Autumn presents an ideal opportunity for individuals to reassess their financial habits and implement money-saving strategies, according to personal finance advisor Gemma Bird. With the transition into colder months and the approaching holiday season, Bird suggests that small, consistent changes can lead to significant savings over time.
Energy Efficiency and Home Maintenance
Before the colder weather sets in, Bird recommends reviewing energy tariffs. Checking comparison sites or contacting existing providers directly can potentially secure better rates. Additionally, ensuring radiators are bled before the heating is turned on can improve efficiency. Simple measures like only boiling the amount of water needed for hot drinks and draught-proofing doors and windows with inexpensive tape can also contribute to lower energy bills. For those with larger homes, heating only occupied rooms can further reduce consumption. Annual boiler servicing is also advised for both safety and efficiency. Checking and cleaning gutters before the autumn rains can prevent more costly repairs down the line.
Smart Shopping and Budgeting
Bird advocates for a proactive approach to holiday spending, suggesting that Christmas presents can be purchased in installments throughout the autumn months rather than in a single December outlay. This strategy can also extend to buying children's presents second-hand from sources like charity shops or online marketplaces. Similarly, purchasing items for the following summer while they are on sale can yield considerable savings. Utilizing cashback websites before making online purchases is another method to recoup some expenditure. When grocery shopping, using supermarket scanners can help monitor spending in real-time, and opting to carry items by hand instead of using a basket can discourage impulse buys.
Financial Review and Planning
Bird emphasizes the importance of reviewing bank statements to identify spending patterns, particularly for smaller, recurring purchases that can accumulate unnoticed. She also suggests reviewing loyalty points from various reward schemes to ensure they are being utilized effectively. For those looking to increase their savings, Bird advises setting aside a portion of income on payday for savings and bills, living off the remainder. Checking ISA and pension contributions midway through the tax year can help individuals maximize their allowances and ensure their money is working efficiently. For individuals facing financial difficulties, using resources like EntitledTo can help determine eligibility for any available benefits or support.
Travel Savings
When planning holidays, setting up flight alerts using tools like Google Flights can help track price changes. Flexibility with departure airports and comparing different routes using sites such as Skyscanner can also lead to significant savings. Bird also suggests searching for holiday properties on multiple platforms or directly with owners, as prices can vary. Examining supermarket coupons, magazines, and attraction websites for discounts before booking days out can reduce entertainment costs, provided the activity was planned initially.