4 minute read
Finance
Money matters
With the cost of living going up, Ann Francis of Cambrian Credit Union has some tips to help you make the most of your money…
As we move into the latter part of the year, we all tend to feel the squeeze as thermostats go up and many of us are saving to give our families the Christmas we feel they deserve, but this year is bound to be more difficult than usual.
Before you can work out your budget, it’s important to be honest about your spending as that will give you the best understanding of where you can cut back. The best place to start this process is by opening up your bank app or digging out those bank and credit card statements and facing the raw reality of your spending habits.
1. Budget where you can
Step one is simply to work out a budget for upcoming occasions and events such as Christmas. This is the most important step as it’s surprising how much small things, including days out during the holidays and on weekends, can add up if you’re not keeping track of everything. Moneyworks Wales budgeting tool is a great place to start.
2. Get smart with the supermarket shop
This is a good time to take a look at how much you are spending on the weekly shop. Each visit to the supermarket is an opportunity to buy things you may not need, especially if the kids are in tow, so plan your meals for the week and try to do all you can in one big shop. Swapping to supermarket own brands, shopping at the end of the day when food is discounted and trying some of the more budget-friendly supermarkets are easy ways to cut the cost of food bills.
3. Unsubscribe from tempting websites
If you’ve ever bought anything online, chances are you get daily emails telling you about the latest offers, sales and new products. Marketing teams send these emails for a reason - they tempt people to buy! Take away the temptation to bust your budget by unsubscribing.
4. Enjoy time outside doing things that are cheap or even free
We are lucky in North Wales to have a lot of great outdoor spaces to visit (weather permitting!) that are free of charge. If it’s nice and dry then you can grab a warm jacket and enjoy the parks, beaches, hills and forests that make for a perfect day out – and don’t forget to pack a picnic.
5. Play dates for the kids
Remember how much more fun it was to play in your friend’s house? Trading play dates with other parents is a good way to keep the kids occupied and spread the cost of childcare.
6. Finance booster
Make sure that you are receiving any benefits or tax credits
that you are entitled to receive at https://benefits-calculator.
turn2us.org.uk/ or call Advice Link Cymru which has set up a special hotline on 0800 702 2020 to help you claim what’s
yours. Pension credit is a tax-free, means-tested benefit
aimed at retired people on low incomes – and it can be worth thousands a year. Plus it’s a gateway benefit that may make you
eligible for council tax discounts, free TV licences for over-75s
and more.
7. Make do and mend
Instead of feeling the need to always buy new, there may be the opportunity to fix what you already have. If you
have broken household items you are unable to repair, there are local Repair Cafés. Volunteers
repair anything from clothes, toys, electricals, computers and so on. This is free but they appreciate a donation of what you can afford.
8. Consider switching bank accounts
While banks stopped paying out during the pandemic, the switching cash has begun to flow again. There are now many
providers that pay £100
or more to switch to them. So unless you’re incredibly loyal to your current back, if you need cash, why not take advantage of the offers available?
9. Heat what is necessary rather than the whole house
With energy bills sky high, it’s worth considering trying alternatives to turning on the heating at every opportunity. It might be cost-effective if you’re working from home to consider buying yourself a heated blanket which you can put on your legs while working or when you’re sat watching TV at the end
of a day. n
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