As temperatures begin to drop and the darker nights draw in, you may have already thought about the additional expense of the winter months. Between covering the cost of the festive season and the sharp increase in fuel bills across the colder months, getting on top of your finances now can save you big in the long term.
Here are our top saving tips to help you manage your money more effectively this winter:
Stop your home leaking heat – and cash!
Keeping on top of your home maintenance can help keep you cosy, and reduce fuel costs. Many energy companies offer free loft and cavity wall insulation, which the Energy Saving Trust estimates could save the average house around £300 a year. For a list of companies offering this service visit MoneySavingExpert. Even low-tech money saving ideas like putting up thicker curtains, introducing a ‘sausage dog’ draft excluder, or deflecting heat back into your room by putting foil card down the back of your radiator will help keep the heat in your house – and the cash in your pocket.
Check if you’re entitled to winter fuel payments
If you (or someone living with you) were born before 5 January 1953 you may be eligible for help with your fuel payments. The Government Winter Fuel Payment could provide a one-off payment of between £100 and £300 tax-free to help you meet the cost of heating your home. Contact the Winter Fuel Helpline on 03459 15 15 15 to apply, or visit their website for more information.
Compare energy suppliers
If it’s been a while since you last reviewed your energy costs, there’s a good chance you could save money by changing provider. According to uSwitch, switching energy providers can save you up to £679 per year. Visit their website to find the best deal possible and then give your current supplier a call to see if they can better the price.
Keep down the cost of the festive season
Christmas is a special time of year, but if you don’t keep on top of your festive finances, it can lead to a financial hangover running well into the New Year. Make sure you’re getting the best deal for online purchases by checking for voucher codes before you click checkout. Vouchers are now the easiest way to get live money saving deals and discounts for 1000’s of retailers and a quick Google search for ‘UK voucher codes’ will bring up a number of sites offering money-saving discount codes that could reduce the cost of your festive spend.
You could receive cash back on your purchases by simply registering with a cashback site, such as Quidco. You can earn up to 10% cash back at Currys, up to 8% at Boots and Argos, and pick up similar deals from thousands of other retailers.
Beware of high-cost borrowing
At this time of year, it seems that every advert, email or letter coming through the door is offering a loan or other source of credit. Catalogues, payday loans and doorstep lenders are notoriously expensive; with catalogues charging overinflated prices and APR’s in excess of 35%, whilst payday loans often charge up to 4500% APR.
A credit card may seem like a smarter option but unless you’re able to pay off your full balance monthly, or are on an introductory 0% rate you might still end up paying over the odds.
Glasgow Credit Union make it easy to save regularly, either by Direct Debit or payroll deduction. If you have any questions or would like help with any of our services, please contact us on 0141 274 9933.
Please check first that you are eligible to apply:
You are aged 18 or over
You have a UK bank account in your own or joint names
You are a permanent UK resident
You have never been bankrupt or had a Court Decree
To complete your application you will need:
Your current employer's address details
Details of monthly income and outgoings
Bank or building society details (sort code and account number)
To enable us to make a decision on your loan application we will contact Credit Referencing & Fraud Prevention Agencies. This will register a search against your credit record and if your application is successful we will share the information we hold for you with these agencies. Further details are available in our Fair Processing Notice
It is important that you read the Fair Processing Notice document above. If there is anything that you do not understand, please contact us.
Please be aware that the longer you take to pay back a loan, the more you will pay back in interest. If you go for a shorter term your monthly repayment might go up, but you'll save in interest and pay back your loan faster.