Turn off the lights and hang out the washing

As the cost of living increases, families need to be savvy to ensure they have a decent amount of money set aside to survive in an increasingly expensive world. Norwich and Peterborough Building Society (N&P) has asked customers in its branches to provide their favourite budgeting tips on how to save money, and the top tips are below.

These tips, alongside other budgeting ideas suggested by customers, can be found in a specially designed online Budgeting Guide at www.familieslovenpbs.co.uk.

Top 5 customer tips for saving money

1 “Budget for utility bills and put aside money for events such as Christmas into a separate account.”

2 “Unplug all electrical items and ensure they that are turned off - not left on standby.”

3 "Plan a weekly food menu and base your shopping list around this. Also don't go food shopping when you're hungry!"

4 “Don’t forget to use your ISA allowance each year as this will allow you a certain amount of tax free savings.”

5 “Check your direct debits each month to ensure you're only paying for items and services that you still use"

Gary Lacey, group product manager at Norwich and Peterborough Building Society, commented: “At N& P, we are committed to helping families and have asked our customers for budgeting tips to do just that. It is refreshing to see that it is often the simple tips that can prove most popular such as changing your shopping habits, or saving on the electricity bills. By adhering to just a few of the tips our customers suggested, families can save little and often, which, in the long run, could add up to a decent amount of money.”

“Those who put these budgeting tips into practice in order to save money may want to consider opening one of N& P’s new Family Savings Accounts, in which to put the cash they save. By making the most of their savings, families will find they can put these funds towards more of the important expenses in life.”

Some tips given by customers were slightly less serious, with the more ‘quirky’ including:

“No pocket money for the kids”
“Sit the whole family on the sofa to benefit from body heat”
“Marry a millionaire”
“Don’t daydream in the shower and waste water”
“Cut down on Champagne”