Four tips for managing your money this winter

    With miserable weather and darker days, the transition to winter is hard enough without the added stress of managing your money. That’s why it’s wise to start preparing now, before the season sets in.

    So, what can you do to stay on top of your finances?

    Keep reading for four tips for managing your money this winter?

    1. Create a budget

    Since winter comes with additional costs, it’s wise to create a budget to help you cope. Chart out your current spending and look for areas where you can cut down to give yourself more wiggle room for extra winter costs.

    You might also want to come up with a special Christmas budget, so you know how much money you have to work with. Think about what you can afford, as well as who you need to buy presents for, Christmas dinner and any decorations you might need. Ideally, you’ll be able to cover everything with savings. But just in case you need to use credit, it’s a good idea to boost your credit score to get better rates.

    1. Check your options

    With energy bills set to soar this winter, it’s worth comparing energy suppliers to see if you can get a better deal. You should also check to see if you’re eligible for any government schemes that could help your household cope with the higher costs.

    1. Make your home more energy efficient

    Even if you can’t find a better deal or get some financial help, there are plenty of ways you can reduce your energy usage. These include:

    • Repairing old radiators
    • Insulating your roof and walls
    • Upgrading your windows
    • Draught Proofing your doors

    It’s cheaper and easier to keep your home warm if it’s properly insulated and the heating works well. But even smaller changes like to switching from traditional incandescent lightbulbs to LED ones will help you cut costs over the winter and over the long term.

    1. Invest in warm clothing

    As well as making it cheaper to heat your home, you can reduce the need to heat it altogether. Some cosy and warm winter wear could help you save a fortune in energy bills. Invest in duvets, blankets, dressing gowns, jumpers, leggings and slippers to help you stay warm during cold winter mornings and evenings.

    Staying on top of your finances can be quite the challenge when the colder months come. But you can go a long way towards better managing your money this winter by following our tips above.

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