How to keep your finances warm this winter

Just because temperatures are dropping, doesn't mean you bank balance has to

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How to keep your finances warm this winter

Do you know how much your bills are setting you back every month? While you might be able to give a ballpark figure, most people probably couldn't say exactly how much.

The latest Bacs Bill Tracker shows the average UK household needs to find £678 a month to cover essential bills. These include things like gas, electricity, mortgage, rent, council tax and insurance.

In fact, households spend £3.44 a day on just water, electricity and gas, according to the Money Charity.

With colder weather finally here, many households will be braced for an increase in some of these bills as they start to use more heat and light.

So how can you prepare for winter and save on your bills at the same time?

Cold hard switch

Using your heating and lighting more over the winter can be a real drain on your money. So while you're reaching for the thermostat, why not think about switching provider.

Getting a cheaper deal just when you're using energy the most can result in some pretty significant savings. You'll also start to see the returns a lot sooner.

It only takes a few minutes on comparison sites to find out how much you could be saving.

Turn it down (or off)

Turning down your thermostat by just one degree could save £85 a year, according to Energy UK.

And you've probably heard this one before, but don't leave things on standby or leave chargers plugged in.

Budget Planner

That's a wrap

It might be obvious advice, but don't overlook the lo-tech ways of staying warmer this winter.

A nice woolly jumper will cost less than heating your home for the winter and draft excluders not only stop the cold air getting in, but stop the warm air getting out.

Keeping internal doors shut so you only have to heat smaller areas of the house can also be effective at cutting usage.

Keep it warm

It's not just you that needs a warm jumper at this time of year. An insulating jacket for your hot water tank costs £15, but could save £45 a year.

Go hi-tech

There are a wide range of energy monitoring tools on the market. These allow you see exactly how much electricity and gas you are using in real time, so you can make informed decisions about the energy you use.

This article is provided by the Money Advice Service.



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