The Salary Calculator

Green home upgrades to help you save money

by Madaline Dunn

Although the energy price cap dropped to £2,074 on 1 July 2023, it’s still significantly higher than it was before, and many are still struggling to pay their energy bills. As a result, many are looking for ways to make their homes more energy efficient with green upgrades. In fact, research shows that 72% of homeowners want to make their homes more energy efficient, and 40% reportedly have plans to make improvements before the end of the year.

This week, at The Salary Calculator, we’ll walk you through the following:

• Green tips that can help you cut back on energy usage and save cash
• Some of the top green upgrades, how much they cost and how much they save
• Grants and incentives to assist you access upgrades

Green tips that save cash

You’ll be glad to hear that green upgrades don’t have to cost the earth and small changes can indeed have a huge impact. LED bulbs are one of these small changes. These bulbs are far more energy efficient than halogen bulbs. They last five times longer and use 80% less energy while producing the same amount of light. Aside from this, there are emissions savings to be had. In fact, the Energy Saving Trust found that if everyone made the switch, yearly, 1.7m tons of carbon emissions could be saved!

So what’s the full cost versus savings breakdown?

The upfront costs of a LED light bulb are around £5.40 upfront, and with £19 in energy costs across a 20,000-hour lifetime, this amounts to £24.40. However, research shows you can save £153.40 by upgrading just one bulb to LED.

Weather strips are also a low-cost way of both weatherising your home and saving money. Air leaks in your home can mean that both hot and cold air escape. Some estimates are that you can access between 10-20% annual energy savings. So what’s the initial cost? Just £3. The savings? As much as £669 after five years, according to some estimates.

Smart thermostats, meanwhile, have also been highlighted for their ability to assist in keeping bills low. Once you’ve got a smart thermostat installed, you’ll be able to be in control of your heating – even when you’re not at home, adjusting your home’s climate. Makes like Tado even provide you with monthly bill predictions and room-by-room comparisons. While varying from around £100-£200 for installation, Google’s Nest estimates that people can save up to 16.5% of their energy usage. Tado, meanwhile, says this can go up to 31%.

And, from one smart device to another, smart metres can also help people be greener and get more insight into their energy usage, which, in turn, can help you take action. Research from Smart Energy GB found that if everyone made the switch, savings could go as high as £560 million.

If you want more ideas on green tips, Nationwide recently launched a tool which gives people more insight into how to make their properties greener.

Green upgrades

Beyond small changes like LED lights and weather strips, if you want to make some larger changes, there could be even more savings to be had. Roof installation, for example, magnifies the impact of weatherstripping, helping you reduce both heat loss (up to a 25% reduction) and heating bills. While you’ll spend an average of £550, you could save £2,079 after five years. Not only that, you’ll also shrink your carbon footprint by around 530kg a year.

Double glazing can also be a barrier to heat loss. Estimates are that people in Britain lose between 10- 40 per cent of their heat through their windows. However, double glazing can lead to big savings – up to £235, while reducing your carbon footprint by 6%. Some research has found it can even boost house value. It’s an investment that takes time to pay off, but there will be a payoff. Head over here for a full breakdown.

Rooftop solar panels are another way to make big savings – although there are also some big upfront costs, too. Prices will vary depending on system size and number of panels, but research shows that:

• Installing a 3kW panel system with 12 panels could cost you between £5,000 to £6,000 to set up, but will save you around £850 a year on bills, and after 25 years, around £21,250
• For a 5kW panel system with 20 panels, you’ll be set back between £8,000 and £9,000, saving you £1,460 and up to £39,550 after 25 years.
• If you decide to go bigger than this, with a 6kW panel system that has 24 panels, you’ll pay between ​​£8,000 – £9,000 but save over £1,460 and over £40,325 after 25 years.

Grants and initiatives

These bigger investments in green upgrades can set you back quite a bit, as we have seen, despite their long-term savings.  However, there are grants and initiatives which can assist you in greening your home.

While the Green Homes Grant, which is no longer open to people, might have been deemed a “slam dunk fail” by the Public Accounts Committee (PAC) report, there are other schemes being delivered regionally.

For example, back in March 2023, the government announced that £1.4 billion would go to authorities, providers of social housing and charities to upgrade homes and off-grid households with energy efficiency measures.

Cumberland Council and Westmorland and Furness Council are some of the recipients of funding from the government Home Upgrade Grant Phase 2 (HUG 2) scheme, having been successful in their bid for a minimum of £12.4 million.

The ‘Bright Green Homes’ project across the South West will also see over 500 households in Bristol, North Somerset and Bath & North East Somerset (BANES) receive funding for energy efficiency and renewable upgrades.

Similarly, the Cambridgeshire and Peterborough Combined Authority Consortium secured £82,313,888 in its Home Upgrade Grant Phase 2 funding bid.

A full list, along with eligibility criteria, can be found here. 

Some energy companies also offer free insulation or grants to assist you with making your home more energy efficient, in line with the Energy Company Obligation (ECO) Scheme. Learn more about that here. 

Tags: cost of living crisis, Energy prices, savings, upgrades

Navigating saving accounts in 2023

by Madaline Dunn

Interest rates are going up again, with the Bank of England (BoE) taking its base interest rate to the highest level in more than a decade; this is the twelfth time it’s been hiked. While this means higher mortgage rates and borrowing costs, it should be good for savers, however, UK banks are being accused of short-changing customers.

This week at The Salary Calculator, we’ll walk through how to navigate savings accounts amid the hullabaloo and cover the following:

• Where can savers get better returns?
• Can savers get better returns?
• Should you lock your money in a savings account?
• Is it time to go flexible?

What’s going on with interest rates?

Back in February, the chief executives of the four biggest banks in the UK – Lloyds, NatWest, HSBC and Barclays – came before the Treasury Committee to discuss their low rates. Harriett Baldwin, who chairs the committee, concluded that the nation’s biggest banks need to “up their game and encourage saving.”

Baldwin noted that while other products are available to those who hunt, these banks are offering “measly easy access rates” and further noted that loyal customers are being squeezed to “bolster bank profit margins.” Elderly and vulnerable customers who rely on High Street bank branches were identified as those most vulnerable to what she called the “loyalty penalty.”

Indeed, Which? recently published data from its analysis of three years’ worth of savings rates and found that despite the base rate rising, many high street banks are still offering less than 1% on instant-access accounts.

Indeed, the City watchdog, the Financial Conduct Authority, recently warned banks that it would consider taking “onerous intervention” if savers don’t start to benefit from interest rates.

Can savers get better returns?

According to MoneySavingExpert, anyone with a savings account should not be earning less than 3% interest “at the very minimum.” And, when it comes to rates, Saffron’s new product has been deemed market-leading, offering a fixed 9% interest rate.

However, while this is a great deal, it’s only available to those who have been with the bank for a year or more – ruling out a lot of people. Similarly, Skipton building society is not far behind with its rate of 7.5%. But, again, this deal is only up for grabs to those who joined before May 31st, and allows customers to save up to £3000 a year.

Plus, while these regular savings accounts look attractive, it’s important to note that not all that glitters is gold; there will be restrictions on how much you can pay in, plus, the headline rate is only paid on the first month. After this, you’ll typically end up with just over half the advertised rate.

Should you lock your money in a savings account?

When criticised by the Treasury Committee over easy access rates, Nationwide BS and Virgin Money said the reason banks are more comfortable with higher rates for fixed-term products is that they provide more “certainty and stability.” This is, of course, the attraction of fixed-term rates, you can get more bang for your buck, so to say. Indeed, fixed-term rates are now almost double what they were this time last year. This explains why savers invested nearly £40bn into fixed-term savings accounts in the first quarter of 2023. Plus, by preventing you from accessing your money, you won’t be tempted to dip in.

Some of the best rates right now – at the time of writing – include Tandem Bank’s 5.35% rate, paid over a five-year term, accessible with just £1; National Bank of Egypt, meanwhile, offers 5.25% if you lock up your money for a year, however while you’ll have access to your money sooner, you’ll need to save a minimum of £10,000.

With a global recession looming, however, some suggest that, for the short-term at least, fixed-term deals could be more secure, especially if you’re saving for something in particular that requires a deposit or the like.

Of course, you’ll need to weigh up some of the disadvantages of being locked in. Alongside not having access to your money for a set period of time, when better deals crop up, you won’t be able to switch and make the most of them.

Is it time to go flexible?

Flexible rates have the advantage of letting you take out money when you want to, but you will pay for this benefit with lower rates. Plus, rates are variable, which means that they can either go up or down.

Right now, the top two rates on the market are delivered by West Brom Building Society and Principality Building Society, offering 4% and 3.88%, respectively. However, both only allow two withdrawals a year, so while technically flexible, they are more restrictive than, say, Secure Trust Bank, which offers 3.85% and unlimited withdrawals. Tesco Bank, meanwhile, offers 3.45% with a bonus of 2.45% for 12 months.

Ultimately, your decision should be informed by your circumstances, and you should think about whether you’ll need more flexibility in terms of access.

In an article for The Guardian, a UK Finance spokesperson said that the instant rate market is more competitive, “with a range of fixed and variable rate products available and encouraged customers to shop around for the product and interest rate.”

Tags: banking, inflation, interest rates, saving account, savings

A rundown of the best budgeting apps 

by Madaline Dunn

As we enter a new financial year, it’s always worth doing a spring clean of your finances to see where you’re at, plan ahead, and save – if that’s on your agenda. This is where budgeting apps come in. These days, there are so many to choose from, with each offering a range of different features perfect for accommodating people’s varying needs.

This week, at The Salary Calculator, we’ll walk you through the following:

• How to find the best budgeting app for you,
• How a budgeting app can benefit you,
• Some of the best apps on the market right now.

How to evaluate which is the best budgeting app for you

When you’re determining the best budgeting app for you, there are a number of factors that you’ll want to consider; for example, first and foremost, it’s important to check that the app is available on your device – so check whether it’s available on App Store (for iOS) or Google Play (for Android).

Another consideration is whether or not the app is free, or offers a free trial. Luckily, the majority of the best apps on the market are entirely free and offer a wide range of features. However, there are apps that are tiered and only offer users certain features based on their subscription level.

An incredibly important feature of an app, especially when you’re providing personal information and, in some cases, access and syncing to your bank accounts, is security. In such situations, assurance that your data is protected is of utmost importance. Check to see if the app is FCA regulated, whether there’s multi-factor authentication to prove your identity, and encryption.

Customisability is also a key consideration, and having the option to make a budgeting app work for you, and add your own spending, budgeting, and saving categories can really help you get in control of your finances.

How can budgeting apps benefit you?

Budgeting has a whole raft of benefits, including giving you insight into your spending habits. This is especially true with apps that have a more visual element and include graphs and charts. Seeing this data organised into clear categories can really help break down the numbers.

Once you have a snapshot of your spending habits, this can give you the power to identify areas where you could be overspending and, subsequently, help you create a savings plan. Savings plans can have a wide range of different applications, whether it’s wanting to save for a holiday, a new course, or even more long-term goals, like saving for the deposit on your first house, or creating a retirement fund.

Another element of this could be creating an emergency fund, which can act as a parachute when facing financially difficult times.

What are some of the best budgeting apps?

Below, we’ll walk you through some of the best budgeting apps on offer.

Money Dashboard – This app is award-winning and stole the title of ‘best personal finance app” in 2017, 2018, 2020 and 2021. It allows you to categorise your transactions automatically and is also highly customisable and comprehensive. Another plus is that it is very visual, with graphs and charts that help break down your income and expenditure easily. It also has an income and expenditure prediction function and is totally free with no premium features.

Some of the drawbacks are that it’s not the easiest budgeting app to set up, and it takes a fair bit of input to personalise and categorise.

Plum – Plum is similar to Money Dashboard, but instead utilises its AI function to calculate how much you can afford to save, based on your previous spending habits. Further to this, based on its analysis of your data, it also makes recommendations for how to save.

It does, however, have tiered membership, all offering different features, which are as follows:

• Plum Basic – free
• Plum Plus – £2.99 a month
• Plum Pro – £4.99 a month
• Plum Premium – £9.99 a month

With all premium tiers, customers also have the option of a free 30-day trial.

It’s also important to note that there are different pockets where you keep your funds. The primary pocket offers instant access to your funds but does not pay any interest and is also not protected by the Financial Services Compensation Scheme (FSCS). Easy Access pockets are FSCS protected, but also require you to give one day’s notice for withdrawal of funds and pay interest. With premium accounts, you can also access higher interest.

Hyperjar – This app is often highlighted as a go-to for couples and families and is a budgeting app with a twist. With this app, you use a prepaid card, which you load your money onto. From there, via the app, you assign money to different jars which you label. A useful feature is that you can even auto-link shops to the jars and use those jars to pay when you visit a particular store.

When abroad, you can use this for purchasing goods and services with no foreign transaction fees applied.

Any money that you load onto your cards is managed by Modulr FS Limited, an authorised Electronic Money Institution which is regulated by the Financial Conduct Authority, but your money is not covered by the FSCS. Another drawback is that you can’t make ATM withdrawals with this app.

Cleo – Cleo targets the younger generation and has been dubbed the Gen Z super app. It’s a money management app that uses an AI chatbot as a financial assistant. It tracks your spending patterns, helps you manage your budget, and recommends amounts to save in your Cleo Wallet.

Unlike some of the other apps on our list, it’s simple and straightforward to set up; that said, the free version of the app is considerably more limited than some of the other free apps on our list.

Its premium versions include:

• Cleo+ which costs £5.99 and comes with an overdraft service that’s interest-free and must be paid back within 3 to 28 days and also offers cashback.
• Cleo Builder, on the other hand, is a much pricier version, at £14.99 per month, and primarily functions to improve your credit score.

Emma – Like some of the other apps we’ve listed, Emma uses open banking to connect and combine all your bank accounts, investments and credit cards. This means that you can get a snapshot of all your spending in one place. One of the key free features of Emma is that it allows you to identify all of your different subscriptions, even the ones that you’ve forgotten about.

You can also enter your payday date and set a monthly budget and it offers a fee tracker and savings advice. This is another app which is easy to set up and navigate, which is a huge plus for those who don’t feel particularly tech-savvy, but there are some drawbacks. The Emma app doesn’t work with all banks, for example; compatible banks include:

• American Express,
• Barclays,
• First Direct,
• Lloyds,
• Nationwide,
• NatWest,
• TSB,
• Revolut,
• Starling Bank,
• Monzo.

Additionally, the app doesn’t offer users a day-by-day or month-by-month comparison, so it isn’t as comprehensive as other apps.

Likewise, as with some of the other apps on our list, you won’t be able to access some of the features without premium subscriptions:

• Emma Basic is free,
• Emma Plus is £4.99 per month,
• Emma Pro is £9.99 per month,
• Emma Ultimate is £14.99 per month.

Tags: 2023, apps, budgetting, Personal finances, savings

New Year’s Financial Resolutions 

by Madaline Dunn

As we begin 2023, you’re likely thinking about New Year’s Resolutions; many of us do. The new year feels like a fresh start and a great opportunity to get your ducks in a row. Of course, the last few years have been incredibly difficult for millions of people when it comes to finances, and in the current cost of living crisis and recession, many people are worried about money and looking for ways to improve their finances.

A recent study by LucidTalk, for example, surveyed adults living in Northern Ireland, found that almost half were either worried or anxious about their money situation. Over half of those aged between 18-45 were anxious, and 33% felt angry. These figures are likely similar across the UK.

That said, it’s not always easy to set or keep New Year’s resolutions, and research shows that only one in five can keep to a resolution for one to three months, and only 2% make it the full year. Something that is a key component of maintaining one’s resolutions is ensuring that they’re realistic and manageable; for example, resolving to become a millionaire by year’s end is likely to end in a reasonable amount of disappointment.

Below we’ve outlined some of our top tips for entering the new year with good intentions and maintaining your resolutions.

Be more aware of your spending and take a spending fast

It’s easier to know where you are with your finances if you have it all laid out in front of you. If you can categorise your spending and highlight any unnecessary expenses, or bad spending habits, you’ll likely be more able to make savings.

There are a number of budgeting apps out there that can help you gain more insight into your spending habits, and these include:

• Emma – which is a good app for helping you identify any subscriptions that you don’t use and are wasteful,
• Money Dashboard – which can help you budget by planning for future goals and categorises transactions,
• Chase – which is good for earning interest and gives you a spending overview of your monthly transactions.

Another handy tip to make you more mindful of your spending is to remove your bank details for apps that tend to be a money sucker. Whether Uber Eats or Amazon, adding another layer of admin when making purchasing decisions can help you to stop and think whether or not you really want to buy something, helping to put an end to easy spending.

Confront your debt

Debt can really pull you down and be an incredibly heavy weight to carry, causing stress and anxiety and research shows that being burdened with debt can affect both your mental and physical health. It can also be a scary thing to confront, and many prefer to keep their head in the sand. However, being brave, confronting, and addressing your debt can be transformative and come as a huge relief.

It can be challenging to know where to start, though, so it’s helpful to make a clear, concise list of all that you owe and order it in terms of importance. Our Debt Consolidation Calculator can help you to create this list, and see how much it is costing you in total. Following on from this, creating a personal budget to make dealing with the debt more digestible and easier to take on. It can never hurt to reach out for independent advice as well and set up a talk with your creditors.

Try to improve your credit score

There is a raft of benefits to improving your credit score. Some of these benefits include:

• You’re more likely to be offered a lower interest rate when borrowing
• You’re more likely to get approved for credit
• You’re more likely to be offered a higher credit limit

All of the above can help you achieve some of your wider goals more quickly. So, to boost your credit score, some of the following techniques can be applied:

• Ensure that you pay on time and stay within your limits,
• Prove your creditworthiness by taking out a smaller amount of credit,
• Register to vote.

Undertake a pension health check

Right now, when finances are tight and the cost of living is high, for many people, pensions are the last thing on their minds. Many are now deciding to decrease the amount they pay into their pensions or hit the pause button on pension contributions altogether. This can be tempting, however, experts say that a move like this can be incredibly damaging in the long run and jeopardise your retirement savings.

In the New Year, it can be helpful to do a little health check with your pension and see where you are with your future savings. Through this, you’ll be able to assess past performance, if you’re hitting your goals and whether there are other better pension options on the market.

If you’re not currently saving into a private pension, it could be worth thinking about opening one. Research from Which?, for example, shows that individuals need £19,000 a year to live comfortably in retirement (£28,000 if you are a couple). Likewise, research shows that the minimum required contributions are near the 12% mark to achieve suitable funds in retirement.

Consider switching bank accounts

A study conducted back in 2020 found that nearly half of Brits (40%) stay with one bank for their entire lives. Often it can feel like too much of a palaver to switch, and many also don’t know that there are better deals. You should only stay loyal to a bank if it is serving your interests, and if there’s a bank out there with better deals and perks, why not make the switch? Last year, for example, banks were offering as much as £200 for new customers to switch their accounts.

Make sure you’re up-to-date with the latest personal finance developments

These days, it feels like everything is almost always in flux, especially when it comes to personal finances. The best way to make sure you’re prepared for any changes that may affect your finances is to keep up-to-date with all the latest.

There are upcoming changes to income tax (a freeze in April), potential council tax hikes, and the state pension and benefits are set to rise with inflation. At The Salary Calculator, we’ll help you keep your finger on the pulse with these announcements, so that you can get a better grasp on what you need to do with your money.

Seasonal saving tips

by Madaline Dunn

With merriment and mistletoe, gingerbread houses, and Christmas lights, the festive season can be a wonderful time to get together with loved ones. However, it can also be pretty pricey, especially these days. According to research from the Trades Union Congress (TUC), for example, the cost of traditional Christmas dinner food has risen by an average of 18% in the space of a year, three times faster than wages! Meanwhile, Finder predicts that those across the United Kingdom will spend £20.1 billion on Christmas gifts this year.

With the cost of living crisis making us feel the pinch more than ever, it’s likely you’re looking for ways to scrimp and save this Christmas. So, at The Salary Calculator, we’ve compiled a list of seasonal saving tips to make things a little less stressful.

At The Salary Calculator, we’ll explore the following:

• Ways to save on Christmas food shopping,
• Guidance on how to keep presents affordable,
• Tips for low-cost transport,
• The top tips for energy saving in the season, and
• Apps that keep saving simple.

Christmas Food Shopping Saving

With so many little bits and pieces to buy for the festive dinner, it can really add up! However, it can help to know some of the cheapest supermarkets to buy your Christmas food from. Alert conducted a study into this (not including Aldi and Lidl), and found that Asda has come top of the list at £55.90 for festive essentials this year. Holding the middle ground is Morrisons, at £64.24, while Waitrose, perhaps unsurprisingly, was the most expensive at £73.81.

In a separate review by MoneySupermarket, which included Aldi, the budget supermarket was crowned the cheapest supermarket for festive bits in 2022. This was followed successively by Asda, Tesco, and Lidl.

Once you’ve decided which supermarket you’ve chosen for your Christmas shop, you can save further by employing some of the following tips:

• Go plant-based! – There’s a misconception that going plant-based is expensive, however, researchers from Quorn found that going meat-free this Christmas could save you up to 71%. Whether you buy a meat alternative, or make a nut roast, swapping out the meat components to your Christmas dinner can save a fortune, while also helping the planet and saving the animals!
• Check online codes for new shoppers & other discounts – Many supermarkets offer discount codes to first-time online shoppers, which can save you a tonne on your Christmas shopping. This can be as much as 30%. Plus, this time of year, there are lots of other discount codes available as well. Sites like VoucherCodes.co.uk can be a big help here.
• Use your leftovers, don’t throw them away – When you’ve finished your Christmas dinner and you’re full to the brim, often the thought of more food can make you a bit queasy and you may throw away the extra bits left uneaten. This leads to five million Christmas puddings, two million turkeys, and 74 million mince pies being sent to the rubbish tip while still edible. To make sure you don’t add to this, turn leftover veg into soups or bubble and squeak.
• Only buy what you’ll eat – For the above reasons, make sure to buy only what you know you’ll eat. It can be tempting to go ham on Christmas shopping and buy all the little trimmings and extras, but if you know it’s unlikely to get eaten, don’t buy it and save yourself a pretty penny.

Affordable gift giving

Gift-giving can be one of the most stress-inducing parts of Christmas and cause a lot of worry when it comes to finances. That said, there are things you can do to alleviate this stress and have a more affordable Christmas.

Agreeing to a price limit on gifts with friends and family can help to lessen the burden when it comes to gift-giving. This allows you to set a budget and stick to it.

Likewise, choosing ‘preloved’ presents can be another great way to cut the cost of Christmas. There can be a lot of pressure to buy your loved-ones new clothes, toys and ornaments, but there’s a whole world of preloved presents out there, just waiting for a new home. Charity shops can be a brilliant way to go, and you’ll be helping a good cause along the way, and not to mention the planet!

And, why not have a go at making Christmas presents this year? Whether that’s knitting a hat or making Christmas truffles or honeycomb, making your own Christmas presents can save a ton of money, be a fun activity, and add a personal touch to gift-giving.

Transport tips

Transport around the holiday can get pretty expensive, whether that’s because you’re travelling by train or you’re taking a cross-country car trip to see loved-ones. Luckily, we’ve got some travel tips to make things slightly cheaper.

One thing many people don’t think of when travelling by car, is how much extra fuel is used when the boot is packed in full. So, if you’re about to set off on your Christmas travels, remove any unnecessary items from the boot because this can end up costing you more than you’d imagine.

If you’re travelling via train, the age-old advice of booking your trains in advance has never been more true. Figures show that you can save up to 60% on your train fare by booking it early (up to 12 weeks in advance). If you’ve left it a bit late (after all, there is a lot to get done in the lead-up to Christmas), before you book an open return, see if you can buy single tickets or ‘split’ tickets to break up the journey, this can sometimes cut your ticket price by quite a bit.

Saving energy in the season

Everyone knows how expensive energy is right now, and unfortunately, prices aren’t expected to lower anytime soon. However, there are some practical ways to reduce your energy bill this Christmas.

Why not use the microwave for cooking your vegetables, rather than the hob? According to research by Quorn, carrots, sprouts, and peas can all be cooked in under three minutes, working out at around just 3p. The research team found that this is a 79% saving on using an electric hob, and a 6% saving on using the oven.

These days, it’s very much the age of the air fryer, and it’s not surprising why. Air fryers take less time to cook and use less energy – and they can be used for a whole variety of cooking. According to Jenny Tschiesche, the author of The Air Fryer Cookbook, you can cook just about anything, and even the star of the show of your Christmas meal can be popped in if the basket is at least 7-8 litres capacity.

While it might feel tempting to light up your house with an assortment of multi-colored lights and inflatable Christmas decorations, it might be a good idea to leave the lights off this year. You won’t be alone, either. According to a survey from GoCompare Energy, 27% of people are planning on putting up fewer lights this year and a sixth aren’t putting up any at all. However, if you’re overcome by the Christmas spirit, and feel the urge to light it up, purchase LED holiday string lights or timed lights that turn off automatically.

Best apps to help you budget and save

These days, there are lots of apps that can help you work out where you are with your finances and help you save.

The Too Good To Go app, for example, enables people to purchase and collect high-quality food from restaurants and supermarkets that would otherwise go to waste at an affordable price.

Meanwhile, the Emma app is a free budgeting app that tracks your subscriptions, sets up monthly budgets, tracks your payday, and makes payments within the app. Similarly, Money Dashboard links to over 90 UK banks and financial providers so you can get an overall view of your finances and budget accordingly.

Tags: cost of living, discounts, Economy, savings