Money Saving Tips for AprilDate published: 1st April 2016
The start of the new financial year is a great time to revisit your budget or to start taking control of your finances.
Boost your income: Some benefit entitlements have increased and you should have received notification of your new award. This is also a great time to contact us to have a benefit check completed and ensure you are in receipt of your full entitlement. We can also help you with any applications. If you are in receipt of Tax Credits, look out for your annual declaration pack arriving in the post. This will start to be issued from 6th April. If you do not complete the annual declaration your tax credits will stop.
A reminder that Universal Credit is introduced in Fife on 11th April for new claimants. Keep in touch with us for more updates by following us on Facebook or Twitter and regularly checking our website.
Are you over 25? From April 2016, the government will introduce a new mandatory national living wage (NLW) for workers aged 25 and above, initially set at £7.20 – a rise of 50p relative to the current National Minimum Wage (NMW) rate. That’s a £910 per annum increase in earnings for a full-time worker on the current NMW. Unsure if your employer has paid you correctly? Get in touch with us on 03451 400 095 or call into your local CARF office.
New Tax year makes this a great time to check your tax code is correct. Try out this free tax code checker.
If you are unsure if you have paid the correct tax or not then contact us for advice.
Reduce your expenditure: Housing costs, utility bills, even food and drink have increased in price as from 1st April. Although costs for things such as rent and council tax are fixed, you may be able to reduce other costs to save a little money over the month. Do you know CARF has a Healthy Heating adviser? We can help ensure you are getting the best deal for your utility costs and support you to switch to another tariff or supplier. Paying too much for your TV subscription or telephone costs? Price compare deals and speak to your current provider to see if they can beat or match their competitors new customer offers.
Draw up a new budget to reflect the changes to your income and expenditure. You can find the Money Advice Service budget planner here:
Remember, if you need help to tackle debt or with completing your budget call out Money Advice Unit on 03451 400 094
Plan for the future: With the start of the financial year consider saving for the future or a small emergency fund if you do not have one already. Even small changes can add up. For more information on savings, investments, ISA’s and credit unions have a look at the Money Advice Service website for impartial advice.