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Savings Tips
- Cut the cost of your fuel bills – if you're renting a quick and easy way to reduce your monthly outgoings is to shop around for your energy suppliers
- Cut the cost of your food shop - ditch the ready meals in favour of cooking to really make your money go further. Planning out what you'll eat each week and only buying for those meals is another saver. Try shopping online for your food. It's amazing how much you can save when you don't have the temptation of wandering down the aisles. If you can't resist the supermarket – midweek is usually the best time to go to take advantage of reductions
- Swop rather than shop – it's becoming a growing trend to offering a swop rather than paying outright for what you need. Take a look at www.swapz.co.uk to get you started
- Don't pay full price – just because you are saving for a house doesn't mean that you want your social life to end. Just make sure you take advantage of cut price deals where you can. Lastminute.com offer discounts for theatre trips, gifts, holidays, restaurants....
- Reduce the cost of car expenses – before you buy that flash car consider picking up an ex-rental at the fraction of the cost of a new one
- Pay off your most expensive debts first – if you don't pay off the balance of your credit card each month it might be worth considering a low cost loan instead – it could save you £100s of each month. Take a look at your borrowing options at Halifax
- Cut down on travel costs – from simply walking or cycling, or perhaps consider the benefits of car sharing
- Quit smoking – never mind the health implications, the guilt and the smell, your 20-a-day habit could be costing you nearly £2,000 a year. Gosmokefree.co.uk is a good place to start
- Cancel your gym membership - if you pay your £40 a month by direct debit and you use the gym three times a week, great. If not, cancel your membership immediately. You'll soon save enough to buy your own bike and, if you're so inclined, a rowing machine. Consider running home from work three times a week. It's free
Buy clothes and presents in the sales - buy in bulk in the sales and you not only save money, but you enjoy stress-free pre-Christmases and no last-minute birthday worries - Use your ISA allowances - if you're not already aware, ISAs or Individual Savings Accounts allow you to save without paying any tax on the interest you earn! This means you can save 20p of every £1 interest you earn on your savings (if you’re a basic rate taxpayer), so this could be a better place for any excess cash from your current account. You can save up to £3,000 a year in a mini-cash ISA.
If you are investing for the long term (5 years or more) you can invest up to £4,000 in a mini stocks and shares ISA or £7,000 in a maxi ISA per tax year. You can choose how to invest – either a lump sum, or regular monthly payments of as little as £20. A stocks and shares ISA offers the potential for long term growth, but remember the value of your investment can go down as well as up and you may get back less than you invested.
He'e's some more information about the range of Halifax ISAs - Claim your benefits and tax credits - make sure you are benefiting from what you are entitled to - from Child Benefit, Working Tax Credit, Child Tax Credit and other employee-related tax benefits. Entitledto.co.uk helps you work this out
- Get help if you need it - If your debts are out of control get help immediately from your local Citizens Advice Bureau (CAB) – their advisers can help you work out a sensible strategy to get you back on your feet. Find your local CAB
