Rising water costs – a drain on your finances?

Rising water costs a drain on your finances?

Water, gas, electricity all these things are essential to daily living. But with news of the average water and sewage bill increasing to 356 this year, it might be time to reconsider your usage. SimplyFinance, a leading personal finance website have produced a useful guide to help you assess whether you are spending too much on your fuel and water.

Public watchdog, the Consumer Council for Water raised the issue after the surprise announcement by water regulator Ofwat.

In 2009, Ofwat announced that average water bills would, in real terms, remain broadly flat until 2015, but the impact of an inflation rate of almost 5% will mean many water customers paying more - and water companies enjoying an unexpected financial gain.

Dame Yve Buckland, Chair of the Consumer Council for Water, said: "Under the current system of regulation, water companies are allowed to add inflation to the price limits agreed with Ofwat.

"Many customers are struggling with rising household and other bills and debt is rising. Already one in six customers tells us that they cannot afford their water bill. The bill announcements today will particularly add pressure to some customers in the south west of England, who already pay the highest bills.

"We want the companies to demonstrate to customers what they are getting for their money, and also to think how they might share the benefits of this unexpected financial gain with their customers.

"Water companies need to make profits and that's fine, but when water companies have done well financially in the past, the Consumer Council for Water has been successful in persuading them to give back 135m to customers in the form of lower prices and additional investments in the water and sewerage network, to benefit customers. We will be talking to the companies to see how this can be repeated in this price period.

While households face something of a 'postcode lottery' when it comes to being able to choose their water providers, there are ways to look at saving money on your bill. Households may benefit by moving from an unmetered to a metered bill.

Monitoring consumption can also be a valuable tool for getting a handle on your ougoings. Online calculators can help you identify your monthly spend, and be aware of the outgoings in each area.

Free tools such as the Gas and Electricity Comparison Service and theHousehold Monthly Utilities Calculator fromSimplyFinance can help with this review process.

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