Budgeting Tips

With the cost of living rising at a steady pace and very few families’ incomes keeping up with these increases, Norwich and Peterborough Building Society has asked its customers to share their top budgeting tips to help other families too.

These include:

1.       Don’t leave your iPod, mobile phone or camera chargers plugged in as they continue to consume electricity even when not connected to the appliance.
2        Avoid food shopping when you are hungry and make sure that you make a list of what you need to avoid impulse buys.
3        Line your curtains and close interior doors to prevent heat escaping from your home.
4        Use a passbook for your savings so you are not tempted to dip into this money unnecessarily.

To access a downloadable copy of all these fantastic tips, please click here.

FAMILY BUDGETING TIPS FROM NORWICH AND PETERBOROUGH BUILDING SOCIETY

For ease of use, we have divided your budgeting tip into the following categories:

1. - Household 2. - Financial 3. - Work 4. - Social

HOUSEHOLD

a) Utilities:

• Turn the lights off if you are not going to return to the room for over half an hour.
• Don’t leave your iPod, mobile phone or camera chargers plugged in as they continue to consume electricity even when not connected to the appliance.
• Turn your thermostat down a couple of degrees, as even this small change will reduce your bill.
• Turn your TV, DVD player and computer off rather than simply leaving them on standby.
• Use energy efficient light bulbs and appliances as this will save money in the long run.
• Hang your washing out to dry if it is sunny rather than using your expensive tumble dryer.
• Only use your washing machine if you have a full load of washing.
• By adding half a cup of Soda Crystals to your wash load you will soften the water and need to use less of your usual powder.
• Take a shower rather than a bath.
• Pay your utility bills via direct debit, as some providers will give you a discount if you commit to paying this way.
• Consider installing solar panels to generate hot water.
• Make sure you know what sort of deals your telephone provider offers as you may be able to use free call minutes, lower cost times or even compile a list of numbers you can call at a discount.

b) Food Shopping

• Try to buy own-brand products, as many of these are as good as more expensive brands.
• Put together a weekly menu and base your shopping list around the food you need to cook these dishes. 
• Remember to sign up for loyalty schemes at the supermarkets you regularly visit and save the vouchers to use at Christmas or for your children’s birthdays.
• If a product you use regularly is on a ‘buy-one-get-one-free offer’ stock up for several months.
• Check the shelves to see how much it costs per 100g for each pack size of a product – sometimes multi-buys are actually more expensive.
• Don’t forget to collect coupons in magazines and visit the websites of products you use on a regular basis as they often have downloadable offers.
• Avoid food shopping when you are hungry and make sure that you make a list of what you need to avoid impulse buys.

c)  Garden

• Buy a rain barrel and collect rain water to water your garden plants.
• Put vegetable peelings on a compost heap and use this rather than expensive products to fertilise your garden.
• Start your own vegetable garden and grow your own food – it will be healthier and cheaper.
• Rather than using expensive plastic pots to grow seedlings, cut plastic milk cartons in half and use those.
• Cut plastic bottles in half and bury the top into your garden tubs.  This will capture rainwater and save you from watering your tubs with a hose as often.

d)  Motoring

• Shop around to find the lowest petrol prices, some supermarkets offer much better bargains than ordinary service stations.
• Look at purchasing a “green” car as you will save fuel as well as tax.
• Try to drive your car smoothly at a constant responsible speed rather than speeding up and then breaking sharply.
• Pay your children to wash your car instead of using expensive automatic car washes.

e)  Miscellaneous Tips

• Don’t hang on to clutter, sell unwanted items on eBay.
• Shop around on the Internet for the best deals, especially on expensive items like make-up and electronics.
• Line your curtains and close interior doors to prevent heat escaping from your home.
• Don’t be afraid to visit charity shops, car boot sales or flea markets as you can often find nearly new clothes or inexpensive presents.
• Consider fitting save-a-flush to your toilet cistern to decrease the amount of water you use per flush.

FINANCIAL

a)  General:

• Ensure you check the rates on your savings accounts, credit cards, current accounts and other financial products you hold on a regular basis.  Just because it was a good rate when you took them out doesn’t mean that it has stayed market-leading.
• Transfer money to a separate account each month to cover your bills and savings so you know that the money in your current account is available to cover other expenses.
• Keep a note of all your expenses so that you can pin point any that can be reduced or scrapped.
• If possible, pay your entire annual insurance premium in one go as if you pay by direct debit they often include additional fees.
• Check the direct debits you pay from your account regularly, otherwise you may find you are still paying for your gym membership several years after you thought you had cancelled it.

b)  Savings:

• Put your savings into a separate high paying account as soon as you are paid your monthly salary.
• Use a passbook for your savings so you are not tempted to dip into this money unnecessarily.
• Put your pennies into a piggy bank or a coin jar and take them down to your bank once you have enough.
• Don’t forget to use your ISA allowance each year as this can save you paying tax on your savings.
• Put aside money for events such as Christmas or summer holidays each month to avoid facing a huge bill when the time comes.

WORK

• Take a packed lunch to work as not only will it be cheaper but it is also likely to be healthier as well.
• Consider buying a cafetiere and good ground coffee instead of buying coffee each morning from a takeaway.
• Walk or bike to work in summer rather than using your car.
• Speak to your colleagues about sharing the drive to work. This will not only save money but you will also get to know them better too.
• Instead of buying a soft drink with your lunch each day, buy a multipack when you next do your supermarket shop and take one into work each day.
• Visit a local park, art gallery or museum at lunchtime rather than tempting yourself by window shopping or browsing in stores.

SOCIAL

• Rather than visiting an expensive restaurant, invite your friends around to your house and get everyone to bring a different dish.
• Don’t buy expensive takeaways, it is far cheaper to simply buy the food at your local supermarket and make it yourself.
• When going on holiday, make sure you shop around for the best flights and hotel prices.
• Borrow DVDs or games from your friends and family to avoid having to pay for the latest releases.
• Check out when local restaurants and cinemas are running special offers such as “buy-one-get-one-free”.
• Organise to swap clothes with your friends to keep on top of fashion without having to spend a huge amount.