Top tips on how to save cash at the fuel pump and in the household

Save money on Energy 

Usually, you can look at changing energy providers to get a better deal. But at the moment, that’s unlikely to make a big difference. But there are schemes that can help. 

Speak to your supplier - If you’re struggling to pay or think you may struggle, always speak to your provider. They may be able to provide some hardship support. If you’re worried, speak to them before you fall behind on payments. You can also ask your energy provider what free or subsidised home energy improvements are available through the ECO4 scheme.

The Household Support Fund - This is funding to support those most in need with the rising living costs. It can include help towards energy costs, subject to your local council’s criteria. Contact your local council to find out more about the fund’s criteria and apply.

Energy Saving Trust - In some cases, the best thing to do is to reduce energy consumption. Find practical suggestions here. 

Lower debt repayments 

Debt repayments are a drain on your finances. Lowering repayments through lower interest charges can help you reduce outgoings and get out of debt faster.

Snowball method - If you’ve struggled to repay unsecured debt, then the Snowball method could help you stay motivated. 

It means paying the smallest debt first, and once that’s done, putting what you were paying on that one towards the next largest debt. And so on until all your debts are paid off! 

0% Card balance transfer - If you borrow on a 0% interest credit card, avoid nasty surprises and high interest rate charges by making a note of when the 0% rate ends and calculating how much you need to repay each month to repay the debt in full by that date.

Remortgage - The rise in property values over the past few years means your mortgage might be a lower proportion of your property value, and so qualify you for a better deal. Check out current best buys here.

Debt consolidation - If you have high cost debt and want to explore consolidating, Salary Finance may be able to help you save money by paying off more expensive debt at a lower rate. 

Visit: https://www.salaryfinance.com/uk/my-salary-finance to find out more.

Cut spending 

Everyone now has to tighten their belts a little more and start budgeting. But how? To help navigate and give you a roadmap, we’ve created the G.U.I.D.E which stands for:

• Groceries
• Utilities
• Insurance
• Debt
• Energy

Inside the G.U.I.D.E which you can read here, you’ll find:

• A summary of government schemes and support available to give you money back or provide discounts - that could be on anything from Council Tax to Energy bills
• Ideas for how to reduce expenses and shop smarter
• Ways to put money back in your pocket that you may not have considered including consolidating high cost debt