Category Archives: Saving Money

Are you struggling to save money? Need to put something away for a rainy day but not sure where to start? Check out our useful range of guides and helpful tips in this category.

Wear a uniform? Pay less Tax

Do you have a uniform or work clothes that you have to wear to work? Then you can make your uniform act as a source of tax refund.

The HMRC allows a set amount of tax refund for the maintenance of the work uniform. It includes anything from a simple t-shirt to an elaborate uniform like that of a policeman or a nurse.

In order to be eligible for the tax refund, you have to qualify in all the following criteria.

  • You must wear a recognizable uniform for work that is unsuitable for any other place or occasion. It might or might not have a logo.
  • You have to wear the uniform while you are on the job, working.
  • You have to pay for the upkeep of the uniform and replace with your money when required. If your employer pays you an allowance for this, then you do not qualify for the refund, even if you do not take the allowance.
  • You have not defaulted on your income tax in the years for which you are claiming the refund.

Now comes the most important question- how much can you expect?

It depends on the industry you are associated with and the tax that you pay. The standard maintenance allowance is £60 and the minimum that you can claim is 20% of this amount, i.e. £12. If you pay a higher rate of tax then you can claim 40%. This rate was £45 before April, 2008. So, you have to keep it in mind while applying for the refund.

Those who are claiming it for the first time or have an amount that is more than £1,000 they have to do it by post. You can simply call them the second time round or if you have a lower claim.

The letter that you send to the tax office claiming the uniform tax refund should have the following information:

  • Your employment details for the last four years, along with the details of the employers with whom you worked.
  • Your job title and the industry that you are associated with
  • Detail of the laundry allowance or cleaning services that your employer provides, if applicable
  • Details of your uniform

How do you want the refund- deducted from the tax of the current year or as a check for the amount?

It might take about five weeks for the claim to get processed. Once done, the next time will be quicker.

This guest article was submitted on behalf of u-tax.co.uk – find out how you can get a uniform tax refund.

Making The Most Out Of Your Money

Making The Most Out Of Your Money

Find out how you can make the most out of your money and avoid credit card and payday loan debt.

Unfortunately, since the financial crash (what credit crunch?!) back in 2008, British people have been feeling the effects. Unfortunately this has resulted in a growing number descending into credit card and payday loan debt as a result of not making the most of the money they do have.

On the face of it – it seems pretty difficult to make the most of your money during this time of “economic uncertainty”. Oddly enough there are things you can do to make your money work harder for you… but what?!

Check Out The Budget Supermarkets

Personally I’ve started doing some of my grocery shopping at the local Lidl or Aldi. Did you know that you can make significant savings by shopping at the budget supermarkets like this? What’s useful about these two stores in particular is the ability to bulk-buy – similar to a wholesaler but for consumers – not businesses. So if you need to do a big shop then you could make significant savings by shopping at a budget supermarket. Don’t get me wrong – I still pop into Tesco or Morrisons for quick buys but if you’re looking to do a big shop then try out Lidl or Aldi and compare what you spend to some of the other retailers out there. You might be surprised.

Invest Your Money Sensibly

There are bank accounts out there that can help you make the most out of your money – through high interest savings accounts and current accounts that will actually give you cashback every month that a set amount is paid in (usually over £1,000 a month).

In addition to this you could consider looking at opening an Interest Savings Account (ISA) to help boost your investments.

Earn More Money

Easier said than done isn’t it?! Ok – to help keep your financial health in top form it’s worth considering an additional job or, if possible, look at taking overtime in an existing job. Boosting your income could make all the difference to your financial situation and help you to meet monthly bills and charges. It could also help to prevent you turning to the likes of payday loans and credit cards to help meet payments and descend into debt.

Sell Sell Sell!

If possible look at selling some of those unwanted items you have lying around the house. These could be unwanted Christmas gifts, an old TV or out-of-date computer. Remember – your trash might be other people’s treasure so it’s worth popping along to your local car-boot sale or auctioning these items on EBay. Worth bearing in mind though that you may find a face-to-face sale at your local car-boot sale to be far more effective – never underestimate face-to-face. Online shopping isn’t always the be-all and end-all!

Tighten Your Purse Strings

Try to spend less – by setting a monthly spending budget for the year (that you stick to!) could help you to control your cash-flow and could mean that you have a little more left over at the end of the month or even the end of the year. Certainly worth considering.

Cost Savings – Cutting The Costs Of Your Utility Bills

Cutting The Costs Of Your Utility Bills

Find out how you can cut the cost of your utility bills without turning to payday loans or credit cards.

Recently there has been talk about people turning to payday loans or their credit cards to help meet the cost of their utility bills – electricity, gas and water bills.

But let’s face it – turning to a payday loan is not a good way of meeting monthly bills. Credit cards and short term loans should only be used as a last resort.

But what can you do to help cut the cost of your bills. Let’s take a look:

Gas and Electricity Bills

According to recent figures the average gas bill is liable to increase in the colder months making many homeowners and tenants concerned. However, with the right kind of tools you can actually reduce the cost of your heating with relative ease.

One of the most popular ways of cutting your heating bill is by insulating your loft as this will prevent heat from escaping. In some instances you may be eligible for a grant to go towards the cost of insulating your loft. It’s certainly worth contacting the Energy Savings Trust to find out more.

Did you also know that if your boiler is relatively old you could be eligible to claim for the cost of a new G-Rated boiler (£400). However, it’s important to bear in mind that the scheme is limited to 125,000 applicants so it’s important to get the claim in early on.

Another way of reducing costs is by combining your electricity and gas bills so that you are paying off both in one lump sum every month – potentially saving you a fortune.

Energy Saving Lightbulbs and installing double glazing are more ways of saving money on your electricity and heating bills.

Water Bills

Did you know that water bills are rapidly increasing. In fact recently water bills leapt by 8.8% and many people are struggling to pay off utility bills as a result.

Fortunately there are ways of reducing the cost of water bills – let’s take a look at a few:

If you don’t already have one consider installing a water meter. A water meter simply records you water usaget and could help you to reduce water consumption considerably.

Try not to waste water. Every time you turn on a tap ask yourself whether it’s really necessary – it’s worth bearing in mind that a running tap can waste around 6 litres per minute. So ask yourself… do you really need to run the tap whilst your brushing your teeth?

Consider a water efficient shower head as this could help save considerable amounts of money when you’re having a shower.

So before you turn to your payday loan provider or your credit card – ask yourself if you really need to and whether there are ways you can reduce utility bill costs… it’s really not impossible to live within your means.

Image: cooldesign / FreeDigitalPhotos.net

Cost Savings – Reducing Your Fuel Consumption

Cost Savings - Reducing Your Fuel Consumption

Find out how you can avoid turning to a payday loan or credit card to pay off your car's fuel bills.

Did you know that the price of petrol has almost doubled since 2001? Unfortunately the current cost of petrol is only set to increase and as a result paying less for your fuel may simply be unavoidable.

Turning to a payday loan or credit card is probably not a route you want to go down to help pay your car’s fuel bills. However, its worth bearing in mind that paying less on fuel isn’t completely out of reach.

Whilst a number of drivers might consider switching to electric or hybrid cars this might not be possible for those of us who simply can’t afford to buy a new car.

Let’s face facts – even a brand new Smart Car is going to cost far more than a small hatchback – such as a Ford Ka.

Taking that into consideration there are ways to reduce fuel consumption even if you can’t afford to buy a brand-new electric or hybrid vehicle.

Here are a few tips to help reduce fuel consumption:

Check your tyre pressure. Did you know that the condition of your car will affect fuel consumption? Well under-inflated tyres have what’s known as more “rolling resistance.” This simply means that your car’s engine will need to burn more petrol to keep going. Your local petrol station usually has a means of testing your tyre pressure and topping up your tyres if needs be extremely cheaply.

Reduce your speed. It’s pretty obvious if you think about it – the faster you drive your car, the more petrol is used up. By dropping your speed you will actually increase in the economy of your vehicle and you will use less fuel.

Use your air conditioner sensibly. Not many people know that using your air conditioner at lower speeds can increase fuel consumption… but it can. Sometimes it’s better to simply open a window if you’re getting too hot – except when you’re driving at speed. Driving at speed with windows open can also increase fuel consumption considerably – in this situation you’re probably better off using your air conditioner.

Check your car’s air filter. Were you aware that a dirty air filter can affect your vehicle’s overall performance? Well it can actually increase the amount of fuel your car uses so it’s certainly worth checking every now and again to ensure that it’s clean.

Don’t stop if you can avoid it. It makes sense that to get your car going it takes up more fuel than simply reducing your speed. If you’re stuck in slow moving traffic or traffic jams than it’s worth simply driving at an incredibly slow speed rather than speeding up and standing every few minutes.

Follow these simple tips and you won’t necessarily have to turn to the likes of a credit card or payday loan to help pay off expensive fuel bills.

Image: nuttakit / FreeDigitalPhotos.net

Help in Handling your Money

Experiencing problems managing your finances, take a look at this comprehensive list of agencies that could help you help yourself:

Debt Management
For help in consolidating debt please visit our debt management page.

Citizen’s Advice Bureau (CAB)
Debt agencies and lenders chasing you for loan and credit card repayments and feeling over-whelmed? Why not speak to the CAB, an organisation setup to give consumers free, impartial advice.

Consumer Credit Counselling Service (CCCS)
For anyone faced with growing credit card and loan debt, the CCCS offers free and confidential advice and support service, online or over the phone.

National Debtline
This service also offers free independent and confidential advice over the phone for people living all over England, Wales and Scotland. Call: 080 88 08 40 00. Alternatively, visit the National Debtline website.

Credit Action
The Credit Action organisation are a finance charity that’s dedicated to improving British people’s thinking about money. They offer a number of resources, tools and training to help educate people better about handling personal money better.

Five top tips to improve your finances

1. Put some money aside for a “rainy-day”.
Putting money into a savings account is always a good move, especially now, in an uncertain economy with job security looking less likely for many. Setting money aside should the unthinkable happen can certainly benefit you and allow for paying rent/mortgage repayments and bills.

2. Cut costs.
Take a close look at your incoming funds and any outgoings you may have. Consider going out less, this could potentially save you hundreds of pounds over a few months! It’s also possible to reduce utility bills and car insurance if you’re looking in the right places…

3. Get a credit report.
Checking your credit report to help identify what accounts you really need and those you could settle and close is an excellent way of improving your credit score, highlighting any false information or errors in your credit history, such as a wrong address, old defaults or missed repayments on old loans.

4. Pay on time.
If you have any loans or credit cards its imperative that you keep up-to-date with any repayments you need to make. Any missed repayments and defaults will be highlighted on your credit score for a minimum of 3 years.

5. Protect your I.D.
Keep a close eye on your credit report for any unfamiliar or suspicious looking entries. Especially for accounts you didn’t open, sudden increases in money you owe or even new financial applications you didn’t make. Anything like this could mean you’ve been a victim of identity fraud.

Top Ten Money Saving Ideas

Top Ten Money Saving Ideas

Top Ten Money Saving Ideas

With the decline in the British economy, high inflation and growing unemployment, it is proving more and more important for many of us to look at ways to save money.

Let’s face it – the price of fuel, food and pretty much all other consumables are severely impacting our bank accounts and credit cards. Nobody, even the richest amongst us, don’t want to be in this situation!

Unfortunately there aren’t many quick cures to improve your financial situation, however, Creditwindow has attempted to compile a few sensible tips to help you save a bit of cash.

1. Buy what you need, not what you want

This could be anything – from branded food in supermarkets to that latest iPhone or high-tech laptop. Whilst we appreciate that this is going to be tough – especially for those of us who like to enjoy the best, it is a very good way of saving money. For example, simply buying a supermarket’s own brand of cornflakes over a big-name brand (such as Kellogs) could mean the difference of a few quid!

2. Get rid of that credit card debt

When putting together a financial plan it’s always important to focus on clearing expensive debts as soon as possible. Usually you will find that your credit card carries the largest amount of debt – especially since this is the most convenient way to pay for goods and services. Unfortunately, if you don’t clear the card’s balance every month, the debt could mount up. So always consider how much you’re spending on your card and whether or not you will be able to pay off your debt at the end of the month.

3. Change your mobile phone plan

In this day and age a mobile phone is an essential piece of equipment for many of us – whether for business calls or simply to stay in touch with loved ones. Could a pay-as-you go mobile phone help in reducing your outgoings? It’s certainly worth using, especially if you make short calls infrequently. As an example, could your phone survive on £10 credit a month? It’s possible, especially if you could your calls short and rely more on incoming calls.

4. Cut down on those vices

Now could be the perfect time to give up smoking, cut down on drinking alcohol and junk food. Why not consider taking up a regular exercise routine instead? This doesn’t mean you have to pay out a small fortune to go to the gym! You could consider spending the time going for a run or brisk walk rather than going out for a smoke or having a beer.

5. Trade in your expensive car

Does your big expensive motor cost you an arm and a leg every time you want to re-fuel or need repairs? Why not consider trading it in for something smaller and more economical?

6. Get those benefits

Do you have kids to support and you’re on a low income? Why not consider getting child tax credits, working tax credits and child benefits. Forget the stigma attached to these and swallow your pride – what is the point in a system that aims to help people if you’re not going to claim on it?

7. Shop online

Shopping online could cost you a lot less than taking those long, boring shopping trips. Not only will you save fuel but you could make extensive savings on goods and services by using price comparison websites and simply browsing the web to find what you need.

8. Consider changing utility providers

Shop around to see if you can find the best electricity and gas providers at the lowest cost. There are now so many utility providers around the UK the market has become much more competitive and many of them are looking at new ways to rope in new customers – usually by trying to undercut their competition!

9. Keep track of your finances – incoming and outgoings

Why not put together a spreadsheet of your monthly income and your monthly spending? You could even consider breaking this down further to show outgoings per week and even per day to get an exact idea of what you’re spending out on. This is a great way of stripping out any unnecessary costs as you can see what you’re spending out on every day.

10. Look at energy saving measures

You could consider buying energy saving light-bulbs to bring down the cost of electricity, turning off appliances that you’re not currently using, turning off lights when you don’t need them on, etc.

Image: zirconicusso / FreeDigitalPhotos.net

Consumers Plan To Reduce Debt & Improve Finances

Almost 60% of people are hoping to improve their financial circumstances over the course of 2011, with growing savings and reducing credit card and personal loan debt being the most popular goals, according to a recent survey by the Consumer Financial Education Body (CFEB).

Of the 2,130 respondents, over a third of them had decided to set themselves regular “mini goals”, and 13% had made an overall action plan. Only 8% had decided to seek professional financial advice.

To summarise:

  • 31% of consumers resolved to pay off debt
  • 26% of consumers hope to grow their savings
  • 19% plan to make cuts to their spending
  • 7% planned to put a budget together for 2011 or track their spending more effectively
  • 4% planned on updating their will

The most concerning outcome of the report were the 43% of consumers who stated that they had not set any financial goals for the year, in spite of being unhappy with their financial situation, such as credit card and loan debt.

The Chief Executive of the CFEB, Tony Hobman, commented:

“It’s great to hear so many people have made a money resolution for 2011. Staying on course with any resolution can sometimes be tricky, but our Money Workout can help people to stay on track, and offers supportive steps for those who haven’t made a money-related resolution but feel unhappy or overwhelmed by their financial situation and would like to improve it in 2011.”

For help with mounting debts Creditwindow suggests seeking out a debt management company to help consolidate your debts into one loan and put an efficient financial plan together:

Credit repayments increase as savings plummet

Recent research commissioned by advisory website unbiased.co.uk has indicated that savings levels plummeted over the second quarter of 2010, as many consumers rushed to pay off debts.

The figures indicated that consumers only managed to set aside around £15.4 billion over the second quarter, which was significantly down from £22.76 billion in the first quarter.

With concerns that the UK could be heading for a double-dip recession the organisation believes that this is the key reason for consumer changes in behaviour to lending.

More than £1 billion of unsecured debt, including credit cards and personal loan debts, were paid off over the last three months up until the end of June.

This level of repayment marks a major contrast from the first quarter, when many consumers increased borrowing on credit cards and personal loans by more than £1.5 billion, while in the fourth quarter of last year people borrowed over £15.8 billion.

The CEO at unbiased.co.uk, Karen Barrett, believes that Brits have changed their financial habits “to reflect those last seen at the height of the credit crunch, with debt repayment top of the priority list.”

Ms Barrett added:

“For the first time since 2008, consumers are now paying off more debt than they’re borrowing – however this has inevitably also resulted in a drop in savings levels.”