Saving can be difficult on a low income, but putting aside even a small amount when you get paid or receive benefits can make a big difference. Having a savings buffer can help you avoid borrowing or paying interest, and can cover you during income delays or unexpected costs.
If you're paying off a loan, consider continuing to save the same amount once the loan is paid off.
There are many ways to save, whether informally or through a savings account. A savings account is usually the safest place to keep your money.
Some banking apps can help you save money. Not only do they let you track your spending, but some also allow you to round up your purchases to the nearest pound and automatically save the change. This can help you reach your savings goals faster.
MoneyHelper offers a complete guide to saving.
Compare and switch providers for bills like phone, insurance, broadband, gas, and electricity to find the best deal.
Uswitch.com - We Put U First - Uswitch
Use an Ofcom-accredited price comparison site to find the best deal - Ofcom
Saving Money on Household Bills
Look for ways to reduce costs by comparing prices and switching providers for services like gas, electricity, broadband, and insurance. Small changes can add up to big savings over time.
How to save money on household bills | MoneyHelper
Electric Appliances Comparison
Compare the energy efficiency and running costs of different appliances to find the most cost-effective options. Choosing energy-efficient models can help reduce your electricity bills in the long run.
Electricity-Consumption-Around-the-Home.pdf
Do a money makeover to save
Review your spending habits, cut back on unnecessary expenses, and look for ways to reduce bills. Making small changes can lead to significant savings over time.
Do a money makeover and potentially save £1,000s - Money Saving Expert
GOV.UK's Help For Households campaign offers support to help with the cost of living.
Visit https://helpforhouseholds.campaign.gov.uk/ for the latest offers.
Government scheme for those on Universal Credit or Working Tax Credits
Save up to £50 a month, and after two years, receive a 50% bonus based on your highest balance. You don’t need to contribute every month.
Get help with savings if you’re on a low income (Help to Save): How it works - GOV.UK
