Top tips for saving money this Savings Week
Check out these top tips from Progressive
Last updated 23rd Sep 2022
Savings Week was launched for the first time in 2018 with the aim of instilling a positive savings culture across Northern Ireland and to highlight the close link between financial health and emotional wellbeing which is particularly relevant today with the financial burden many people face this winter.
Progressive understand the financial stress points and pressures people are facing. That is why, for Savings Week 2022, they're focusing on the little savings which can all add up to something good, bringing you a one-stop guide featuring the expertise of Consumer Council and Action Mental Health to provide you with hints and support on how to make those everyday savings, or cut back a little where you are able to do so.
Progressive has been supporting people on their savings journey across Northern Ireland for more than 100 years.
Savings Week 2022 is all about saving what you can, when you can, and taking small steps on the path towards long-term financial health and wellbeing.
Check out the Consumer Council and Action Mental Health's advice on those everyday savings and how best to manage money worries, but first, the Progressive team guide you through energy efficiency tips you can employ every day in the home.
Savings Start at Home – Progressive Building Society
Whether you’re a homeowner, a student, a private or social renter, or you live with your parents, there are many small savings you can make every day all within the comfort of your own home.
The Progressive team have put together five everyday energy tips and changes that can both save money on your monthly bills and help lower your home’s carbon footprint.
1. Fabric first: draught-proofing your home
Looking ahead to the winter months, DIY draught-proofing is a quick fix to make improvements either to a property's roof, walls, floors or windows – the fundamental fabrics of our homes.
It's a sound starting point to help reduce energy usage and save money, with ready-made products available to prevent heat escaping through doorframes, keyholes or even old letterboxes. DIY draught-proofing doesn't have to be expensive, either, though there are longer-term projects, such as roof and floor insulation, that can bring bills down at a higher up-front cost for installation.
2. Capture the sun’s natural heat
Throughout the day, our homes capture heat naturally from sunlight filtering through open windows. You can make the most of this natural heat by keeping curtains and/or blinds open in daylight and, come dusk, drawing the blinds to help your home retain the heat a little longer.
If possible, try not to drape curtains over any nearby radiator. Doing so will maximise your home heating any time it's switched on.
3. Fewer (and fuller) loads
Washing a full load at 30°C can save around £28 per year, according to uSwitch. A short, practical cycle in the washing machine helps save on both water and energy, keeping costs down as well as the number of loads.
This applies to the kettle, too. Making coffee for one? Another tip would be to only boil as much as you need, helping to conserve both energy & electricity usage.
4. Keep an eye on the tech
Leaving devices on standby can cost the average UK home ÂŁ35 per year, according to the Energy Savings Trust.
Switching the power off at the wall wherever possible is always the best course of action. A small change that can quickly become part of you and your family's everyday routine.
Older appliances are also more power-hungry and likely to run up bills. If you're able to do so, investing in an energy-efficient machine – be it a computer, laptop or TV – can save on your energy usage long term.
5. Be smart on lighting
Ensure you're getting your money's worth next time you flick on the 'big light'. Energy-efficient lightbulbs are a small change with long-term benefits; not only do they use a quarter of the energy of incandescent bulbs, LEDs can also last up to 25 times longer.
Exterior or security lights can also be set on a timer, to ensure they're only switched on when needed.
By employing everyday swaps and changes, we can begin to see long-term changes and any money saved can then go a long way towards that rainy-day fund or other daily or milestone event on the calendar, taking small steps on the journey towards financial health and wellbeing.