also be worth contacting a broker to see if they can find a better deal.

Freezing temperatures can also create havoc, so it’s sensible to review your home insurance to make sure you’re covered if pipes freeze – especially if you’ve left your home unattended.

3. Don’t lose money on lost heat

Now’s a good time to see whether you are on the best energy tariff. Checking the latest gas and electricity deals can take less than half an hour, yet save you around £300 on average.

Though energy companies are cutting their prices, the best deals are still on fixed tariffs. If it’s worth switching, consider your payment options – direct debit payments could save you even more.

See our guide to switching energy providers for more information on how to make savings.


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