POUND NOTES

COUNTING THE COST OF FAULTY BOILERS

UNLUCKY householders spent £787m on unexpected boiler repairs last year.

One in five homes had at least one boiler breakdown and shelled out an average of £270 on repairs. But a quarter had to cough up more than £1,250, according to research from the uSwitch.com comparison site.

To cover an unforeseen cost such as this about half of households say they would w their have to dip into savings, while around one in 10 would have to use a credit card or take out a personal loan.

Emma Bush, uSwitch. com energy expert, said: “It’s easy to take a working boiler for granted, but when things go wrong it can be expensive to fix – not to mention leaving you and your family shivering through a period with no central heating.

“With consumers already facing energy price rises in the coming months, the sudden shock of having to repair a broken boiler – possibly costing over £1,000 – could deliver a tough blow to household finances.

“To give some peace of mind and protection there are different options available to suit every household. If your boiler is over six years old, boiler cover with an annual service could be a good option.

“Some home insurance policies have boiler cover included so check yours to see if you are already covered and maybe consider a more comprehensive cover if you are not.”

GIVE YOUR FINANCES A CAFFEINE BOOST

DITCHING your daily shop-bought coffee at around £2.50 a pop for five days could free up £50 a month to invest into an ISA.

That could build up to a decent pot of £3,091 over five years, £6,891 over 10, £11,626 over 15 and £17,354 if you carried on investing for 20 years. .

That’s according to figures from investment firm Fidelity International, based on an annual growth rate of 5% a year, with a £45 service fee up to the value of £7,500 and a 0.35% fee thereafter, and a 0.75% annual management charge.