For many of us, the winter is a tough time for our money, whether that’s because of the spending that comes along with the festive season, or the increase in energy usage that comes with the dark, cold nights. Budgeting for the winter can be beneficial, so you can ensure that your income covers everything you need and still allows you to save. Whilst a payday loans direct lender can be helpful if your cash flow is tight and you need help in an emergency, budgeting allows you to stretch your money further and make changes for the better. Read on for more on how to budget for your family this winter.
Create a budget
Developing a budget for your family to stick to is beneficial – it can help you to manage your finances and stretch your money further. Creating a budget is simple, all you must do is calculate your income for the month, if you have a partner, you can include theirs too. Then work out how much you spend each month on direct debits like mortgage or rent payments, car payments or energy bills. The money left over is what you have to spend monthly in other areas that aren’t as important.
You should track your spending each month to ensure that you’re sticking to your budget – write it down or use an app to help you monitor where your money is going and how much you have left. A budget is great for getting an overview of whether you’re spending too much in one area and can help you to highlight bad habits, so you can change them for the better! Make sure that you do your best to stick to your budget so that you can remain financially secure and avoid debt. If you have specific savings goals, a budget can help you to achieve them.
Check your energy bills
As we are all aware, energy bills are rising exponentially, which could cause problems when it comes to your cash flow this winter. You should check the tariff that you’re on so that you can compare it with other companies – whilst this may seem pointless, you never know what you might find, and it helps to know whether you are being charged too much by your provider. You should also be aware of how you are using energy and if you could reduce your usage. Research ways that can bring your bills down, like turning appliances off at the socket, and having a smart metre installed.
Create a more energy-efficient home
Making your home more energy efficient means that you can benefit from lower energy bills this winter so you can save an extra bit of cash. You should make sure that your windows are well insulated so that your heating doesn’t have to work harder to warm your home. You should also switch to energy-saving lightbulbs and try and get rid of any drafts to keep the cold out for as long as you can.
Save for the festivities
As we mentioned above, your budget can help you to save, and in the winter, this is crucial with Christmas coming up, with presents to buy and social events to attend. When creating your winter budget, it is advantageous to include your Christmas savings. Create a direct debit from your current account to your savings each month on the run-up to Christmas so that you can stay consistent and have a lump sum of money that can support you through the festivities, without harming your cash flow.
Check if you’re entitled to benefits
When it comes to making your money go further this winter, if you are struggling, you can always check if you are entitled to support from the government. Various schemes can help you through the cold months, like the Warm Home Discount Scheme or the Winter Fuel Payment. You should never feel bad about asking for help – budgeting is helpful, and it allows you to identify financial issues that you might have, so if you are struggling to make ends meet this winter, you can take control of your finances and seek help so you can stay cosy and comfortable.
