The Salary Calculator

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

Mortgage rates and house prices 

by Madaline Dunn

While Liz Truss recently announced a U-turn on one of the most unpopular items in the mini-budget, scrapping the 45p rate on the highest earners, the effect of the emergency budget has been wide-ranging and is having a huge impact on the housing market.

Breaking news about house prices, mortgage deals and interest rates have hit the headlines, with the UK in financial turmoil. In the hubbub of it all, it might be hard to know where you actually stand, and it’s understandable to be concerned about what the news means for you and your home or housing dreams.

At The Salary Calculator, we’ll explain:

• How interest rates have been affected by the recent budget and what’s going on with mortgage deals
• How house prices are faring
• What the experts are advising

Interest rates and mortgage deals

The Bank of England raised interest rates from 1.75% to 2.25% in September, and following the announcement of the mini-budget, there were predictions that the Bank of England could be forced to raise the base interest rate to 6% next summer. This resulted in nearly 1,000 mortgage packages being pulled overnight from the British market. According to Moneyfacts, 935 out of 3,596 mortgage products were wiped between Tuesday and Wednesday, doubling the record high of 462 back at the start of the lockdown.

This week, it has been announced that the UK’s largest mortgage lenders are putting deals back on the market but also raising rates once more. Moneyfacts outlined on Tuesday that the average new two-year fixed rate jumped to 5.97% – this is despite having already risen to 5.75% on Monday. Halifax, part of Lloyds Banking Group, for example, announced on Wednesday that it would be updating the rates on its homebuyer mortgage rates. The result is that its rate for a two-year fixed deal for a customer offering a 25% deposit is up from 4.61% to 5.84%, while a five-year fix with the same deposit will now stand at 5.44%, and a ten-year fix will be at 5.34%. This is similar across the board.

Alongside those trying to enter the housing market, around 1.8 million fixed deals are scheduled to end next year, meaning that many people are going to be faced with high costs when it comes to taking out a new mortgage.

Of course, the news has been devastating for millions. New research by Property Rescue, which considered the perspectives of over 1,000 UK-based homeowners, found that over a third of homeowners are worried they may have to choose between heating bills and mortgage payments. Not long ago, there were reports of people having to choose between food and heating; now, the roof above their heads is in question. The study, conducted by Perspectus Global, found that 41% will now have to turn to their savings, and 21% believe they may have to sell their homes due to skyrocketing mortgage interest rates.

Speaking to those who are concerned about their mortgage prospects, Rachel Springall, a finance expert at Moneyfacts.co.uk, said: “Seeking advice from an independent broker would be wise, especially for those borrowers who have not yet started the mortgage process and are deterred by the level of choice and much higher mortgage rates than they were perhaps anticipating.”

House prices to fall

While statistics had recently shown that average asking prices were 8.7% higher in September than a year ago, following the mini-budget fiasco, house prices are now projected to fall, at least in London, according to estate agent Knight Frank. Specifically, the agent predicted a fall in the average house price by 10% over two years. Similarly, Capital Economics predicted that “despite the reduction in stamp duty,” this is the beginning of the most “significant correction” in house prices since 2007. They added: “The sharp rise in interest rates now expected means that prices are more likely to fall by 10-15% than the 7% we previously anticipated.”

Pantheon Macroeconomics senior UK economist Gabriella Dicken, on the other hand, while projecting a more conservative fall in house prices, said it “was the start of a prolonged fall in house prices” and that she expected “house prices to fall by around 5% over the next 12 months”.

Discussing the recent impact on interest rates and mortgage deals, Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, said: “It’s difficult to see this as anything other than a sign of things to come, as these pressures raise the risks not only that price rises stagnate, but that they begin to fall. There is the chance that we could see a significant correction in the coming months.”

What are the experts advising

With so much uncertainty around the housing market, some mortgage experts are advising those on a fixed rate with a term of 18 months or less to reach out to their broker and consider their remortgage options. Meanwhile, Martin Lewis says that people should only overpay if their mortgage rate is higher than the rate they’d earn saving: “As a simple example, £10,000 in savings at 2% earns £200 for the year, yet use it to overpay a 3% mortgage and it reduces costs by £300 for the year. Effectively overpaying is tax-free ‘saving’ at the mortgage rate, so if the rate’s higher than savings (after tax) it wins,” he said.

For those entering the housing market for the first time, Chris Sykes at Private Finance, a mortgage broker, said it’s important to make sure your finances are in order and your credit score won’t let you down. He explained: “Borrowers need to be careful in tough times, as something as small as getting a CCJ [county court judgment] by refusing to pay a £60 parking fine, or missing payments on utility bills after moving out of a property, can affect the lenders at a borrower’s disposal, and affect their interest rates if these were recent and they have little other credit presence.”

Ultimately, make sure to think things through and access independent advice before you jump into any decisions related to your mortgage and housing. Moreover, if you’re struggling with mortgage payments, reach out for help as soon as you can. The likes of  Citizens Advice, StepChange, or National Debtline can be of help here.

Tags: cost of living, house prices, housing market, interest rates, mortgage deals

The mini-budget and its impact on personal finances

by Madaline Dunn

If the headlines have got you feeling concerned, you’re not alone. It’s been an incredibly difficult few years financially, and the knocks appear to keep coming. The Conservative government’s recent mini-budget has brought in a raft of changes and sent shock waves across markets. However, the implications for personal finances have stretched much further than simply tax cuts, with the pound crashing to a record low, with, what has been called “open revolt” in markets.

At The Salary Calculator, we understand that there is power in knowledge, and the best way to equip yourself for the changes ahead is to be informed. So, below, we’ll explore:

• The changes introduced by the mini-budget,
• How the budget will impact personal finances,
• What the mini-budget means for the value of the pound and living expenses,
• The government U-turn.

The mini-budget

During his emergency Budget speech on Friday, 23 September, the new Chancellor Kwasi Kwarteng introduced the mini-budget which brought in sweeping changes to income tax, National Insurance (NI), Universal Credit, Stamp Duty, and bankers bonuses.

For income tax, from April 2023, the basic rate of income tax will be cut by 1% (from 20% to 19%). Under former Chancellor Rishi Sunak, this was meant to come in the following year. In addition to this, Kwarteng announced that the additional rate of income tax, currently applicable to earnings above $150,000, would also been scrapped, meaning that the highest earners would pay the 40% tax rate on their earnings, rather than 45% (more on that later).

According to the Treasury, these changes will result in 31 million people being better off by an average of £170 per year. However, an analysis from the thinktank The Resolution Foundation at the time of the announcement outlined that “only the very richest households in Britain” would see their incomes grow as a result of the tax changes, with the wealthiest 5% to see their incomes grow by 2% next year (2023/24).

With regards to NI, from 6 November, employers and employees will pay 1.25 percentage points less in NI. This will result in employees paying NI at 12% on earnings between £12,570 and £50,270 and 2% on anything above. Employer rates, on the other hand, will revert to 13.80%.

For those on Universal Credit, in a move that Kwarteng said would “get Britain working again,” rules will get tighter. Set to come into effect in January 2023, the new rules will impact 120,000 claimants, who will be asked to “take active steps” to increase their working hours or find better-paid jobs or have their benefits reduced.

As interest rates on mortgages are projected to reach 6%, the Chancellor has also scrapped Stamp Duty. As a result, you won’t pay any stamp duty on the first £250,000 of a property. The Treasury has outlined that 200,000 more people every year will be able to buy a home without paying any stamp duty; first-time buyers will now pay no stamp duty up to £425,000 (up from £300,000). Some have voiced concerns that this will lead to further hikes in house prices, much like when Sunak announced the Stamp Duty holiday.

In a surprising move the Chancellor has also made strides toward deregulation of London’s financial industry to “boost growth.” This has come, in part, in the form of Kwarteng scrapping the banker bonus cap. Explaining this decision, the Chancellor said: “We need global banks to create jobs here, invest here and pay taxes here in London, not in Paris, not in Frankfurt and not in New York.” Unite, on the other hand, called the move an “insult to workers,” while Positive Money, a non-profit research and campaigning organisation, called it “shameful.”

The value of the pound and its effect on day-to-day living expenses

The currency markets have reacted to Kwarteng’s mini-budget with volatility, and subsequently, the pound has plummeted. At a record low, on Monday, 26 September, the pound was worth $1.0327 against the dollar. The pound also dropped sharply when the Bank of England was forced to intervene over what was being called a “material risk” to the UK economy.

But what does this mean for consumers? Well, unfortunately, it’s not good. With the pound so weak against competing currencies, the price of imports will be much higher. This is especially bad news considering that when it comes to food self-sufficiency, overall, the UK imports more than 50% of its food, with supermarkets specifically relying on imports for 40% of their food stock, meaning that the price of groceries is set to increase yet again. Moreover, regarding travelling via car, according to the AA, a weak pound means that filling up a family car could cost an extra £7.50, and that’s not taking into consideration the fact the fuel prices are already at an all-time high.

The struggling pound will also have a staggering impact on mortgages. On Monday, the financial markets forecast that the base rate could nearly treble to 6% next year. Likewise, those on variable rates (2.2 million) will immediately feel the effect of raised interest rates.

The 45p rate U-turn

In the wake of serious backlash over plans to scrap the 45p rate for those earning over £150,000 a year during a time of rising living costs, the government has announced a U-turn. This U-turn also comes following the circulation of reports that new Chancellor Kwasi Kwarteng met with hedge fund managers for a champagne reception just after his mini-Budget.

In terms of what the U-turn means for the pound, those from the financial sector have warned that while sterling has performed better, a lot of questions still remain, considering that the 45 pence tax rate was only a small part of the unfunded tax cuts announced. As Jane Foley, head of FX Strategy, Rabobank, London, said: “UK assets, the pound and gilts are not out of the woods yet, and the British government has a lot to do to get back credibility.”

Moreover, while the U-turn seemed to bolster the pound, with sterling jumping as much as 1pc in early trading amid reports, it fell back to around $1.12 following the Chancellor stating he wouldn’t resign.

Tags: Consumer goods, cost of living, income tax, mini-budget, national insurance

The Winter Fuel Payments

by Madaline Dunn

There’s no denying that times are hard right now. On top of this, the winter months can be the most difficult time of the year, with much higher energy demands.

Fuel Poverty Action, a grassroots campaign striving to bring an end to fuel poverty, has even warned Prime Minister Liz Truss that tens of thousands will be at risk of death without serious intervention around the cost of living crisis. The campaign organisation has specifically called for a basic level of energy for every household, enough for people to maintain enough heating, lighting, cooking, and other essential services.

The government is yet to introduce this kind of scheme but has brought in a number of other financial aid schemes.

One of these schemes is Winter Fuel Payments, an initiative that was brought in back in the late nineties but has received a boost in response to the crisis. At The Salary Calculator, we’ll explore:

• What the Winter Fuel Payments are, and who is eligible,
• How much you receive and when you will receive the payments,
• How the payment will be issued,
• Whether there is additional help out there to help with the cost of living.

What are Winter Fuel Payments and who is eligible?

The Winter Fuel Payments were launched back in 1997 and were introduced in order to assist older people with fuel payments in the colder months. However, in order to be eligible for this financial assistance,  there are a number of conditions that must be met:

• You must have been born on or before September 25, 1956.
• You have to have lived in the UK for at least one day during the week of September 19 to 25, 2022.

That said, if you can not meet the second condition and did not live in the UK during the qualifying week, you could still be eligible if you can fulfil the following criteria:

• You live in Switzerland or a European Economic Area (EEA) country,
• You have a “genuine and sufficient link to the UK” (this includes having lived or worked in the UK previously or having family in the UK.

You will not be eligible, however, if any of the following applies:

• You are in hospital and have been receiving free treatment for over a year,
• You require permission to enter the UK,
• You were in prison for the whole week of September 19 to 25, 2022
• You lived in a care home between June 27 and September 25, 2022, and received certain benefits.

How much will you receive and when will you receive the payments?

When it comes to Winter Fuel Payments, you could receive between £250 – £600 to help pay your heating bills, and the amount you will receive is dependent on a number of factors, including:

• How old you are,
• Whether you live alone,
• What benefits you receive.

This year, the amount you will receive includes a Pensioner Cost of Living Payment worth between £150-£300. The amount you receive will be tax-free and paid in addition to any other Cost of Living payments. These payments will also not affect the other benefits that you’re eligible for.

How will the payment be issued?

According to the government, while most payments will be issued in November or December, pensioners should be paid by January 13, 2023. Government advice is for recipients to check their account between November and December to review whether or not they have been paid.

Although the process should take place automatically, if you have not received a payment and you are eligible, directly contact the Winter Fuel Payment centre to report the issue.

For more information about the payment scheme, head over to the Gov.uk website.

Is there other help out there?

Although this particular initiative only applies to older adults in the UK, there are further initiatives for people struggling with the cost of living crisis. This includes:

• The Energy Bills Support Scheme: A non-repayable government discount of £400 made in six instalments from October 2022 to March 2023 (£66 in October and November and £67 in December, January, February and March.
• The Warm Home Discount Scheme: A £150 discount on energy bills for those receiving certain benefits.
• Fuel vouchers: For those on prepayment metres.

For more help and advice around the cost of living crisis, visit the Citizens Advice website.

Tags: cost of living, Economy, Financial aid, Pensions, Winter Fuel Payments

The cost of living crisis: Working from home versus at the office

by Madaline Dunn

The working from home revolution has brought many people flexibility, more job satisfaction and savings; however, as the cost of living crisis bites, some are starting to weigh up whether it’s still a better option than in-office working. As the winter months draw nearer, some think that returning to the office might help them save money.

At The Salary Calculator, we’ll explore:

• The current cost of living crisis and employment trends,
• The cost of working from home,
• Whether working from the office can save you money.

Cost of living hike and employment trends

According to figures from the ONS, around 40% of adults in Britain now work in a hybrid working model, with 30% of the UK workforce working from home at least once a week – 8% of workers didn’t even step foot in the office for the entirety of 2021. Research from last year also found that around 70% believed that workers would never return to the office in the same way ever again, with the majority expressing a preference to work from home either full-time or “at least some of the time.”

However, this was before the cost of living crisis had taken a turn for the worst. Now, around 89% of adults (46 million people) report that their cost of living is continuing to increase. While almost everything is on the rise, with Citi investment bank warning that inflation could exceed 18% in January, rising heating costs are for may their primary concern. It’s not surprising considering that the energy price cap was due to reach £3,549 a year in October. However, the new Energy Price Guarantee means that a household with average usage will pay £2,500. This means that the 80% rise in energy bills that was due to come into effect on 1 October will be avoided, but many will still be faced with bills they can’t afford.

As Paul Johnson, director of the Institute of Fiscal Studies (IFS), says, the energy freeze is “very poorly targeted” and one that will benefit “better-off people.” This was echoed by Torsten Bell, the Resolution Foundation’s chief executive, who said, despite the support being “big” and “bold,” families should still expect a “tough winter ahead, with rich households getting twice as much cost-of-living support as poorer households next year.”

Experts forecast that without the government intervening, the number of UK households in fuel poverty could reach 12 million by January, with The End Fuel Poverty Coalition highlighting that 42% of households will be unable to afford adequate heat and power from January. The situation is so dire that the head of the World Energy Council (WEC) has said that the UK will have to begin to develop a spirit of “radical generosity” in order to prevent the loss of lives.

With energy becoming so expensive, it appears that the trend of working from home may phase out. So let’s break it down – which option is cheaper?

The cost of working from home

According to Uswitch, by winter, those working from home, rather than the office five days a week, will use around 75% more gas each day and 25% more electricity. Analysis from New Statesman’s business editor Will Dunn also found that poorly insulated homes in the UK could cost over £30 a day to run. Considering that a study conducted by EDF in partnership with property data platform, Sprift, found that only 58% of the 21 million homes across England and Wales studied meet insulation standards of 1976 or earlier, many people will find themselves paying more.

Specifically, research shows that from 1 October, a large 32kW boiler will cost £4.80 an hour to heat, boiling a kettle will cost 10p, and running a desktop PC and monitor will add £1.25 a day at the new rate of 52p per kilowatt hour. However, on the childcare front, while not always ideal, working from home can mean that you pay less in childcare costs.

Speaking about this, Uswitch energy spokesman Ben Gallizzi said: “Using extra energy when the heating would usually be off will be especially noticeable on bills this year with prices rising by 80%.” Adding: “Not only do people working from home use more energy staying warm, they are also cooking lunch and making cups of tea, as well as running computers, TVs and phone chargers.”

Can working from the office save you money?

Many of those working from home are beginning to feel the pinch, and research from MoneySupermarket.com shows that now around 14% plan to head to the office more often to help save on energy bills. Interestingly, this figure rises to 23% for those aged 18-24 years old.

That said while returning to the office means you’re likely to save on energy bills, it will cost you in other respects. Working from the office means travelling in, and transport costs are currently also pretty high. 

If one travels by car, factoring in Confused.com’s estimate that the average daily commute equates to 5,040 miles a year, and NimbleFins estimation that the real total cost per mile of driving is roughly 47p, this means annual commuting costs will reach around £2,370.

If you don’t drive, travelling by train can be equally, if not more expensive than driving. New rail fares mean that the current price of the typical annual rail season ticket is £3,263, which is due to rise further by £433 next year. Meanwhile, The Times reported that a return journey from Reading to London would see commuters pay £4,860 for an annual season ticket, which is also £93 a week. The paper made a point to outline that this doesn’t factor in additional costs, for example, buses, Ubers and taxis from the station to your place of work. A monthly Oyster Travelcard for TfL services, for example, costs between £147.50 to £270 per month.

For parents considering returning to the office, it’s also important to take into consideration childcare costs. Childcare can be expensive, with research from the Coram Family and Childcare charity finding that the average price for children under two in a part-time nursery sets parents back around £138.70 a week. Money Helper reveals similar figures, with a full week of childcare costing £263.81 a week, which, over 39 weeks, reaches £10,289.

Final thoughts

With so many variables to factor in, the best way to determine what will be best for you and your finances is to review your bank statements and reflect on where you can make savings. If you’re able to travel to work via a less expensive medium of transport, pack your own lunches, and, if you have children, find suitable and affordable childcare, returning to the office might work in your favour.

However, if you live a significant distance away from your workplace’s office and would have to use public transport for travel, it might be best to continue as you are. Moreover, there are some hints and tips that can help you save energy when working from home, for example:

• Turning your appliances off at the mains can save you £55 a year,
• Ensuring you turn off the lights in rooms you’re not using can save you £20 a year,
• Switching to energy-saving light bulbs can save you £13 per bulb per year,
• Turning your thermostat down by just 1 degree can save you £150 a year,
• Only filling the kettle with what you need can save you £36 a year,
• Covering your pans with lids means your food will cook quicker, and you’ll use less energy – likewise, if you’ve got electric hobs, make sure to keep them clean; dirt and grease will make them less energy efficient.

While these savings may seem small in the grand scheme of things, they will all add up and leave you with more money than you expected while exerting minimal effort.

Tags: cost of living, Economy, Jobs, Working from home