Financial Wellbeing Tips
1. Find Ways to Spend Less on Utilities
• Switch off unused appliances.
• Swap to LED efficient light bulbs.
• Turn radiators down or off if you’re going out once it starts getting colder.
2. Start Using Cashback Websites
• Use cashback websites for free money back when shopping online.
3. Re-organise Debt
• Look to minimise your interest payments by 0% balance transfer credit card where available.
Talk to your creditors if you are struggling financially.
4. Contracts and Subscriptions
• Review how much you are paying for your mobile phone contract, broadband, TV and phone lines.
5. Cancel Unwanted/Unused Subscriptions
• Check your bank statement for any direct debits/standing orders. Cancel any subscriptions that you can do without.
Do you really need to be paying for 4 or 5 different streaming services?
• Can any be paused or cut back?
6. £150 Council Tax Rebate
• Those living in Council Tax bands A to D in England should have received a £150 refund to help with energy bills.
• Pay your Council Tax via direct debit - and check you have had your £150.
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Financial Wellbeing Tips
7. Compare Prices When Renewing Insurance
• Never auto renew.
• Always check for better deals via your existing supplier and comparison websites.
8. Make the Most of Resale Platforms
Check one area of your home for unwanted items to sell and gather them together.
• You could use something like Facebook marketplace, Gumtree, Vinted or Ebay.
9. Reduce Tax Bill
Take advantage of tax relief such as:
• Marriage tax allowance
• Working from home tax relief
10. Account Switching Incentives
• Some bank accounts are offering incentives to switch accounts.
11. Consider your Mortgage Payments
• If you are currently on a fixed rate mortgage that will end in the next 6 months, start shopping around now for the best future deal.
• Some deals you can arrange ahead of your current deal expiring.
12. Beware of Financial Scams
• Be wary of unsolicited emails and texts offering questionably good deals.
• Never respond to messages that ask for your personal or financial information.
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Financial Wellbeing Tips
13. Recurring Purchases
• If you have Amazon subscriptions – do you still need them? Could the frequency change?
14. Create a Flexible Budget
• The key to a successful budget is flexibility. The flexibility to make mistakes, to tweak if your circumstances change or unexpected bills crop up.
• The flexibility to create a budget that works for you.
15. Plan for What is Important to You
• Choose a small number of activities that are important to you and include them in your budget or short-term saving plan.
• Some people recommend 1-3 activities but each person’s situation is unique.
16. Automate Bills
• Automate your bills so that they are paid on time and relieve stress.
17. Meal Planning
Meal plan and write a list for the supermarket to reduce random purchases.
18. Have a ‘Money Moment’
• You could take a money moment, spending 15-minutes to a write a list of any big expenses that are coming up and assign a budget to each of them.
19. Income Protection
• Consider investing in income protection insurance such as anorak.
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Financial Wellbeing Tips
Don’t be so hard on yourself.
Being good with money is a skill and like all skills it takes time to learn and practice.
Focus on what is achievable.
Break it down into small, manageable goals that you can work through on a weekly or monthly basis. You’ll be amazed how quickly they add up if you stay consistent.
Celebrate Your Wins
Celebrate your wins. It is hard to stay positive when it feels like things are getting more expensive or you don’t have control of your money. It is important to celebrate your money wins big or small.
If you manage to save £25 a month by avoiding emotional spending, there is nothing wrong with treating yourself to a coffee to celebrate that win. It is all about the long game.
You don’t have to do it all alone.
Whatever your financial goals are, there is help out there to keep you on track and supported.
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