Saving can be tough when you're on a low income, but even setting aside a small amount when you get paid or receive benefits can make a big difference. A little savings buffer might help you avoid borrowing (and paying interest) or cover you during income delays or unexpected expenses.
If you’re paying off a loan, consider continuing to set aside that same amount into a savings pot once the loan is paid off.
There are many ways to save, whether informally or through a savings account. A savings account is typically the safest place to keep your money.
Some banking apps can help you with saving. As well as being a great way to keep track of your money, some have a facility so you can round up the change from each time you buy something into a savings pot, to help you reach your saving goals.
MoneyHelper has a comprehensive guide to saving.
Compare and switch bill providers such as phone, insurance, broadband, gas and electric, to get 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:
How to save money on household bills | MoneyHelper
Comparing cost of electricity appliances:
Electricity-Consumption-Around-the-Home.pdf
Do a money makeover to save money:
Do a money makeover and potentially save £1,000s - Money Saving Expert
GOV UK has the Help For Households campaign with offers available to help with the cost of living.
Visit the website for up-to-date 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’re not required to contribute every month.
Get help with savings if you’re on a low income (Help to Save): How it works - GOV.UK
