It’s UK savings week and at Yorkshire Housing, we're committed to helping our customers and colleagues make the most of their money. So, we’ve gathered a treasure trove of savings tips and advice from our very own Income Team.
Whether you're looking to boost your bank balance, reduce your bills, or find hidden discounts, these tips should help you with your personal finances. And remember to share them with friends and family too!
Banking
Check your bank balance daily: Monitoring your bank balance regularly can help you stay on top of your finances and avoid any unwanted surprises.
Bill management: Organise your bills so they come out within a few days of each other. This makes it easier to track how much you’ve got left for the rest of the month.
Review standing orders and direct debits: Know what's coming out of your account and why. Regular checks can stop any unwelcome outgoings.
Separate bank accounts: Think about having a dedicated account for bills to keep your personal and bill money separate.
Transactions: Take a closer look at past transactions on your bank statements to make sure you know each one.
“Save the change”: If your banking app offers it, use the 'Save the Change' feature to round up payments and put the small change into a savings account.
Premium bank account perks: If you have a premium bank account, make sure you're aware of the perks that come with, such as phone and holiday insurance.
Use a calendar: Keep track of your incoming and outgoing payments on a calendar – whether that’s a digital one on your phone or one hanging on your bedroom wall.
Budgeting: Make a spreadsheet to track your income and expenses regularly.
Shopping
Reward schemes: Sign up for store reward schemes like Asda Rewards, Tesco Clubcard, Morrisons More, and Nectar Card to get discounts and vouchers. You’ll be surprised how much money you can save!
Police auction websites: Check out police auction websites for potential bargains.
Cashback websites: Websites like TopCashback offer cashback on your online purchases.
Affordable MOT: Check if your local council has an MOT centre, they’re often cheaper than regular garages.
Shop around: Always compare prices and shop around before making any big purchases. You Know Whos is a good website for Highstreet bargains.
Trade-Ins: Have a look into trading in old items like mobile phones for credit toward new purchases.
Prescription prepayment: Save money with a prescription prepayment certificate (PPC). If you need more than 3 prescriptions in 3 months, or more than 11 in 12 then these will save you money. Also check if you’re eligible for free prescriptions.
Social tariffs: Look into social tariffs for cheaper internet and phone packages.
Online discounts: Before buying anything online, open a new tab and have a look for discount codes or free shipping offers. Student discount and Blue Light Card are popular ones.
Utilities and Insurances
Insurance shopping: Don't just renew insurance; often, better deals can be found elsewhere. You can use comparison websites to support you with this.
Water bill help: Yorkshire Water offers various schemes to help anyone struggling to pay water bills. Make sure to reach out to them if this is you.
Review service providers: Contact your service providers like Sky, BT, or Virgin to make you're on the best deal.
Energy tariffs: Very often the variable energy tariffs cost the most. Make sure you know when your tariff ends and move onto a new one as soon as you can.
Tax codes and benefits
Maximise tax codes: Have a look at potential tax-saving opportunities like marriage car allowance, working from home deductions, and uniform expenses.
Benefits check: Use online calculators like entitledto to check if you can get any benefits. If you’re on any type of universal credit, check if you get free eye tests.
Childcare tax accounts: Think about using Childcare Tax Accounts in place of traditional childcare vouchers.
Council tax checks: Even if you're working, check if you’re eligible for Council Tax Reduction (CTR).
Other
Credit Union Christmas Club: Join a credit union Christmas Club to save for expenses over the Christmas period.
Money Saving Expert: Check out Martin Lewis's website for lots of financial advice and tips. It’s worth signing up for their emails too to keep up to date with all the latest deals etc.
Loose change tubs: Got some spare change in your pocket at the end of the day? Set aside a tub and put your change in there. If you leave it for a few months or even a year – you might be pleasantly surprised when you count it all up!
Free will writing: Have a look for companies offering free will writing services.
Beware of scams: Keep your eyes peeled for scams and fraud. Due to the cost of living there has been a rise in scams. Find out more here.
Debt management: Make paying off debts with the highest interest rates a priority.
Perkbox: Anyone who works for Yorkshire Housing can take advantage of Perkbox benefits. If you’ve saved your points, you could be in for some treats, especially in the run up to Christmas!
We hope these tips will help you with your finances and make the most of #UKSavingsWeek. By practising good financial habits and looking for discounts and benefits, you’ll start to see changes for the better.
We know dealing with money can be really overwhelming and if you’re struggling to make ends meet, it can cause a lot of stress and anxiety. If you’re a Yorkshire Housing customer or colleague, we can help! Don’t be afraid to get in touch with our money coaches, here.