How to tackle your top three money worries

We show you how to stamp out your biggest financial concerns.

Consumers’ biggest concerns continue to be things that affect their personal finances and household budgets, according to a new report from the British Retail Consortium.

Its Consumer Confidence Survey revealed that ‘increasing utility bills’ is the number one worry - closely followed by ‘the economy’ and ‘increasing fuel prices’.

If money troubles like these are keeping you awake at night, there are plenty of things you can do to fight back.

Here’s our guide to tackling Britons’ top three money worries:

Beat utility bills

Five of the ‘big six’ electricity and gas providers have announced big energy price hikes in the last few weeks.

Only EDF has (so far) held off - and any brownie points that may have been due for this are likely to have been wiped out by the news that it overcharged over 100,000 customers between 2003 and 2010.

If you’re struggling with rising utility bills, here are five simple steps you should take:

1. Shop around and consider fixing: It’s always worth comparing prices for gas and electricity - even once the ‘big six’ have all imposed their price hikes.

This is particularly true if you’re on a standard tariff (online tariffs are usually much cheaper) or if you haven’t switched providers for at least six months.

It looks likely that energy prices will continue to rise. If your budget won’t accommodate any further hikes, think about choosing a fixed-rate tariff.

It may not be the cheapest on the market, but it will give you the peace of mind of knowing where you stand every month.

2. Be eagle-eyed: Don’t rely on estimates provided by your gas and electricity suppliers. Take and submit regular meter readings yourself, so you don’t end up being over (or under) charged.

3. Pay the right way: Pay your utility bills by fixed, monthly direct debit. Most energy firms will charge you 5-10% less as a result.

4. Insulate! According to the Energy Saving Trust, cavity wall insulation could save the average household £110 a year - and loft insulation £145 a year - in energy costs.

See if you’re eligible for one of the government’s energy saving grants to cover the cost of the work.

5. Cut energy use: Finally, one of the simplest ways to slash your utility bills is to cut the amount of energy you use.

And this doesn’t have to mean buying complicated gadgets or sitting in the dark! You can find lots of free, simple ways to stop wasting energy right here.

To find out more about cutting your utility bills, read Don’t get ripped off by energy firms.

Fight back against the economy

Of course, no single one of us can mend the broken economy - but we can counter the negative effect it’s having on our finances.

If you’re trying to build up your savings, you’re likely to be struggling against two main economic factors: High inflation, and the low base rate. It’s this combination that means most people’s savings have become worth less in real terms.

However, a certain type of savings account, known as an inflation-linked savings bond, may be just the solution you’re looking for.

In a nutshell, inflation-linked savings bonds guarantee you a return that will beat the rate of inflation. Most require you to lock your money away for at least three years. And while your cash is in these bonds, you can be sure the value of that cash will not fall in real terms.

Some of the most popular inflation-linked savings bonds are offered by National Savings and Investments (NS&I). And because NS&I is backed by the Treasury, your savings are 100% guaranteed by the government.

To find out more about the inflation-linked accounts currently on offer, read this article.

Squash your fuel costs

A supermarket petrol price war seems to have begun this week, with Tesco cutting pump prices by up to 2p a litre, and other retailers vowing to follow suit. While welcome, however, these cuts are just a drop in an ocean of rising fuel prices.

In a recent study by the RAC, many of those questioned said the high price of petrol was forcing them to reduce visits to friends, not drive their children to after-school activities, and find alternative ways to get to work.

If you still need to travel by car - but are struggling with the cost of fuel - here are four easy steps to take:

1. Compare prices: The PetrolPrices website helps you find the cheapest petrol on sale in your local area. It scans prices at over 11,000 petrol stations, and issues over 8,000 daily updates.

2. Make a credit card work for you: Use a cashback or reward credit card to buy your fuel, and make money (or loyalty points) every time you fill up. For example, the market-leading American Express Platinum card currently gives 2.5% cashback (up to £100) for the first three months.

3. Lighten the load: Research has shown that carrying 100kg of extra weight can reduce mileage by up to five miles per gallon.

So, take all unnecessary items out of the boot, and remove your roof rack until you need to use it!

4. Eco-drive: Certain driving techniques use less fuel - and are therefore better for your wallet, as well as the environment. For example, you should drive smoothly, accelerate gently and read the road ahead to avoid unnecessary braking.

Properly maintaining your vehicle will also help reduce petrol consumption. For a full run-down of fuel-saving driving strategies, check out this page of the AA’s website.

More: The big energy rip-off | The big petrol pump rip-off!