Many of us think we are naturally ‘bad’ with money, but being ‘good’ with money is more about confidence than skill.
And the best way to build confidence is to get clued up, which is why we’ve compiled a list of simple money-saving hacks you need to know about.
From knowing exactly what you’re entitled to, to making money from things your no longer need, here’s what you need to know about making your money last.
Think outside the box with your boss
Asking for a rise can mean more than extra income, if your boss doesn’t have cash to spare. Instead, focus on other compensation – think promotions, benefits and perks that could improve your working life.
For instance, you may be able to secure a higher car allowance, money towards commuting costs, a corporate gym membership, childcare support or a bigger bonus.
Clear out your wardrobe
If your wardrobe is fit to burst, why not have an in-depth audit of your clothes. Put all your hangers backwards and then after you wear them hang them back the right way.
After a few months, clear out the items that are still hanging backwards because you haven’t worn them and pop them on ebay.
Slow down to spend less
Unleaded prices are at their highest level in two years, experiencing the biggest annual increase in 11 years.
The blame is laid on the hikes due to retailers charging motorists more to make up for falling fuel sales during the pandemic.
A litre of the fuel costs an average of £1.29 at UK forecourts, government figures show.
Diesel costs an average of £1.32 per litre, which is a level not seen since January 2020. Many of us wrongly assume that it is the distance we travel that is burning a hole in our wallets, when in reality, when it comes to fuel consumption, speed is just as important.
Figures from the AA indicate that driving at 70mph uses up to 9% more fuel than at 60mph, and up to 15% more than at 50mph.
Cruising at 80mph can use up to 25% more fuel than at 70mph.
Cash for kids’ shoes
Do your kids outgrow their shoes faster than you can get to the shops?
Then why not recycle them and earn money off their next pair?
Head to Schuh with a pair of shoes from any brand to exchange for £5 off a £25 spend voucher, valid on full-price shoes either in store or online. You’ll get one voucher per pair of shoes you take to be recycled.
But it’s not just your little one’s footwear that can earn you cash – adults can take unwanted shoes in for the same voucher.
Two-for-one theme tickets are back
If you are eager to get a proper day out with the children right now but your budget is rather tight, look for promotional packs of Kellogg’s cereal and snacks to get a voucher for 27 UK Merlin theme parks and attractions such as Alton Towers, Legoland, Chessington, Sea Life centres and Madame Tussauds.
Promotional packs will be available in stores until the end of June. Don’t delay!
Get cash back if you aren’t commuting
Check the number of miles you have actually driven compared to the mileage estimated when taking out your car insurance policy.
You may be able to request a partial refund if it’s a lot lower than expected or your driving habits changed.
Get medical support for free
Income protection policies are a type of insurance designed to pay you a portion of your salary if you are suddenly unable to work.
Critical illness insurance pays out a tax-free lump sum if you’re diagnosed as critically ill.
But did you know that these types of policies often come with a raft of health and wellbeing services built in as standard?
The benefits do not cost a penny extra and include access to services such as mental health support, physiotherapy and 24/7 remote GP consultations.
What’s more, your partner or spouse and your children will also be covered, and there is no limit to how many times you can access the services or how long your consultation lasts.
Say Bye Bye to bad broadband
If you’re not receiving the broadband speed you expected, you can contact your provider who can take steps to improve it, if it’s fallen below the guaranteed minimum speed.
If they can’t fix it, you’ll have the right to exit your contract without paying a penalty.
Pay yourself automatically
Many of us don’t save because we don’t have any cash left at the end of the month. It might be time to set up that standing order – to yourself!
Just pay some money into your savings accounts by standing order at the start of each month when you pay your bills.
Don’t pass up free cash Consider increasing your pension contributions or you could miss out on what is essentially free money from your employer, as they will add to your pension fund on your behalf.
You wouldn’t turn down a Christmas bonus, so don’t pass up free pension contributions.
If you want more tips and tricks on saving money, as well as chat about cash and alerts on deals and discounts, join our Facebook Group, Money Pot.
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