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Small savings could go a long way

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Norwich & Peterborough Building Society (N&P) has issued a set of tips for families looking to budget as the cost of living increases.

Tips include budgeting for utility bills and events such as Christmas in a separate account, unplugging electrical items rather than leaving them on standby and planning a weekly food menu to base your shopping list around.

N&P also advised consumers to top up their individual savings account (ISA) each year to take advantage of tax-free savings and check direct debits to ensure payments only cover items and services still being used.

Gary Lacey, group product manager at N&P, said: “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 electricity bills.”

He added that saving little and often could add up in the long run.

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