By now, we’re all aware that this winter will likely be cold and difficult to get through. After two years of pandemic related issues, the country – and indeed the world – looks set to go into a recession, with all the associated cuts in spending. And while some costs are inevitable, there will be some things you can do to save some money. <br> <br>
Heating
With electricity prices higher than ever before, people are understandably worried about their heating costs over the winter. But there are some things you can do to help keep those costs down. <br> <br> Firstly, try to use heating as sparingly as possible. You’ll find that it’s often just as effective to turn the heating on for an hour in the morning, an hour over lunch and a final hour in the evening, as it would be to have it running all day. The exact pattern that will suit your house will be different depending on a lot of factors, so experiment and find something that works for you. <br> <br> Another great way to feel a bit warmer without having to blast the heating all day is using heated items like a hot water bottle or electric blanket. This extra long hot water bottle has a bigger surface area than your standard hot water bottle, meaning extra heat potential. And this electric blanket boasts a running cost of only 2p per hour to run – subject to change in case of electricity price increases. <br> <br>
<br>
<br>
Subscriptions
Don’t worry, we’re not suggesting you unsubscribe from everything – it’s important to keep the things that make you happy. It may be a good idea to look over your subscriptions, though. Do you really need Netflix, Amazon Prime and Disney+? Or would one of them suffice? <br> <br> You could also consider things like sharing a subscription with a friend, or rotating which service you’re using. If you subscribe to Netflix one month, change to Disney+ the next one, for example. This way, you’ll get access to more content for a lower overall price. Another benefit of this approach is that services often run promotions - Amazon Prime, for example, offers a free month if you've not had a prime account under that email address for the past twelve months. <br> <br>
Take fewer grocery trips
We all know that going grocery shopping when you’re hungry is the worst idea, because you’ll end up with tons of food you don’t really want to be eating, that looked good in the moment. The more you can plan for your grocery tips, the better. Doing fewer of them, and making sure you get everything in one go, helps as well. <br> <br> If you’re able to plan your meals in advance, that helps you make good choices when grocery shopping. Try using resources for cost-effective meals to help give you some ideas of what to cook. Tiktok is full of accounts helping you cook delicious, low budget meals, like @MealsByMitch who shares meals for under £5. <br> <br>
Claim the government work-from-home tax relief
Did you know you can still claim the Covid work from home tax relief? The government has not yet put a deadline on this, so it’s worth making your application. In 2021 you were able to claim through your employer, but as of now, you’ll have to claim it back on your tax return. You can find all the information here. <br> <br> The bad news is that you’re only able to claim for the weeks you were forced to work from home. So if your employer has offered you a choice of where to work, you won’t be able to claim for that time. There are a few situations where you’re able to claim; if you were legally unable to go to the office (as in 2020 and 2021), if your employer doesn’t have enough office space for you to go in, or if your commute is longer than you can reasonably be expected to travel to work (such as if you live in Birmingham, but your office is in Edinburgh). <br> <br>
<br>
<br>
Have clear goals for yourself and your savings
One of the hardest things about saving is if you’re not quite sure what you’re saving for. If it’s a long term plan with no clear end in sight, it may be difficult to prioritise your savings. <br> <br> By creating short term as well as long term goals, you’ll be able to remember to prioritise your savings. If you can weigh up a purchase (for example, your second takeaway of the week) against your goal (a trip to Portugal in the summer) you’ll be able to make the call on which is more important to you. Sometimes, it may be the takeaway, and that’s ok! You’ll be more likely to make the choices that feel right to you. <br> <br> Finally, another thing that can help you prioritise your savings is the principle of “pay yourself first”. As soon as your wages hit your account, transfer your savings amount for the month to a different account so you never see it. This can help you make sure you’re not accidentally overspending. <br> <br>
Remember that the Caxton Card gives you fee-free spending all across the UK. Apply for yours today, or top up your existing card.
