Struggling financially

There are lots of small simple things you can do to save money on your energy bills.

Don’t leave things on standby
Turn your electrics off fully when you’re not using them. It might seem like no big deal when it’s just switching off the TV, but if you do it for all your appliances over the course of a year it can make a huge difference.

Get a smart energy meter
Even though they don’t directly cut down your energy consumption, a smart energy meter can help you understand which appliances use the most energy. Many suppliers will provide them free of charge.

Use energy saving lightbulbs
When your bulbs go, replace them with an energy-saving alternative. That way, you don’t have to pay for ten bulbs all at once.

Wash your clothes at a lower temperature
Washing at 30 degrees will get your clothes just as clean as higher temperatures, and you’ll save money too. And if you’re lucky, your machine might also have an ‘eco’ mode that’ll use as little energy as possible.

Reduce the time you spend in the shower
According to the Energy Saving Trust, a family of four could save £75 per year if each person spent one minute less in the shower. So cut down your shower time, reduce your carbon footprint and save money in one go.

From reviewing your direct debits to reducing your energy usage, there are lots of great ways you could save money each month. Here are some of our top tips:

Set a budget
A good habit is to set a budget to plan your monthly spending. Take time to review your spending habits to spot opportunities to save money. It could help you spend less and save more.

Start small
Focusing on small changes in order to save could make a world of difference when it comes to managing your money. Cutting back on a few of those non-essentials, like eating out or takeaways, could help you save a little each month.

Set a savings goal
Make a list of short and longer term goals to work towards and watch your savings grow. On average, customers save twice as much when they save towards a goal. Get ahead of the game and set up a standing order to save a little each month too before all your bills come out. A great strategy.

Reduce your energy, go greener
Reducing your carbon footprint has never been more important. But we spend a lot of money on gas and electricity. That’s why we’ve pulled together our top energy saving tips. We want to help save you money, and reduce your carbon footprint at the same time.

Ditch that old Direct Debit
With our mobile app take some time to scroll through regular payments, it’s possible you’ll discover at least one Direct Debit or standing order you no longer need. For most, you can cancel these online or over the phone, but it’s worth checking any contracts you may have to avoid any cancellation fee or penalty.

'Do I really need this?'
If you’re asking yourself that question, there is a good chance you already know the answer. From gym memberships to online subscriptions, if you’re not using it, cancel it. If that feels a bit drastic you can often pause payments to test the water first.

Small changes to how you shop
Many of us our guilty of buying more than we need on our grocery shop, but keeping a close eye on this can be a great way to help you save. Start by creating a realistic shopping list of the things you need. Think about what items you spend the most on and consider cheaper alternatives. Do watch out for supermarket deals as you can save when buying in bulk.

A good first step toward taking control of your finances is to set up a budget. It could help you avoid getting into debt, put you in a better position for unexpected costs and maybe help you save something for the future. We’ve put together some ideas to help you get started.

Work out your income
Before you plan your budget, you need to know how much you’ve got coming in each month and understand any deductions from your pay. Also, consider other income you might get like benefits, maintenance or child support too.

What is the difference between gross salary and net pay?
Chances are you’ll already know what your gross salary is, the total amount you’re paid for the work you do each year. Your take home pay, otherwise known as net pay, is the amount you receive each month after any deductions you make which have to be made, like Income Tax and National Insurance.

Where could you save?
A budget could help you to understand how and where you can save money. A good place to start is looking through your regular monthly outgoings.

Essentials vs luxuries
For some, one of the hardest parts of budgeting is identifying what is ‘essential’ and what is ‘nice-to-have’. Paying your mortgage or rent is clearly essential along with buying food and paying for energy. You could use our Income & Expenditure form to understand your monthly financial position after expenditure.

Dealing with your debt
If you can, pay off any overdrafts, loans or credit card debt you may have as this typically charges a higher rate of interest. But ensure you check the terms of your agreements to avoid any additional fees or charges.

Ongoing maintenance
Change is one of life’s certainties. Take time to review your hard work as and when changes happen, or at regular intervals to keep your budget on track. That way you can spot any over-spending before it goes too far or opportunities to save more.

If you can, involve your family or household. A shared responsibility for your budgeting efforts will improve your chances of keeping them going over the long term.

Breakdown your budget
The 50/20/30 budgeting rule is a popular one to help keep you right. It works by dividing up what money you have coming in and then breaking it down into how you’ll spend it: 50% on essentials, 30% on nice-to-haves, and 20% to savings, as a guide.

Set a savings goal
On average, customers can save twice as much when they save towards a goal. It creates a reason to cut back and helps bring the bigger picture into focus. Treat it like a household bill rather than hoping you have something at the end of the month to put away.

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A registered charity whose purpose is to assist people in financial difficulty by providing free, impartial and realistic debt advice.

Telephone: 0800 138 1111 (Freephone)
Website: www.stepchange.org/how-we-help/debt-advice.aspx

A free, confidential online debt advice service.

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