Many of us will have been inundated with news telling us we’re about to crash and burn with the prices of basically everything rising! Don’t let this news bring you down, we’ve collated some practical tips to help you through the tough times Insh’Allah!
Martin Lewis the money saving expert has come up with a list of 100 ways you can be smart with your money, we picked out our top 10 to share with you all .
Tip 1: Struggling to pay energy bills? There’s more help available
Talk to your supplier to agree a repayment plan that you can afford. But, that’s not the only help available, there are grants, one-off payments and more. Their Struggling to pay energy bills? guide rounds up all the help available from energy firms, the state and charities.
Tip 2: Cook yourself—in big batches.
Batch cooking involves preparing all your meals for the week or a few days ahead at the same time. This helps cut costs as it means you waste less food and also means you’re less tempted to opt for an expensive takeaway when you can’t be bothered to cook, as the meal will already be prepared.
Tip 3: Save water, cut energy bills!
Water firms hand out free water-saving gadgets via water efficiency site Save Water Save Money. These include shower heads, tap inserts and garden hose nozzles. As well as saving money for those on water meters, as much of the water we use is heated, it reduces energy bills too.
Tip 4: Get extra funding for energy bills
Many households in England, Wales and Scotland can get up to £1,500 of Government support this year, designed to help a little with energy bills – though most households won’t be eligible for the full amount. You may be able to get:
- A non-repayable £400 energy grant in October to all households. See £400 energy grant for more info.
- A one-off payment of £650 for those on means-tested benefits. Find out more about the £650 one-off payment.
- A £300 winter fuel payment top-up. A top-up will be paid in November or December to the UK’s eight million pensioners who get the winter fuel payment. You’ll qualify for this payment if you’ll be over state pension age (aged 66 or above) between 19 and 25 September 2022, and as long as you meet certain other requirements – see Gov.uk for full details.
- A £150 top-up for those on certain disability benefits. About six million people across the UK on certain disability benefits will receive a one-off payment of £150 in September. This will be paid straight into the account you currently receive your benefits into and is designed to help towards the cost of specialist equipment and food, and increased transport costs. Find out if you qualify.
Tip 5: Save more at your local grocery store. You could save hundreds!
These days it’s not just points you can earn, as supermarkets have introduced hidden deals just for their loyalty scheme members.
- Tesco’s ‘Clubcard Prices’ give up to 50% off various items (which vary by store) just by using your Clubcard.
- Sainsbury’s says you can save £200 a year with personalised up to 30% discounts via its SmartShop app.
- Morrisons gives money-off regularly bought items via its My Morrisons app – for example we’ve seen 20% off fruit and veg, as well as occasional discounts off your entire shop, such as £5 off £40.
- Lidl offers up to 30% discounts on items via its Plus app
Tip 6: Drive down the cost of fuel
The price of petrol and diesel has hit record highs recently, but by using the free cheap fuel finder tool at PetrolPrices.com you can find the cheapest near you.
Tip 7: Save £100s on gym membership!
There are hundreds of council-funded outdoor gyms that are free-to-use all year round – they’re mostly found in open recreation areas and parks. So, if you need to cut back on gym membership, consider giving free outdoor gyms a try.
Tip 8: Drive less, walk or cycle more
It may sound obvious, but with the cost of fuel at near-record highs, think before you get behind the wheel. Could you walk or cycle instead? See: 12 Money Saving tips for cyclists, which can help cut your costs, including how to get cheap second-hand bikes, save £100s if your employer offers a ‘Cycle to Work’ scheme and cheap ways to hire a bike short-term.
Tip 9: Pay attention to regular payments
There are three types of regular payments, all of which let money drip from your accounts without needing your approval. That’s dangerous, so you need to regularly check.
A) Direct debits: Where you give a firm permission to take a variable amount of cash from your account.
B) Standing orders: Where you ask your bank to regularly pay someone a fixed amount.
C) Recurring payments: These are little known, and hidden. This is where you give firms permission to take a ‘payment’ each month from your debit or credit card.
Once you’ve got the payments, first decide if you still want the goods or service. If not and you’re out of contract, cancel. If you do need it then the next question is, can you do it a cheaper, or a better, way? Full help on this, and your rights, in our; How to do a direct debit audit guide.
Tip 10: Get £1,000 in help towards childcare costs
Whether you have a wee tot or a big teen, childcare costs can be huge. Yet 100,000s of working parents are missing out on £1,000s of help with this expense. Our Childcare costs guide covers the available schemes. It’s worth checking.
There you have it!
Remember, Allah does not burden a soul with more than they can bear , we place our reliance and trust upon al-Razzāq (The One who provides and sustains), al-Muqīt (The Ultimate Sustainer). It is He who gives strength, nourishment and sustenance to all of mankind.
For the full list of tips, head to moneysavingexpert.com
Like content like this? Subscribe to our mailing list to receive new articles! Coming soon in our Cost-of-Living Crisis series is an article from our Tarbiyah Editor Sheikh Ali Hammuda who will be exploring the spiritual and metaphysical causes and cures of economic turmoil.
Maira Khan is a UCL Psychology graduate who also holds a postgraduate degree in Health Psychology. She has been involved in many community-based projects, volunteering with Lighthouse Advocacy and is currently the Campaigns Coordinator for Islam21c. Maira aspires to become a researcher and intends to make a contribution to the field of international relations by shedding light on international complicity towards injustices globally.