More ways to help manage your money
Whatever your circumstances, it’s always a good idea to review your finances and see where you can make changes. Making small savings and reducing unnecessary costs now can make a big difference over time.
Our branch colleagues in Bristol have answered some of their most frequently asked questions in branch. Take a look at the below videos where they share their expert knowledge on day-to-day budgeting and mortgage options.
Day- to-day budgeting
Budgeting doesn’t have to be stressful. Find out more about the ways you could make things more manageable with a few simple changes. These include reviewing your direct debits, using comparison sites, and reducing unnecessary costs. You can also use our handy budget calculator to help you stay on track.
Cancel or freeze monthly costs like season tickets, gym memberships and subscriptions
You may be paying for services that you no longer require or can’t use due to the impact of coronavirus.
Many public transport providers will allow you to cancel your season ticket if you’re not travelling to your workplace due to coronavirus. It’s worth getting in touch with your public transport provider to see if you can claim a refund on your season ticket.
Most gyms have now reopened, but you may be able to ask for your gym membership to be frozen if you are not using these services. Several fitness, health and wellbeing apps are also offering free content and subscriptions during the outbreak so it might be worth taking a look.
Similarly, you may be able to cancel subscriptions such as streaming services which you no longer require.
Review household bills
Review all your utility bills and check whether you could get a better deal if you switch your energy or broadband supplier. Our Mobile Banking app customers can review standing orders and direct debits as well as reviewing all outgoings using our spending insights tool. Simply click on the options button next to your bank account and select ‘spending insights’.
If you are struggling to pay your utility bills, please contact your provider to see what support they can offer. Many local authorities are offering council tax holidays or extra support if you are unable to keep up payments due to coronavirus. However, this support is not readily available to all so it’s worth checking your eligibility using the Gov.uk checker.
Check and review your insurance
Check whether you have insurance that could cover your mortgage, loan or credit card payments or replace some of your income. These policies include: Payment Protection Insurance; accident, sickness and unemployment insurance; and income protection. They may have been offered with life assurance policies or when you took out your mortgage, card or loan.
You may also want to think about your car insurance renewal. If you are no longer using your car for work, you may also be able to reduce your car insurance premium if you remove ‘commuting use’ from your policy.
Speak to your loan, credit card or car finance providers
If you’re worried about missing a credit card, loan or car finance repayment, contact your finance provider before it happens. They may be able to support you by offering options to ease the pressure temporarily.
If you have a loan or credit card with us, our support tool helps you explore your options.
Further support is available if you have a car finance agreement with us.
Please also visit our money worries page for more tips and advice to help you stay on top of your finances. Additionally, the Money Navigator Tool on the Money Advice Service also gives instant help based on your circumstances.
Watch out for scams
People are using the coronavirus outbreak to try new scams. Remember, we’ll never call, text or email to ask you to move money, or for your banking details. And we’ll never send a link for you to sign in or give your personal details. When you shop online, it’s best to pay by card – that way you protect your cash. You can find more details on how to stay safe from scams on our Fraud Hub.