Between covering the cost of the festive season and the sharp increase in fuel bills across the winter months, getting on top of your finances can save you big in the long term. Follow the below mentioned 3 tips on how to save money this winter and keep your wallet healthy.

1. Can winter renovations help save money?

With the cost of living at an all-time high and an Energy crisis in sight, heating your home the right way is essential.

The cost of heating the home is lower and more efficient if the heating system works correctly. The government has invested £12bn to make home heating more efficient and cheaper to maintain. Make sure your property qualifies.

The following are the best ways to save money and prepare your home for the winter. 

• Insulation in, droughts out!  

Don’t let droughts sneak in and drain your energy bills this winter. They can account for a significant amount of heat loss in your home. It is best to use weatherstripping, caulk, or even a draft stopper to seal any gaps or cracks around your windows and doors.

According to energy savings trust estimates, this trick alone can help you save 60+ pounds every year from your energy bills. 

• Heavy curtains & blinds are the way to go! 

Energy bills can skyrocket during winter due to the increased costs of heating. Opting for heavy curtains and blinds will help retain the warmth indoors and keep the cold and your rising energy bills at bay.

Keep an eye out for seasonal discounts to get the best value for your buck. 

• Attic walls, lofts, and kitchen corners are key

During winters, attic walls, lofts, and kitchen corners often have the most inflow of cold winds. This is because of the often overlooked nooks and crannies during insulation.

The best way to keep the cold at bay is to re-insulate your home right before the winter. By doing so, you could potentially save hundreds of pounds on your energy bills each year, depending on the size of your home by insulating your attic or loft.

You must also keep the windows shut so damp air isn’t drawn in from outside.

Besides this, the ‘Help to Heat’ initiative by the government has proposed a 12 billion pound investment to ensure every home is heated. Click here to contact your local council and check your property eligibility.

If your bill is still unaffordable, you can consider going for options like same day loans, cash loans, emergency loans to pay these expenses. If you have a stable job with regular income, then only you should consider taking a loan and only take what you can afford to repay.

2. Use smart devices to save money on your energy bills

Getting your home energy needs identified and checked is a great way to ensure mindful expenditure this winter. Various charities like AgeUK will help with conducting these checks and provide free equipment to help save money on electricity. 

Once you are aware of your energy consumption needs, it is time to switch to smart devices. 

Here are some of the most efficient ways to save money using smart devices. 

• Lower your thermostat to save 100+ pounds

Turning down your thermostat from 19C to 18C can lead to up to 150 pounds of savings. If you regularly have the heating on, turning it down by just one degree could save you up to £80 per year, depending on your provider.

You probably won’t feel the temperature difference around your home, but you’ll definitely notice that extra cash in your pocket!

Lowering your thermostat to 18C can save about 13% on your annual gas bill – amounting to 150+ pounds. They also suggest that close to 68% of homes can benefit significantly by following this simple hack.

• Use a smart power strip

Smart power strips cut consumption, saving money on energy bills. They help control power usage of multiple devices via mobile apps or auto shut off for devices not in use. Some smart power strips offer certain benefits like having surge protection and prolonging the life of electronics.

• Opt for space heaters 

One of the best ways to conserve energy during winter is to opt for space heaters. The running cost of space heaters is around 40 pounds a month whereas heating bill for the whole house is about 145 pounds monthly.

It is best to use a space heater in the room rather than heating the whole house. This will save you from higher energy bills.

• Switch to energy saving light bulbs

It is important to ensure you keep energy saving lighting in your house during the cold weather and to use bulbs that are energy efficient. In addition to their longer lifespan than traditional bulbs, energy saving lights contribute significantly to environmental protection and save you from wasting energy.

What is a good indicator that LED lights cost more in comparison with traditional LED bulbs that cost £368 a year. So switching would save you around £225 per annum, thereby reducing your electricity bill.

• Heating help for renters

Since April, all rental properties with an energy-performance rating of F or G must be improved to E, and this cost is payable by your landlord. So, if you are renting, check if your home will be made more energy efficient as this will help reduce your heating bills.

3. Work from home hacks to save money this winter in the UK

Working from home can help you save money this chilly season in the UK.

Some specific ways you can save money include:

• Reduced commuting costs:

By working from home, you can eliminate the cost of transportation, such as fuel, train/bus fares, and parking. These expenses added over the months can lead to significant savings.

• Use tax benefits:

You can claim tax relief for expenses incurred as a result of working from home, such as heating and electricity costs.

How to plan to save more money this winter?

According to estimates, the monthly cost of living for a family of four in the UK is around £2,268 when not including the cost of housing. For a single person or student, the estimated cost of living per month in the UK is around £651 without the cost of rent.

By planning for the winter months efficiently using these simple steps, you can save more money this winter in the UK.

• Set a budget:

Determine how much you can afford to spend on holiday expenses, such as gifts, travel, and entertainment. Having a budget will help you plan your spending and ensure that you stay within your means.

• Research deals and discounts:

Keep an eye out for sales and discounts on the products and services you need and plan your purchases accordingly.

• Shop for winter essentials early:

Look for winter clothing, footwear, and other essentials, at the end of winter or early in fall, when prices are typically lower.

• Plan for unexpected expenses:

Set aside money for unexpected expenses, such as car repairs or medical bills, which can increase during the months when the temperature drops.

However, with inflation at an all-time high, your expenses are bound to fluctuate.

In such cases, where you are in urgent need of money to finance your unexpected expense, but you don’t have enough in your savings fund, you can take help from your friends or family members. You can even consider going for options like short term loans, unsecured loans, easy loans, etc.

But, before going for debt, always make sure that you are in a stable job with a regular income.

Are you aware of your vampire energy consumption?

Vampire energy consumption, also known as standby power or phantom load, refers to the energy consumed by electronic devices when they are not in use but are still plugged in. This can include devices such as televisions, computers, phone chargers, and other appliances that have a standby mode.

In the UK, Vampire Energy Consumption is a significant contributor to households’ energy consumption and can account for around 9% to 16% of an average household’s electricity usage. (price based on 13 standard appliances)

To reduce vampire energy consumption and save money:

• Unplug devices when, not in use:

This is the most straightforward way to reduce vampire energy consumption.

• Use energy-efficient appliances:

Look for appliances with the Energy Star label, which indicates that the appliance meets energy efficiency standards set by the government.

• Turn off lights when leaving a room:

Lights left on when no one is in the room can also contribute to vampire energy consumption.

How can festive discounts help you save money this winter?

By taking advantage of festive discounts, you can save money on a wide range of products and services this winter, allowing you to enjoy the holiday season while also staying within your budget.

As a best practice, it is always advised to save money coming up to the festive season.

• Festive discounts can help you save money this winter by offering reduced prices on a wide range of products and services. 
• Shopping sales offered by many retailers during the holiday season, including Black Friday, Cyber Monday, and Boxing Day, can offer significant discounts on a wide range of products.
• A variety of e-commerce websites offer festive discounts, along with free shipping and coupon codes, that can help you save money on your online purchases.

How can spending time indoors help you save this winter?

Spending time indoors during winter has quite a few benefits. Staying at home wrapped in a cozy corner with hot cocoa is the go-to activity for most people. Besides, cooking at home can help you stay warm and save money this winter.

Buying food and drinks on a weekly basis cost ~60 pounds for a family. You must cook at home to save on this cost. In addition, a weekly shopping basket for a household cost only 25 to 30 pounds approximately. Home-ready food can save you from paying unnecessary bills.

Staying indoors during winter and winding down, playing board games to combat boredom can prove to be highly cost-effective and can lead to big savings.

In conclusion, these are some of the best ways to keep your wallet heavy, this chilly season.

Disclaimer: The information given above is provided for reference only. This is not financial advice.