Save Money And Cut Costs In 2018


Money | by | 26th Jan 2018

Growing your money for saving money article

Are you feeling the pinch this January after spending all your money on having a great Christmas and New Year? We’ve gathered together some great advice to save some money this year.

We all feel poorer in January, having saved money all year to get the kids what they wanted at Christmas. We may even be thinking of starting to save for next Christmas already. You could save hundreds by taking control of your finances and finding the best deals for you.

Stop overpaying!

Many of us are overpaying on our household bills… the boring but the necessary! Why not set yourself a challenge to try to reduce your regular outgoings? From your mortgage costs (not so easy if you’re renting), to your credit card bills, as well as gas, electric, and broadband bills. Martin Lewis’s MoneySavingExpert website would be an excellent place for you to start!

You could save hundreds by changing providers and shopping around. Note on a calendar when everything is due for renewal and spend some time researching. Money Saving Expert has a Cheap Energy Club that will automatically check if you’re on the cheapest energy deal, they’ll e-mail you when a better deal is available and will help you switch.

We’ve featured some great articles with tips on saving on living costs:

Citizens Advice & Turn2Us

Many people, in particular the vulnerable and elderly don’t claim the benefits they are entitled to. Either they don’t know what they are entitled to or they just don’t know how to claim them. Two organisations that offer free benefits checks and support on how to claim benefits are the Citizens Advice and Turn2Us.

Citizens Advice can offer a face-to-face appointment with an adviser, or information over the phone and online.

Turn2Us can do a benefits check over the phone for you or they have a website where you can do it for yourself.

PPI

PPI or Payment Protection Insurance was sold to many of us in the past when we had loans, credit cards, store cards, car finance, catalogues. It turned out that the insurance was worthless so we shouldn’t have paid it. Many of us will have already claimed this insurance back and received a refund. The deadline for claiming PPI has now been set for 29 August 2019. However, many people still haven’t and the clock is ticking!

Are you one of those people? Perhaps you’re not sure if you did pay PPI? Perhaps you’re unsure about how to go about claiming it back? Martin Lewis (yep him again) has written a clear guide on how to do it. You don’t need a company, who then go on to have a share of your refund, to do it for you. Read his guide, perhaps get a friend to help and get applying! What have you got to lose? A nice cheque for a few hundred or even thousand pounds could help you sort out those Christmas debts.

Wages, Tax & Discrimination

Also, consider your wages. Are you paying the correct amount of tax? Are you due a tax rebate? It’s well worth looking into these things as of course mistakes do happen,

Check out how much tax you should be paying here.

And finally, are you being paid fairly? Are you being paid at least the minimum wage? Take a look at the UK Government website. It’ll tell you exactly what you should be being paid.

If you’re a woman, are you being paid the same as a man who is doing the same job as you? If not, this is discrimination. Sadly some organisations, even in this day and age, do think that discrimination is acceptable. Have a read about discrimination. Citizens Advice’ Guide has lots of useful information and advice on the subject.

Try and increase your income!

Not so easy I know but certainly not impossible

  • Maybe now is the time to apply for a promotion in work, or ask for a pay rise? Or move jobs?
  • Have you got a garage or parking space you could rent out?
  • Get selling! Most of us are guilty of holding on to things we don’t really want or need anymore. Car boot sales, auction sites, friends, family… one person’s trash is another person’s treasure!
  • Start doing surveys! Earn cash transferred straight to your PayPal account. Or swap your survey points for high street vouchers.

You can find loads more suggestions on Martin Lewis’s MoneySavingExpert website!

Plan Ahead

And finally, having done all of this and hopefully being in a better financial situation, start thinking about planning for next Christmas.

If you can…

  • Maybe think about saving your coppers. It’ll soon build up and by the end of the year you might have enough saved to buy your Christmas veg!
  • Use all the vouchers you’ve earned for high street retailers by doing surveys to buy some presents through the year.
  • See if your local butcher has a savings club and pay in a regular amount every time you get paid. If you only paid in £5 a month or £1 a week by the time December comes you’d have plenty saved for your turkey.
  • Save your supermarket vouchers to use for your Christmas food shop
  • Make presents and cards ready for Christmas. Parents and Grandparents in particular LOVE anything that’s been made by their children/grandchildren!
  • Save a regular amount each month to help pay for Christmas. This will help avoid those scary bills in January or at the very least help reduce them.

Other ideas to try

  1. Perhaps set up a regular payment into a savings account with your bank.
  2. You could consider buying Premium Bonds through the year. There is no restriction on withdrawing the money you have invested so although you have to invest a minimum of £100 every time you buy them, you also get a chance at winning something. Who knows, you could get lucky!
  3. Maybe think about joining a Credit Union. They are an alternative to a bank. The idea is that the members benefit as there are no shareholders and as such no shareholder profits. They are for everyone but are particularly useful for people who are struggling financially and can’t get access to ordinary bank products. They are an excellent alternative to payday loans and doorstep lending.

Read more on Credit unions below and check out if there’s one in your area…

FamilyPoint Helpline

If there are any other problems your family is having, then call our advisors on the FamilyPoint Cymru helpline. The helpline is open 9am – 5pm Monday to Friday. They can help you to find organisations that can help.

If you liked this article there are lots more articles in our Magazine section:

A Problem Shared: Getting My Family Healthy On A Budget

Have You Applied For Tax-Free Childcare?

Basic Guide: How To Set Up An Account & Sell Your Stuff On Amazon


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