The clocks have gone back as we approach winter and as temperatures drop, there may be more pressure on your wallet.
Winter can be an “expensive time of year”, said Age UK, particularly with high energy bills to contend with and Christmas fast approaching.
The rising costs of the season can “put a chill on even the strongest of household budgets”, said StepChange.
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Wages
If you worked a night shift when the clocks went back, you may be entitled to extra money this month.
Staff who are paid hourly or for set hours without time specifics, “should be getting paid an extra hour’s wage” if they did a night shift when the clocks changed, Will Burrows, a partner at Bloomsbury Square Employment Law, told The Sun.
And if your hourly rate is higher on a Sunday in your role, there is added “good news” as this sum will apply to the extra hour, too.
Car repairs
Insurers see the “highest rate of single vehicle claims” during the winter, said Policy Expert, as drivers are “far more likely” to lose control due to “poor road conditions” from ice, snow or rain.
Consequently, it is important to to “plan ahead” before venturing into the cold this winter, said the RAC, especially if you want to keep costs as low as possible. This includes knowing your route, ensuring you have petrol, oil and that fluid levels are topped up. Try to avoid potholes and road defects that can cause “unnecessary damage to your vehicle”.
The festive season
Shoppers are expected to spend an average of £1,371 in the six weeks before Christmas, said The Independent, despite a third of people feeling “financially worse off this year”.
The winter months are “never going to be a cheap time of year”, said Yahoo Finance, with Christmas approaching and the pressure of presents and parties.
So if you want to make sure your finances aren’t negatively impacted, it will be vital not to get carried away. Protect yourself with a “strict budget and a shopping list”.
With the nights drawing in, there is also the risk of lower serotonin levels that “can affect your mood”. As shopping “tends to release dopamine”, we can be more inclined to impulse spend, so always “stay alive” to these risks.
Energy bills
The winter months mean households will “start to reach for the thermostat”, said Which?, meaning higher energy bills.
There are “easy things” you can do to keep your energy bills down, such as DIY draught-proofing and “making the most of your boiler settings”.
Households can also consider “everyday actions and home improvements”, said Ofgem, including turning the heating down, setting the washing machine to 30 degrees and using smart controls so you can set your heating and hot water “to come on only when you need it”.
Crime waves
There is often a “seasonal rise in burglary and car crime” during the winter, said Met Engage, as criminals use the “cover of darkness” as an opportunity to strike.
Home and car owners can protect themselves by locking doors and windows, and making sure alarm systems are activated. External security lights can help “deter burglars by lighting up when someone approaches your property”.
Autumn Budget
Tax hikes and spending cuts are “almost inevitable” when the Autumn Budget is announced by the chancellor on 26 November, said MoneyWeek, due to “high borrowing costs, weak economic growth and stretched public services”.
Rumours include changes to property taxes and pension relief, but any reported changes are just rumours for now, said Fidelity, so making “snap decisions” could prove “very costly” to your finances in the long run.
