News & Insights

test- Testing content

3rd March 2026

test- Testing content

When it comes to your finances it’s always a good idea to regularly review your outgoings.

When it comes to your finances it’s always a good idea to regularly review your outgoings

When it comes to your finances it’s always a good idea to regularly review your outgoings When it comes to your finances it’s always a good idea to regularly review your outgoings

This can help you understand how to improve your day-to-day spending and whether you’re using your money in a way that reflects your financial goals.
Below we’ve created some tips to help you take control of your finances.

Create a budget – Your outgoings can be split into core and secondary costs. Core costs are payments such as a rent, council tax, energy, water, and grocery shopping; which are essential. Secondary costs are those outgoings which is nice to have but not necessary: clothes shopping, eating out, subscriptions, and trips and holidays. By making a note of your regular and irregular outgoings you can have a better understanding of how you’re currently using your money, and how best to adjust it to benefit your financial resilience.
Create savings – It’s beneficial to save for potential emergencies and any other savings goals you may have, to improve your financial wellbeing. You can set your savings amount as a regular Standing Order to go into an ISA, making saving manageable and consistent.
Money Helper offers a savings calculator to help determine how long it will take to reach a savings goal: https://www.moneyhelper.org.uk/en/savings/how-to-save/savings-calculator.
Track finances – After you create a budget, and make note of any savings goals you may have, it’s important to keep track of your spending. This can help you spot overspending and pinpoint where you can make small changes to make your money go further. If the idea of reviewing your financial statements each month is overwhelming, there are many free budgeting apps available. Sometimes your bank will allow you to categorise spending in order to better track your outgoings.
Manage debt – It’s essential to understand the types of debt you have and how it impacts your financial wellbeing. Debt with high interest payments such as payday loans and credit cards can get out of control if they are not repaid quickly. It may be worth consolidating all debts into a 0% or low interest balance transfer card. This means more money will go towards paying the debt off and enable it to be cleared in a shorter amount of time. Those who are struggling to make a payment should speak to their provider before they miss a payment as support may be available.
Money Helper provides a whole host of information for dealing with debt, along with a debt advice locator: https://www.moneyhelper.org.uk/en/money-troubles/dealing-with-debt
Plan your shopping – Prior preparation is key when shopping for groceries or making any other purchases to reduce excess expenditure. Switching grocery brands, sometimes known as supermarket downshifting, can significantly reduce the price of your regular food shop.
When it comes to big purchases such as white goods, discount vouchers are often available through voucher and discount websites, and many workplaces offer employee discount schemes (see tip 10).If you’re shopping for a particular product, there are comparison websites which can find the best price online. Alternatively, consider installing browser extensions which search for discount codes during online check-out.
Save on household bills – From household bills to car insurance, broadband to mobile contracts, making changes to your outgoings which have a set price can seem impossible. Price comparison websites can help make it easy by comparing different deals in one place. Moreover, changing to a SIM only deal on your mobile once you’re out of contract could save £321 a year. Similarly, changing broadband providers could save £203 a year.
Avoid auto-renewals – Many insurance policies automatically renew each year, and you may be paying more than you need. It’s a good idea to find out when any of your renewal contracts are due to end and create a diary reminder a month earlier so you can shop around in that time.
Beware of energy costs – Make sure you do all you can to be energy efficient. Small changes such as turning off lights when they aren’t needed, washing clothes at 30 degrees or below, and making sure the dishwasher is only used when full can make a difference to energy bills. Just switching all appliances off standby mode can save £45 a year. These small changes can become habitual actions and save you money in the future.
Make the most of pensions – Your pensions can be a valuable way to save for the future. Currently, employers are required to make a 3% minimum contribution with employees required to pay 5% to bring the total pension contribution to 8%. Increasing the amount, you pay into you pension may be something you wish to consider and finding out whether that would be affordable. Depending on the arrangement your employer has in place, they may match any additional contributions which can make a big difference for your future financial wellbeing. For example*, an additional 1% saved each year into a pension, matched by an employer, can increase a pension pot by 25% in retirement!
Also, don’t forget to keep track of all your pensions. If you have moved between jobs, you may have built up multiple pension pots. Many people choose to combine their old pension pots to make it easier to keep track of retirement savings, more so when you begin to calculate any extra savings which may be needed for your retirement.
Check out our pension consolidation article on the benefits.
Maximise workplace benefits – Your employer may offer other perks such as discount schemes with major retailers on groceries, dining, and electrical goods etc. You could take advantage of these benefits to assist with your budget and spending habits. Moreover, your employer may provide access to ISAs and share plans to help build your financial resilience so make sure to ask them.

* This example is based on a basic rate taxpayer, aged 25, earning £20,000 per year. If their pension contribution increased by 1% of their salary and their employer matches this, the cost of take-home pay reduces by less than £12 per month (around £136 per year). If they then retire at age 68, the pension pot will have increased from £99,341 to £124,177 – a growth of 25%.

1. https://www.uswitch.com/faqs/savings-messages/
2. https://energysavingtrust.org.uk/hub/quick-tips-to-save-energy/

test- Testing content