Energy bills are expected to continue to rise during the winter months, so now is a great time to learn some tricks to keep costs down. Laura Howard, financial expert at Forbes Advisor, offered some tips to help people cut costs. Laura Howard, financial expert at Forbes Advisor, offered some tips to help people cut costs.
Budgeting can seem daunting, but Howard recommends taking simple, simple steps to save money.
She said: “Small changes in ingrained daily behaviors can also pay off over time. For example, committing to using less energy.
“That could just mean pausing the wash when the weather improves rather than using the dryer, turning the heat down a degree or two or turning off lights or heaters in rooms you don’t have. do not use.”
Away from home, people can cut costs with good habits such as seeking free parking or having a pre-packed lunch rather than eating out, which Ms Howard says could cut daily costs by £25 .
People can end up with a huge bill paying interest on credit card balances at the typical rate of 20%.
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“It’s possible to transfer balances from multiple card providers up to, say, 90% or 95% of your allocated credit limit, to a zero% balance transfer card,” Laura said.
“Although you need a high credit score to be accepted, applying through an eligibility checker means you can see your chances before making a formal application.
“This protects your credit report from visible searches that could discourage subsequent lenders.”
Consumers who rely on their credit card to pay for essentials can upgrade to a card that offers an interest-free period on purchases.
Ms Howard said: ‘Some of these offers offer up to two years at zero per cent to the most creditworthy applicants, so if you are forced to borrow, you can at least do so without paying interest.’
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Parents of a child between the ages of three and four can benefit from 30 hours of free childcare and additional help with living expenses is available through the Household Support Fund.
Many banks now have apps for customers, and they’re great tools for managing finances and keeping tabs on spending.
Budgeting apps such as Snoop, Yolt, or Money Dashboard are also useful for tracking someone’s expenses.
Ms Howard said: “Using an open banking arrangement, these apps allow you to view all of your accounts in one place, which can provide greater transparency into how much you actually spend.
“If you opt for the basic version, many are also free.”
Supermarkets often have a range of bargains, which can be found on their loyalty app.
These apps can also be used to scan and collect points on purchases, which can be redeemed for in-store discounts.