Martin Lewis, founder of MoneySavingExpert, has advised households to consider installing a water meter to potentially save money on water bills, which are set to increase by 7.8% from April. By having a water meter installed, you'll only pay for the water you use rather than an estimated amount based on the size of your home. This can lead to significant savings on your water bills, as was the case with one woman who managed to save £400 a year. However, it's important to do your research to ensure that a water meter is cost-effective for you.

Most water providers in England and Wales offer free water meters for their customers, but they don't always work out cheaper. That's why the Consumer Council for Water provides a free water meter calculator to help you determine if you could save money by having a water meter installed. If you have more or the same number of bedrooms in your home than people, it's worth considering a water meter.

During a recent episode of his Martin Lewis Money Show Live broadcast, Martin explained that water bills are based on the rateable value, which is a proxy for the value of your home. Therefore, if you live in a large home but don't use much water, you could save money by having a water meter installed. By using the example of two people living in a three bedroom house, Martin demonstrated that installing a water meter could lead to significant savings.