Here are some steps you can take to help reduce your expenses, and possibly add to your savings.
Creating a budget can help you account for additional winter costs. Use our budget planner to see where you’re spending your money, and where you could potentially make changes to cover any upcoming expenses.
It also helps to create a specific Christmas budget so you know how much you have to spend and what you want to do with it. Think about who you need to buy presents for, extra food and anything else you’ll need – such as decorations and days or nights out. Taking the time to plan for the festive holidays can help you avoid overspending.
You may want to start saving in advance, or look for sales in the run up to Christmas to get presents at a discount.
With many households facing rising bills, it’s worth comparing energy suppliers to see if you're getting the best deal you can.
There are ways you can reduce your energy usage, like only using the heating when you’re home and installing a smart meter. Read our article on how to save money on energy for more ways to save.
If you’re worried about rising costs, help is available.
For more information about government support, including eligibility and how it affects you, visit GOV.UK: Help for Households.
There are things you can do around your home in the run up to winter to help reduce costs. Simple changes, such as replacing traditional light bulbs with low energy ones, can save you money on your bills.
If you haven’t already, you could also draught proof any unwanted gaps in your windows and doors, as well as insulate your hot water tank to reduce heat loss.
If you’re finding it hard to cover your costs and need some extra help, you may be entitled to support. For example, if you’re on a low income or receive pension credit, you may be eligible for the Warm Home Discount Scheme.
You may also get the Winter Fuel Payment. You should automatically receive this if you’re eligible. If you don’t receive it but think you’re entitled to it, you may need to make a claim.
Explore: What benefits can you claim?
Setting yourself a goal can give you something to work towards. Whether it’s for Christmas, the New Year, or you just want to build an emergency fund – it helps to have a target in mind.
If you have money left over in your budget, aim to set yourself a specific amount to save each month. Or, if you’re looking to make changes to your current spending habits, you could save any money you manage to free up.
Continually adding to your savings account, even if it’s just a small amount, can help you grow your savings and reach your target.
Explore: Savings goal calculator
