Martin Lewis issues urgent warning to Brits to make change to their energy bills today to save money
Martin Lewis has warned Brits they should 'fix energy bills today' to save money as there 'could be some global economic changes' to come.
The money-saving expert, 53, was speaking on his live money show on ITV on Tuesday evening when he received a question from the audience about the energy price cap.
During the episode, Martin revealed that the current price cap is going to come down in July and we will be hearing the announcement on Friday.
Despite prices coming down, the financial guru urged the audience to fix their energy bill rate instead of staying on a variable rate.
Martin revealed energy prices went up by 10 percent in October, which equates to around £1,700 annually.
It rose by a further one percent in January and another 6.4 percent in April, which equates to around £1,800 annually.
However the price cap is apparently due to drop in July by six to eight percent, bringing prices back down to where they were in October last year.
This means households will be charged £129 less for a typical annual bill from July, according to energy consultants Cornwall Insight.
Despite energy prices coming down, Martin revealed the cheapest fixed rate is 18 percent below the current energy price.
He warned that people across the UK should secure their energy rates now by switching to a more favourable deal and fixing their rate for the year.
He said: 'You might want to sit on the variable but you can save 18 percent instantly by going to a comparison site, your usage and region will depend how much it is, so make sure you are finding the right one for you.
'If these predictions are right, fixing right now will save you massively compared to what is predicted to come, there could be some global economic change which would mean things could change massively.'
He claimed that people tend to wait until prices comes down to fix but explained fixes are based on future predicted prices.
He added: 'If you fix right now you will be saving 18 percent tody and you will very likely be undercutting whatever the price cap will be for the next year. Short answer, fix.'
The price cap limits the cost per unit of energy and is revised every three months by the energy regulator Ofgem.
Price falls are not a certainty, however, weather patterns, gas storage rules, the war in Ukraine, and tariffs could all change pricing.
It comes after Martin warned Brits about the financial precautions to take before going abroad this summer.
He was speaking on the summer special of his live money show on ITV, which was filmed at Aerospace Bristol.
Martin revealed his top tricks for cutting the cost and hassle of summer getaways this year, including the 'things to do now to help when you go'.
The financial guru revealed the best practices to adopt when it comes to paying for items abroad.
When getting out physical cash before going away, Martin advised to go on a UK travel cash comparison website to find out which of the bureaus will give you the best rate.
However, he urged viewers to never get cash out at the airport - as this is where you'll get the worst deal.
'Never get it at the airport,' Martin emphasised.
And as for getting cash out while actually on holiday, he said only to visit an overseas bureau de change if you know there's a good rate.
Martin also addressed the age old debate of whether to pay in pounds or the local currency when paying via card machine while on holiday.
After asking the audience for a show of hands, he confirmed that you should always select the local currency option as you 'get hideous rates abroad'.
He said: 'If you pay, and you pay in pounds, it's the card machine or the ATM that's doing the conversion and their rates are pants!'
Even though card machines will try to get you to pay in pounds, Martin said: 'The reason they're trying to force you and be so aggressive is because it makes them more money, it doesn't save you money.'
As well as financial considerations, Martin emphasised the importance of checking your passport is in date before travelling.
He also said 1.8 million EHIC cards are due to expire this year and those looking for a new one will now need a GHIC.
These cards will give the holder access to health services abroad at the same price as a local.
However, he said that these should be used in addition to travel insurance, and not as a replacement.
GHIC cards can be obtained for free - though fraudulent websites will often try to flog 'fast-track' deals.
Martin said: 'You can renew for free. You must never pay for your EHIC or GHIC card.'
Often, finding the best deals for for holidays, especially as a family, will take a bit of effort.
The MoneySavingExpert founder said cancelling (if free or cheap) and then rebooking may sometimes mean you can end up with a better-value deal.
In addition, knowing your flight compensation rights before you go may help you win back hundreds of pounds if a payout is needed.
Delays and cancellations that are the fault of the airline could see you getting money back into your pocket.
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