Three ways to get your finances ready for Winter
From cosy nights in to Bonfire Night fireworks and the annual visit from the big-bearded man in red, winter brings a lot to look forward to. It can also carry some additional costs at the same time, however — which is why it’s worth thinking about your finances now in preparation.
According to the Bank of England, the average household spends an extra £500 in December alone. The majority of that money goes on gifts, food and drink and general merriment — and can make our outlook for January somewhat bleak.
If you know your purse strings are tight this winter, or you’d simply like to save some money for the future, here are three key areas to think about to help you cut back.
Home repairs
Home is where the heart is – so it’s important to look after it all year round. From bleeding radiators to servicing your boiler and clearing your chimney, there are several maintenance jobs around the house that could save you money on wasted energy and expensive repairs in the long run.
Before winter starts, make sure to clear your gutters to avoid blocking your drains, and check your roof is in good shape and not at risk of letting in water. You may still want to consider various financial routes to cover any initial repairs – but you’ll be thankful once the storms start rolling in.
Switch energy suppliers
The colder months bring an overwhelming urge to curl up and get cosy. This means most of us will pay out extra on energy as we heat our homes, light up our rooms and spend more time indoors watching TV.
For all those reasons and more, now is the best time to switch energy supplier. Switching to a new provider could save you a significant amount of money as you may have been automatically placed on a default tariff. Go to a comparison website and see just how much you can knock off your bill by jumping ship.
Get smart about Christmas
There’s no doubt that festivities can make you feel good – which might be part of the reason why it’s so tempting to overspend at Christmas. To make sure you’re not paying out more than you can afford, try to draw up a realistic budget that includes gifts, socialising and more, and track your spending as you go along
It’s worth speaking to family and friends to see if they’d consider ditching gifts this time round. Don’t feel obliged to splash the cash on traditions like fancy crackers either – you might just find that those around you feel the same way.
How are your finances looking as the change in seasons approaches? Pay attention to these three key areas, and see how far a little financial preparation can go.
