YOUR GUIDE TO BUDGETING AND SAVING MONEY

RMT helpline 0800 376 3706 :: october 2020 :: RMTnews 20 YOUR GUIDE TO BUDGETING AND SAVING MONEY: Reduce your expenses cut costs and save yourself up to £3,696 per year With household finances under mounting pressure in the current crisis, we’ve been forced to reassess our expenditure and cut back on everyday spending. Financial planning in the face of this can seem like a daunting task so we’ve condensed down essential steps to help you budget and save over £3,500 per year. START WITH A BUDGET PLANNER A household budget is a plan that summarises your income and spending habits, so you have a clear idea of where your money is going. We’ve created a simple to use planner that will allow you to quickly identify where you need to make cuts to help you manage your money more effectively. Firstly, gather all your bills and last three bank statements, grab a calculator then visit WWW.RMTPROTECT.COM/FR EEPLANNER TO DOWNLOAD OUR FREE BUDGETING PLANNER to follow four simple steps: • In the ‘Income’ section, list all sources of income coming into your household after tax (if you are using the printed version, please also add all the income sources together and add the total to the ‘Total Income’ row below). • Next find your last 3 bank statements and list your outgoings within the ‘Expenditure’ section (if you are using the printed version, please also add all your outgoings/ expenditures together and add the total to ‘Total Expenditure’ row above). • If you are using the printed version, take your ‘Total Expenditure’ away from your ‘Total Income’ to work out your net “Gain/Loss”. • If your outgoings are higher than your income then it’s important to review what expenditure you can cut or reduce. REDUCE YOUR EXPENSES AND SAVE UP TO OVER £300 PER MONTH – THAT’S £3,696 PER YEAR HERE’S HOW: • Switch energy providers and you could save up to £300 per year. (Uswitch) • Turn down your Thermostat by 1 degree this winter and save up to £80 per year • Switch to energy saving light bulbs • Don’t leave appliances on standby. Switch of at the plus could save you £30 per year on average SAVINGS SUMMARY MONTHLY SAVING ANNUAL SAVING £25 £300 Switch gas and electricity providers £7 £80 Turn down your thermostat £6 £70 Installing Room thermostat £6 £70 Replace 2 bulbs with energy saving bulbs £1 £14 Turn off lights when not in use £2 £30 Don’t leave appliances on standby £3 £25 Draught proof your home £34 £408 Cut the fancy coffee £43 £520 Pack your own lunch £30 £362 Walk/Cycle or Car Share to work £144 £1,782 £2 £35 Fitting a hot water tank insulation jacket Switch from Standard Variable Rate Mortgage £303 £3,696 TOTAL SAVINGS