It is easy to take for granted that our financial situation is a given. However, you may be missing out on opportunities to increase your income or reduce expenditure if you are not consciously managing your income and expenditure.
Look for opportunities to increase your income
- Check that your tax code and annual personal allowance are correct.
- Ensure that you are claiming all the tax credits and benefits to which you are entitled.
Household budget review
Do you know what you spend your money on each week? Completing a diary of expenditure for a week or more will help you to identify the often small but cumulatively significant amounts of money spent on things like newspapers or magazines, coffee or confectionary. Cutting back on these incidental items can be a quick and easy way of saving money.
Review your household or personal budget for potential savings. Once you have completed your budget (essentially a list of your income and known regular outgoings) see if you can identify potential areas for saving money. Look for areas where you may not be getting value for money. This could be an under used satellite TV package or gym membership. Or there could be money saving opportunities in reviewing telephone or broadband supply arrangements, home insurance or car breakdown cover.
Regular shopping list
- Carefully plan your shopping list in advance and avoid being tempted by the carefully targeted offers you can expect to find as you enter a supermarket unless the item is already on your list
- Planning your meals in advance for the week ahead will help you to build your shopping list
- Using your local shops or if you have one a local market is likely to provide better value for fruit and vegetables
- Supermarket own brands are usually cheaper than branded items
You can compare supermarket prices online by using Supermarket comparison websites:
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Actively manage your debts
If you have savings, consider paying off any debts. Interest charges on debts are usually higher than interest you can earn on savings. Review any debt repayments and use savings to reduce or repay the debts with the highest interest charges remembering to check first for any early repayment penalties
Consider switching your credit card balance to one with an introductory interest free period if you are not able to repay the balance within a short period and be prepared to repeat the exercise if the balance will not be cleared by the end of the introductory offer.
Insurance
Shop around for the best deal before your insurance policies are due to be renewed. There are many online comparison sites that you can use to find out if your renewal quote is competitive. Remember to ensure that any changes to your circumstances are notified to the insurer so that your cover is appropriate.
Comparison websites:
workplacewellbeing.com assumes no responsibility for the content of linked websites.
Energy Costs
Switching energy suppliers could save you money. Try using an online comparison site to compare different tariffs.
Improve the energy efficiency of your home. For some practical hints and tips the website below may contain helpful information.
workplacewellbeing.com assumes no responsibility for the content of linked websites.
www.energysavingtrust/scotland/
Water Bill
Consider arranging for a water meter to be fitted if you do not already have one. If you have fewer people living in your house than there are bedrooms you could save money. The Consumer Council for Water’s website provides an online calculator to help you evaluate whether you will benefit from having a water meter fitted.
workplacewellbeing.com assumes no responsibility for the content of linked websites.
