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The UK is amid a cost-of-living crisis. Prices are rising at rates we haven’t seen since the 1970s – energy, broadband, water, council tax, food, fuel and more. So here are just a few handy tips for saving money where you can.

Ten top tips for saving money

  1. Heat the human, not the home: Luckily, we’re not in the middle of winter yet, so being cautious with our heating isn’t as imperative, but head of the winter months it’s important to start thinking about ways you can keep yourself warm (think extra layers and blankets!) to avoid switching the heating on where possible.
  2. Over 800,000 people could be eligible for Pension Credit
    Pension credit is a tax-free, means-tested benefit aimed at retired people on low incomes – and it can be worth £1,000s a year. Plus, it’s a gateway benefit that may make you eligible for council tax discounts, free TV licences for over-75s and more.
  3. Fix it don’t throw it
    When our big-ticket items face their demise, it can be a daunting prospect having to source the funds to replace them. Items such as laptops could be readily fixed at local ‘Repair Cafes’ saving you throwing hundreds at something that could be fixed yet.
  1. Check your connection
    Millions of people are sat outside of contracts on their Broadband and mobile tariffs, meaning they’re incurring higher charges than needs be. Many contracts offer an initial cheaper period for the first 12 months, and hike the prices for the remainder. In this situation you need to ditch and find a new deal or in some cases (if you’re low income/in receipt of universal credit) you could qualify for what is known as a ‘social tariff’ on your broadband, where the good rates are fixed longer term.
  2. The Pay challenge!
    For those on minimum wage, you could be being underpaid as your pay may not cover all the time you’re classed as working, or they have to buy items to do their job. If so, you may be due £100s or £1,000s back. For those on salaried jobs, are you due an annual pay review? It doesn’t hurt to speak to your employer about a pay increase if you’re due one.
  3. Reach out to your local authority
    Local authorities are being granted funds to support those in their local communities, so it’s worth reaching out if you’re struggling. You needn’t be in receipt of benefits to qualify and your local authority may have ways to support you or be able to signpost other services for support.
  4. Switch it up
    Changing bank accounts can be an easy and free way to address your cashflow. Covid put stop to many offering this option, but they appear to be back on the climb again now. So, unless there’s a reason your bank has your unwavering loyalty, perhaps it’s time at looking to switch and earn up to £170 for free.
  5. Are you eligible for benefits?
    Many people think benefits are reserved exclusively for extremely low-income households, but if your family income is below £30,000 (or £50,000 in rare cases!) you could qualify for additional support in means tested benefits. Even qualifying for a small amount can open up doors to other cost saving options such as council tax reductions and reduced utility tariffs.
  6. Pick up free groceries
    Olio is a brilliant app for picking up groceries from stores that are nearing/just clearing their use by dates, as well as surplus stock. Not only could it save you some money, but it saves companies from throwing away usable food too.
  7. Cover the childcare costs
    Whether you have a wee tot or a big teen, childcare costs can be huge. Yet 100,000s of working parents are missing out on £1,000s of help with this expense. It’s worth checking to see if you’re eligible for help. Explore schemes on offer for costs that can be covered, this can even include wrap around care.

If you know where to look there are hundreds of money saving tips for everyday expenses, that could help tackle the significant increases in everyday essentials.

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Speak to us about your financial needs by calling on 01564 791 120 or emailing hello@the-right-advice.com, and we’ll be happy to discuss. Or if you’d prefer click here for someone to give you a callback.

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