Housing benefit changes causing negative impacts

No matter how tight finances are, it’s important to try and find creative ways to set up a savings account.

09:39 07 July 2013

The recent housing benefit changes appear to be making more of an impact than was first expected and not in a good way. You never know when a financial situation will take a turn for the worse, so it’s imperative to try and establish a savings account to combat the unexpected and avoid a financial crisis. Here are a few ideas to help you start saving:

 

• Think small—this probably sounds like the opposite of what you normally hear, but in a tight economy you could wait for years to get a large amount into a savings account. The key to a beginning is to start putting aside small amounts even if it is only change.

 

• Use your talents—you may have talents or skills that you can use to help earn a little extra during the month. Teaching others how to decorate a cake, educational tutoring, crafts, and musical lessons are just a few ideas you might be able to use for the benefit of your savings account.

 

• Employers—check with your employer to see if they have any special savings programmes. Some employers will match contributions for pensions, and others may partner with certain banks to get better interest rates on a savings account. It never hurts to check.

 

• Gifts—one of the creative ways you can start saving is to return gifts that are duplicates, or that you don’t need or want in exchange for the money. Once you have the money, or if the gift itself is money, you can deposit it into a savings account.

 

• Sales—if you can’t return gifts with a clear conscience than you may have some products lying around the house that you don’t need any longer. You might be able to find a shop locally that resells used items and will pay you a little for them.