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Budget, budget, budget!
Budgeting is key to reducing your spending and in order to come up with a budget plan, you need to have a clear picture of your current financial situation.
Begin by gathering at least 3 months of paperwork to help you build a clear picture of your current incoming payments and outgoings. This isn't as daunting as it sounds and most of the information is available online!
It might help to have the following items handy:
Understand your total spending vs. total income and categorise.
Once you know exactly how much you have to spend, it's really helpful to categorise your expenses so you can budget for specific items such as: household bills, entertainment, groceries etc.
Be realistic about how much you could save every month.
A mind-set shift on focussing on small changes in order to save can make a world of difference when it comes to managing your money...so start small and cut out your takeaway coffee or another little luxury you indulge in. If you save £2.50 per day, that's £910 a year! Once you start seeing small changes adding up, you'll feel more inspired to make bigger ones in order to save a few extra £s.
Set up a savings goal and track your progress.
Make a list of short and longer term goals to work towards and watch your savings grow.
Energy suppliers have a number of different tariffs. So if you’re on a standard tariff (and 66% of people are) you’re likely to be able to save money, just by switching to a cheaper deal.
Price comparison websites have made it easier than ever to see how much you could save by switching energy providers.
It’s easy to stick with one provider simply because it’s too much effort to change, but you could be massively overpaying. Use comparison sites to see if you can get your package cheaper.
It’s always worth asking your provider whether they have any offers available – often these aren’t advertised.
Switching your energy supplier is quick and easy and could reduce your bills by £273* a year. Simply enter your postcode, a few details about your current supplier and Uswitch will do the rest.
*Between 1 Jul 2019 and 31 Dec 2019, people who switched energy supplier for both gas & electricity with Uswitch saved an average of £273. (Source: Uswitch December 2019)
Uswitch is an Ofgem accredited, free and informative comparison tool. It is the UK's leading energy switching service and has helped over 5 million people switch to a better energy deal (based on the volume of energy switches between 2006 - 2018).
Get 2% back in Rewards on eligible household bills paid by direct debit.
Applicants must be 18+ and a UK resident. To earn Rewards you need to access Online or Mobile Banking once every 3 months. Monthly fee applies.
