Safeguarding spending has never been so important, and making sure your hard-earned cash is working as hard as possible is no doubt a huge priority. However, there are some very simple ways in which some may be missing out on opportunities to maximise their bank balance.
Within the suggestions, there is a warning regarding tax codes.
With the new tax year now well underway, many will be used to their new tax code.
But there's every reason to double check it is correct, as Money.co.uk pointed out.
"Tax is one of the single most boring bills that we have to pay each year – so much so that many of us don’t even bother to look into what we actually pay or where it goes," the personal finance experts commented.
"However, every year thousands of people are allocated the wrong tax code and end up overpaying thousands of pounds.
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"This simple mistake, caused by a small change to your tax code, can most often happen after a change in job or promotion.
"Given the number of people that have changed roles and been on and off furlough over the past year – this could affect thousands of people so head to the government website and check your tax code now."
Another tax tip could be relevant to those working from home.
"If you’ve been told to work from home for even as little as a day this year and last year as a result of the pandemic, you can get close to £300 tax back in a few minutes by signing up for the working from home tax relief here," Money.co.uk said.
Another top tip is to consider ways to reduce heating bills.
"If you’re living in a rented house or flat with a low EPC rating (this determines how energy efficient your home is), your heating bill will typically be higher than average as you struggle to keep your home warm," commented Money.co.uk.
"The simple way to fix this in the long run is to improve the windows and insulation in the property to help keep the heat in.
"What most people don’t realise is that your landlord is actually obligated by law to do this for you.
"If a rented property has an EPC rating of F or below the UK Government has decreed that the owner (not the tenant) is to improve it to an E at the minimum.
"If this hasn’t been done – contact your landlord immediately as it’ll save you a fortune on bills in the long run."
Taking a look at energy bills is another top tip.
"There’s nothing worse than being hit with a price hike at the wrong time, and energy, water and broadband bills have a habit of creeping up when you least expect them to.
"Protect yourself from an unexpected surge in bills by switching your variable rate bills for fixed plans.
"This will give you the security of knowing how much you’ll be paying for a specific period of time.
"If your current provider doesn’t have a good fixed deal available, switch to one that does.
"There’s no room for brand loyalty at times like these – be ruthless in your hunt for the right package for you, it’ll pay off in the long run.
"Many providers will also give you a cash fee or some kind of voucher reward for switching, so you have nothing to lose and everything to gain by seeking out the best deal."
Keeping track of spending via an app could also benefit some.
"There are dozens of free budgeting tools that can be added to your smartphone or your laptop that help you keep a tight rein on your finances," Money.co.uk said.
"Yolt will encourage you to get into better saving habits, the Money Dashboard will ensure you get to payday with some cash leftover and Moneyhub will give you insights into your spending habits and help you change your behaviour, to name but a few."
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