1) Turn your heating down by 1 degree saves £80 a year

It's easy to just put the heating on as and when you are cold -- particularly if you are working from home and away from a radiator. However, setting your heating on a timer and turning the dial to 1 degree below your usual temperature can save you a huge £80 per year. If you do get chilly, though, there are other things you can do to save money. Only turn radiators on in the rooms you require and move any furniture that may be blocking your radiators to ensure that heat can circulate the room properly. For anyone with a bit more spare time, you could even make your own draft excluders using old clothes and bed sheets for the bottom of doors.

2) Switching one unnecessary plug off each day saves £99 each year

If you leave a plug on that is not needed, you are wasting £0.27. So, if you have one for your TV, phone and other electrical items, that quickly adds up. Just one unnecessary plug left on is £99 more on your bill each year. If you were to leave five plugs left on each day, that jumps up to £491. So, when you finish your work, why not double-check what needs to be left on. Plus, it will make you feel better and allow you to disconnect and relax each night!

3) Enjoy natural light and save £170 each year

Leaving a light on in your house costs an average £170 per year! So, make sure you switch off any unnecessary lights or lamps. Luckily, we are heading towards the brighter months which means more natural light, which spells good news for our budget. However, there are times where we do need to turn the light on, so why not change your regular bulb to LED? By doing so, you could save a massive £152 off your annual bills, which you could save up for a rainy day.

4) Stop leaving items on standby to save £30 per year

We're all guilty of it, but did you know that it can cost you £30 per year due to leaving things on standby? Almost all electronic appliances can be switched off when not in use. We do recommend double-checking as some electronics (e.g. the fridge and freezer) will need to be left on. But just a cursory glance each night could see you saving an additional £30.

5) Boil the kettle only when needed to save 2.5p per cup

How many times have you got up to boil the kettle to make a cup of tea, only to forget and have to re-boil? Each time you do that, you are spending an extra 2.5p. Say you do that three times a day, that's £27 across the whole year -- making that the most expensive cuppa in Britain.

6) Look at switching internet tariffs to reduce your yearly bill by up to £69

It is definitely a great time to get saving and review your household bills. If you feel you are spending too much on your broadband, there are things you can do. Why not look at switching internet providers? By looking for the cheapest deal out there, you could save up to £69 each year. That's well worth the time spent reviewing your contracts.

7) Switch off your laptop to save £7 per year

If you are using your laptop each day at home, the temptation to leave it on standby is common. But, if you were to do that for 10 hours each night, you are wasting £0.02 p or the equivalent of £7 per year. While that doesn't sound like a lot, do that over your working lifetime and you are looking at a cost of £365 - which can actually be the cost of a brand-new laptop! So, if you can switch off your laptop, we recommend you do.

8) Leave your hair to dry naturally and annually save £13

With more of us at home, there are things you can now do which might not have been possible when getting ready for work -- such as, letting your hair dry naturally. A low-power hairdryer uses 73kWh -- or £0.035 - for just 10 minutes' worth of use. If you were to use it every day, that rounds up to £13 per year. Over your working lifetime , that equates to a staggering £150 on just drying your hair.

9) Switch off your children's consoles to save £11 each year

It's easy for children to play on their consoles and forget to turn them off. But, leaving a games console on standby can cost £0.03p a day -- the equivalent of £11.

You could even use this as a learning experience and reward them with the annual savings if they remember to switch off their consoles once they are finished.

10) Cut laundry loads by one and save up to £14 per year

With the kids at home and, quite possibly, playing out in the garden, you are likely to be washing more clothes. But did you know washing at 30 degrees uses 40% less electricity than washing at 40 degrees?

And if you add a cup of white vinegar to the drawer, it acts as a natural antibacterial that allows you to still wash at that temperature. Plus, if you were to do washing over six days as opposed to every day, you could save £14 -- down from £97.

11) Dry clothes outside to save £142 each year

The sun is beginning to shine, so take advantage of getting outside in the fresh air to hang clothes outside. If you use your dryer for five hours every other week, that will cost you an average of £142 each year. But, by drying outdoors, you can save money and enjoy the breeze!

“The next few months of skyrocketing inflation will be an inconvenient period for the [Bank of England] monetary policy committee,” said Paul Dailes, chief UK economist at Capital Economics.

Since wage charges are not growing as fast as inflation, and employers are likely to want to stick to a hard line on wages as they face higher national wage insurance taxes, households will feel income disadvantaged.

It is clear that working-age households with lower incomes will face the greatest difficulties, as they will be fully affected by the contraction in universal credit in October and will be hit harder than richer households by rising food and energy costs.

In the second quarter of 2021, the volume of global debt reached $ 296 trillion, follows from the results of a report published last week by the Institute of International Finance (IIF). Over the quarter, this figure increased by $ 4.8 trillion, and over the past 18 months, i.e., since the beginning of the pandemic, by $ 36 trillion.

The largest contributors to the rise in global debt in the second quarter were developing countries, which borrowed $ 3.5 trillion and brought their total financial liabilities to nearly $ 92 trillion. China borrowed faster than other developed countries, whose total debt, with the exception of China, reached a new record of $ 36 trillion.

The debt of developed countries, especially in the Eurozone, began to rise again in the second quarter after a slight decline in the first.

US debt in the last reporting period rose by $ 490 billion, which was a record low quarterly value since the start of the pandemic. At the same time, household debts grew at a record pace.

The total debt of global households rose by $ 1.5 trillion in the second quarter to $ 55 trillion. In the first half of the year, IIF recorded an increase in household debt burden in almost a third of the countries studied.