The UK has seen a reduction in the inflation rate in the last quarter and this has been reflected by the Bank of England base interest rate being maintained in September at 5.25%.
This brings a welcome break to those who don’t have a fixed rate mortgage and dread any potential increase in monthly housing costs. Those in rented accommodation have also felt the effects of previously rising interest rates as landlords have been forced to increase their rents in line with their funding costs.
However, we have seen other costs rise recently, including the prices of oil and fuel.
Here are some ways to help reduce your travel costs:
- Walk or cycle children to school: it’s great for you and your children’s wellbeing and is better for the environment and your pocket
- Car share with local colleagues or neighbours to help reduce travel costs overall – you only pay for parking for one car!
- Explore whether you can work from home: check if hybrid working is available from your employer
- Don’t use costly car parks. Instead, park a little further away to increase your daily steps and reduce your daily costs.
- Can you swap your car to a lower engine size and/or a greener option? You can benefit from a reduction in insurance and road tax if you can.
- The Times has a number of good ideas that can help you to cut your fuel bill.
As we move into autumn, the need to put the heating on and subsequent increase in energy bills will be felt by many. So, it’s worth checking that your house is insulated properly. Taking a look at what you can do to exclude draughts and areas where cold can come into your home is a good starting point. Laying rugs can help you to feel cosy, and buying an inexpensive throw to snuggle up under is a good way to keep warm on cooler evenings. Some more practical and economical ideas can be found here.
The Great British Insulation Scheme is a government-backed initiative to help householders insulate their houses better. You can check your eligibility and see what help you are entitled to. It can save £100s per year. If your home is rented, you can ask your landlord for help if you feel that your house needs extra insulation.
The BOSS Charity partners with the national debt charity, Christians Against Poverty (CAP), which helps people understand about effective budgeting. A number of the Charity’s Trustees and Visitors have received training on the course, and Trustee Frances Stephen said: “It was really helpful to learn how to identify where unnecessary costs are and how to make simple savings you might not have thought about. I highly recommend that everyone does the course, regardless of need, just so you can share what you learn with your friends and family.”
If you’d like to learn how to improve the way you manage your money take a look at CAP’s website.