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Everyday finances

Ready in 5

Get in control of your family finances, make sure you're not missing out on any potential savings and try our ‘Ready in 5’ tips and tricks.

Top tips for families to save money

1.    Married? A tax break means you could be due £900

According to HMRC if you’re married or in a civil partnership, you could be entitled to a tax break called the marriage tax allowance.

To qualify, one of you has to be a non-taxpayer and the other a basic-rate earner (paying 20% income tax). Also, you both must have been born on or after 6 April 1935. It’s worth £238 in this financial year and can be backdated to 2015 (if you still met the eligibility criteria at that time)  – giving you up to £662 extra.

Register for the marriage tax allowance.

2.    Switch energy tariff with your existing supplier to save up to £200

Worried an energy switch is too much hassle? Call your existing supplier and ask to be put onto its cheapest deal – you can save hundreds, research from Moneysavingexpert.com shows.  

Move from a standard tariff to a more competitive short-term fix with the same supplier, and you could save on your bills.

Always check to see if there are any tariff exit penalties, though they’re not usually charged for an internal switch it is something to be cautious of.

However, if you’re on your supplier’s standard rate, you can usually make the biggest saving by using a comparison website to switch to a rival firm.

3.    Do a DIY audit on your bank account

In the hurly-burly of family and work life, it’s easy to lose track of every payment going in and out of your bank account.

Take some time to run a fine-tooth comb over your most recent statements and it’s possible you’ll discover at least one regular Direct Debit or standing order you no longer need.

It could be anything from a forgotten insurance renewal or roll-over sports club fee to an online magazine subscription or charity donation.  

You can usually end a Direct Debit or standing order online or over the phone but always check if your subscription is in a contract, to avoid any cancellation fee or penalty.

4.    Pay £30 to cut a third off your train fares

If you have a family, travel regularly with a friend you’re over 60 or you’re using a young person’s rail card, a £30 railcard can reduce train fares by a third for a year. If you are disabled you can qualify for a disabled persons rail card for the cost of £20.

Travel in rush hour may be limited but each card has different rules, so check which one works best for you.   

For families, the Family & Friends Railcard can be used on most tickets (excluding first class) when an adult and at least one child aged under 16 travel together. The maximum is four adults and four children. Find details of all railcards from National Rail.

5.    Costly kids’ care? See what the government can offer you

What is best is for you depends on how much you earn, how much tax you pay, and how much you pay for childcare – and whether your employer offers them. The GOV.UK website can help you decide.

Launched last year, the tax-free childcare scheme lets you open a special account to save for the cost of looking after your kids. Check to see whether you qualify.

Put in 80p and the state adds 20p – it’ll contribute up to £2,000 per child a year (or up to £4,000 if your child has a disability). The most you can save in the account is £8,000, which means you can pay for up to £10,000 of childcare per child each year using the scheme. Sign up for an account

There is an alternative – childcare vouchers – that allows you to pay for childcare out of your pre-tax income. You can’t use both, however.

6.    Shop around – vow to abandon your broadband and mobile provider and save £100s

Whatever your online hobbies – browsing, movies, music or gaming – there are deals galore offering ever more data and faster internet speeds at lower prices.

Call your provider with details of an offer you like, and ask them to match it – if they can’t, say you’ll leave. In many cases, the company won’t want to lose your business, and will switch you to a cheaper tariff offering better value.

7.    Get paid when you spend – grab cashback wherever you can shopping online

In a bid to tempt people to their websites, more stores are now happy to pay a slice of ‘cash back’ to third parties who help them – and this increasingly ends up in shoppers’ pockets.
Instead of logging on directly to the company you want to buy from, click through to it via a cashback site and you’ll be financially rewarded. You can earn anything from pennies for small household goods to nearly £50 for select financial products such as insurance. Also, when using Barclays Mobile Banking or Online Banking  you could get cashback on your shopping at participating retailers. Log in to register and review our terms and conditions.  

Always do your research, though, to make sure you’re getting the best price first though. It’s easy to be tempted by a big cashback discount but the same item could be on sale elsewhere for even less.  

Note, It’s important to explain that we’re not providing financial advice in this article. If you need help getting your household finances in shape, get in touch with an expert. The Financial Conduct Authority provides tips on how to find a qualified independent financial adviser.

At certain times throughout this article you may be linked to websites owned and operated by other organisations and will be subject to their terms and conditions.

  • Listen

    Creating good habits

    Listen to life coach Simon Alexander Ong share his tips for setting goals and creating good habits. He asks, what can you and your family do over the next 24 hours to take a step toward a positive financial future?

     

     

    Remember – while listening to others and talking to your family, friends and peers can be a great help, you should seek professional advice when making important financial decisions to ensure consideration of your own personal circumstances.

  • Watch

    Household budgeting tricky?

    Consider our tips for staying on top. Remember – while listening to others and talking to your family, friends and peers can be a great help, you should seek professional advice when making important financial decisions to ensure consideration of your own personal circumstances.

  • Try

    Use  our Budget Planner tool

    It’s important to be sure repayments will fit in with your other monthly commitments. We’ve prepared this budget planner to help you see what you can afford.

    Try our budget planner tool.

  • Do

    Set up text alerts

    Our Text Alerts will help you steer clear of unwanted surprises. We’ll let you know when large payments enter or leave your account and when your account balance reaches a limit that you set.

    Set up Text Alerts.

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Switch on Barclays Blue Rewards by 31 October 2018 and get double cash rewards1 for your first month – all for just £3.

Cashback

Get money back when you shop

Get cashback on your shopping at participating retailers when using Barclays Mobile Banking or Online Banking2

Barclays Mobile Banking app

Manage your money where and when it suits you

Check your balance, send money and earn rewards on your mobile phone with the Barclays Mobile Banking app3.

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