Money Saving Tips

Bank Accounts

Do you pay your bills by direct debit? Did you know you may be able to save money by paying this way? If you don’t think you can get a normal bank account you may be able to set up a basic bank account.

Basic Bank Account

With a basic bank account :

• You can have wages, benefits and pensions or tax credits paid directly into your account
• You won’t be allowed an overdraft so you can’t end up owing more money
• You can pay cheques in or take money out at cash machines or post offices
• You can pay bills by direct debit and could pay less for some things like gas electricity or telephone

Be aware! If you owe a bank money either through a loan or overdraft they may take any money paid into a current account at the same bank to pay this off. This could leave you with no money each week. A solution is to have a current account at a different bank. Please remember you will still have to pay this money back. Please see our self debt pack to negotiate with a creditor on how to pay your debt off in affordable instalments.

Click here(.pdf,7KB) for a basic bank account application form.

Click here for FSA – money made clear website.

Loans and savings

When you are struggling it is tempting to borrow money. You may be tempted to borrow from a doorstep lender. They seem helpful and friendly but charge extremely high interest rates. Look at his typical example :

Have you thought about the Credit Union?

What is a credit union?

A credit union is a not for profit organisation to encourage saving and offer loans at a reasonable rate of interest.

Once you have saved for usually 12 weeks you can apply for a loan. Look at the example below.

Does this look like a good deal? Look at how much you would pay with a Credit Union for the same loan as mentioned above :

For more information on credit unions in Wigan and Leigh click on the links below :

• Unify
• Welcome Credit Union

Money Saving Tips

With so many utility companies out there and different tariffs, picking the best tariff can be confusing. 

These ensure you get the cheapest deal even if you are on a pre-payment meter or pay by cash or cheque.

Each company has different criteria and offers different discounts. For further information on comparison sites, click here for Consumer Focus.

Energy and water saving tips

With rising fuel prices you energy bills are probably higher than they have been in the past. Here are some tips on reducing your energy use and therefore saving you money without changing supplier.

• Wash your clothes at 30° - this saves energy and your clothes are just as clean.
• Fit energy saving light bulbs, normal light bulbs can cost up to 10 times as much to run. You could save up to £194 a year.
• Turn your thermostat down by 1°. Bills can cost up 8% more for every degree higher.
• Don’t dry your clothes on a radiator. It makes your boiler work harder and will cost you more.
• Switch lights off when you are not in a room.
• Don’t leave TVs, DVD players, videos and computers on stand by.
• Don’t leave your fridge door open.
• If you’re hot turn your heating down before you open a window.
• Wait until your dishwasher and washing machine is full to save water and electricity.
• Boil enough water in the kettle for what you need. You don’t need to fill the kettle full for 1 cup of tea.
• Cooking vegetables in a steamer saves water.
• Keep a container of drinking water in the fridge. If you do this you won’t have to run the tap for a long time for a cool drink.
• Put a plug in the sink when washing up….you can save a litre of water every 6 seconds.
• If it takes a long time for the water in your hot tap to heat up, don’t let the water run to waste, save it in a bowl to water the garden.
• Turn off the tap when are brushing your teeth.
• Have showers…a bath uses double the amount of water as the average shower.
• Modern toilets have a low flush which use less water. If you have an older toilet you can save water by fitting a Save-a-Flush. You can get a free Save-a-Flush from United Utilities, ring 0845 746 2200 or visit United Utilities' website.
• Use a watering can when watering the garden as it uses less water than a hosepipe.
• Water your plants early in the morning or late in the evening. This will help stop water evaporating in the sun.
• A dripping tap wastes water and if it’s hot water you’ve also paid to heat it.