Winter is the most challenging time of year for most of us when it comes to money, with energy bills, Christmas expenses, and other additional costs to account for. As the days grow colder, keeping an eye on your budget is more important than ever. Here are some practical steps to help you manage your finances this season, plus resources to make the most of available support.
1. Review (& renew!) your energy-saving efforts
With rising energy prices, understanding your household’s energy use can make a big difference. (Yes, we know this isn’t new news! but it’s so easy to slip back into old habits). Here’s your reminder to get back on track with a few small changes:
- Lower your thermostat slightly – turning down the heat by just 1 degree could save you up to 10% on your heating bill.
- Check your insulation – small investments like draft excluders or heavier curtains can keep warmth in and reduce heating needs.
- Use energy-efficient settings – choose eco settings on your washing machine and dishwasher, and unplug electronics when not in use.
You’ll find lots more great energy saving advice here on the Citizens Advice website.
And, if you’re struggling with energy bills, as the Citizens Advice website says, many providers offer support schemes and grants, so it’s worth taking a look to find out what’s available.
2. Set a realistic Christmas budget – and stick to a plan!
Christmas spending can easily run away with you. Setting a realistic budget early on helps you avoid overspending and reduces stress. Here are a few tips for sticking to your plan:
- Make a list of all your expected expenses – gifts, food, and any festive outings you’re planning. Knowing what you are dealing with upfront can help you plan – and see where you need to go easy.
- Look for deals and discounts – keep an eye out for ways to save as you go, rather than panic buy in one big shop. Just don’t ‘forget’ what you’ve already stocked up on and end up buying twice!
- Embrace ‘Secret Santa’ – this is a great option for extended family or friends, allowing everyone to buy just one gift and focus on thoughtful choices. Chances are that others will be grateful for the opportunity to spend a little less too.
If you’re planning on using credit for Christmas purchases, consider our Christmas Loans as an affordable way to spread the cost.
3. Use our Benefits Calculator
Many people miss out on benefits they’re eligible for, which could make a real difference to your monthly budget. Our Benefits Calculator is easy to use and can help you quickly check if there’s support available for your circumstances – and how to claim it.
Whether it’s housing, tax credits, or childcare support, don’t leave potential help on the table. Access the benefits calculator here.
4. Boost your savings with saver plus
If you’re able to set some money aside each month, our Saver Plus account offers a competitive 5% interest (variable) to help you grow your savings faster. A regular saving habit can be an effective way to cover unexpected expenses and reduce financial stress. Find out more and get saving here.
5. Plan ahead for next year
Now is a great time to think about setting financial goals for the year ahead. Even small changes can have a big impact over time. Consider:
- Starting a Christmas savings fund – setting aside a small amount each payday can ease next year’s festive expenses.
- Building an emergency fund – ideally, aim for a buffer of three to six months’ worth of expenses. If that’s not feasible, starting small is still a step in the right direction.
- Reviewing subscriptions – from streaming services to magazine subscriptions, take stock of any recurring payments and see if there are savings to be made.
Our Credit Saver account also offers a flexible option to cover future expenses, allowing you to manage costs without the need to reapply for credit each time, whilst building savings when you’re not using the credit facility
6. Make the most of our Member Hub
We’ve gathered a wide range of resources in our Knowledge Hub to support members through these challenging times. From managing household budgets to energy-saving tips, the hub brings together useful information from various sources to help you stretch your budget further.
It’s also a good place to find advice on rising food costs, budgeting tools, and free resources to help you stay financially resilient. Explore the Knowledge Hub here.
Remember, we’re here to help
If you’re feeling uncertain about your finances, you’re not alone. Our team is here to support you – whether you’re interested in setting up a budget, exploring loan options, or just need some support with managing your membership, we’re just a call or email away. Here’s how to get in touch
