With costs rising, Ann Francis of Cambrian Savings and Loans looks at easy ways to make more of your money.
The cost-of-living crisis means that more than half of people in Wales are already cutting back on essentials like food, heating, and clothes, according to a new report by think-tank the Bevan Foundation.
Whether you are working, retired or in receipt of benefits, with inflation rising faster than income, we all need to think about saving money.
Here are six tips to help you make more of your money.
1) Check your tariff: Gone are the days when we could save on gas and electric by switching supplier, but broadband and mobile phones are two essentials where we can still save money.
It’s estimated that 16 million people in the UK are out of contract on their broadband and mobile deals, so it’s worth checking the comparison websites to make sure you have the best deal.
2) Loyalty doesn’t pay: Switching bank accounts has never been easier and several banks including Santander, First Direct, Halifax, Virgin Money and Nationwide are offering three figure sums to attract new customers. You can pocket an easy £100-150 by switching bank accounts.
3) Find out what you are entitled to: Thousands of people in Wales – including those in work - are not claiming benefits they are entitled to receive. If you are unsure about what benefits you can claim, Advicelink Cymru has a special free phoneline to help on 0808 250 5700.
4) Broadband benefits: Ever heard of a broadband social tariff? If you are in receipt of Universal Credit, Pension Credit, or other state benefits you may be entitled to cheaper phone and broadband deals. These don’t appear on the comparison websites, but BT, Virgin Media, Sky and Talk Talk all have special deals for those in receipt of certain state benefits.
5) Water bills: Welsh Water is offering up to £230 off household water bills to people in receipt of certain benefits including Universal Credit and Pension Credit. Go to www.dwrcymru.com/helpwithbills to find out more.
6) Stealth savings: Every financial bump in the road can become an emergency if you don’t have any savings, so it’s a good idea to start putting aside whatever you can.
Many banks have a ‘round-up’ feature, which means every time you use your debit card, it will round up the purchase to the nearest pound and put the remaining pennies into a savings account.
I set this up recently and it’s amazing how quickly all those pennies turn into pounds. If your employer is a Moneyworks Wales payroll partner, you can also arrange for automatic savings straight from your salary, before you have chance to spend it, which is a brilliant way to start your rainy-day fund.
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