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Immersion Heaters

I live in a 2 floor, 2 bed flat. We have an immersion heater that was already fitted. This is our only source of heat and water. We're finding it quite expensive to run, and what with the cold weather, worried about how much it's going to cost us. I have a 3 year old, and pregnant again, so obviously we cant go with out. Has anyone got any tips on where we can save money (if its even possible)?
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