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Spring clean your finances

Created on Wednesday, April 11th, 2018
by Kathryn Shaw

The clocks have sprung forward and with it we’ll see lighter nights and – hopefully – warmer weather. With the new financial year here too, there’s no time like the present to spring clean your finances. We’ve compiled some top tips for keeping an eye on your cash this spring.

Try shopping with a calculator – no nasty surprises at the checkout!

Stick to the list

Making a meal plan for the week will help prevent you from wasting food or splurging on expensive shop sandwiches and convenience foods. Make a plan, make your shopping list and stick to it.

If you often pick premium brands, try swapping for the supermarket own brand and see the pennies turn into pounds. Often you’ll find that there is little difference in quality, if any.

A really handy way of limiting your spending when food shopping is to use a calculator to add up the cost of items as you shop. There’ll be no nasty surprises at the till and you’ll find yourself less likely to pick up things you don’t really need.

Switch off

Turning off electrical appliances and lights when you aren’t in the room is a great way of keeping your energy bills down. The Energy Savings Trust states that up to £80 a year is wasted in the average home due to appliances left on standby.

Get into the habit of turning off all your plug sockets when they’re not in use.

Switch over

British Gas have announced a price hike, so now is the perfect time to shop around for a new energy supplier. Switching your gas and electric could save you £100s each year.

Not-for-profit energy companies exist to save you money

Visit www.moneysavingexpert.com for advice on how you can switch and for information on the best deals available, or go to www.uswitch.com for help comparing energy tariffs to find the best price.

RAM Energy, launched by Derby City Council, provides affordable energy to people living in Derby and the Midlands.

They don’t pay shareholders or director bonuses, which keeps their prices low.

Similarly, Robin Hood Energy is a not for profit, energy company, owned by Nottingham City Council.

They were set up to tackle fuel poverty and to help give people a cheaper, more helpful alternative to the Big Six.

Cool it

Washing your laundry at 40 degrees rather than 60 will not only ensure you have more money in your pocket but you’ll help save the planet too. You should also wait until you have a full load before turning the washing machine on, as this will use less energy than two half-loads.

Don’t waste water

Leaving your taps on while you brush your teeth can waste around 6 litres of water a minute! Turn them off and fix any leaky taps as soon as possible.

Reducing time spent in the shower can save on your water and energy bills. Every minute of time spent in a power shower can use around 17 litres of water! Try cutting your shower time to just 5 minutes and see how much you save. Use an egg timer or set an alarm on your phone.

Saving water saves money – and the planet!

Most of us are guilty of overfilling the kettle when making tea, but you can save water and energy by only filling as much as you’ll use.

Get advice

Sign-up to email newsletters from moneysavingexpert.com or similar financial advice experts. They have tops tips for budgeting, claiming tax refunds, making sure you’re getting any financial aid that you’re entitled to and tons of deals or vouchers.

We would encourage residents to talk to independent money advice services if they are concerned about falling into debt.

If you have any questions about your rent or you’re worried about falling into rent arrears, please give us a call on 01332 346 477 or email info@derwentliving.com.

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