The Money and Pensions Service (MaPS) has shared five simple steps to help households save money, reduce unnecessary spending and take greater control of their finances. The practical advice includes checking household bills, making sure people are claiming all the financial support they are entitled to and cancelling subscriptions they no longer use.
Talk Money Week campaign
The guidance has been issued as part of Talk Money Week, which runs from November 2 to 6, with this year's campaign encouraging people to take small actions to improve their financial wellbeing.
New research from MaPS found that 42 per cent of adults in Scotland had paid for a subscription or service they no longer use. The survey of more than 2,000 UK adults also found that 57 per cent of Scottish respondents had hidden or downplayed spending from a partner or family member.
Hidden spending habits
Gifts and presents were the most commonly concealed purchases (41%), followed by clothes and fashion items (36%) and general online shopping (32%).
Allison Barnes, Scotland Manager at the Money and Pensions Service, said: "Right now, many people across the UK are under financial pressure."
"Rising costs, unexpected expenses and wider economic uncertainty can make managing money feel overwhelming, but you are not alone and even small changes can make a big difference."
"Whether it's making a budget, shopping around for a better deal on your bills, or cancelling that unused subscription, it all counts."
Five simple steps to improve your finances
1. Shop around for better deals on household bills
Check whether you could reduce the cost of your energy bills by comparing available tariffs and considering whether switching supplier or changing deals could save money. It is also worth reviewing other regular household expenses to make sure you are not paying more than necessary.
2. Check your entitlement to financial support
People who are struggling financially or whose circumstances have recently changed could qualify for additional benefits or financial assistance. MoneyHelper has a free benefits calculator that can help households identify support they may be entitled to claim.
3. Make a household budget
Reviewing income and regular spending can help identify unnecessary expenses and opportunities to save. The free MoneyHelper Budget Planner allows people to record their income and outgoings, including less frequent costs such as insurance, car maintenance and annual subscriptions.
4. Talk openly about money
Discussing financial concerns with a partner, family member or someone you trust can help people identify problems and consider possible solutions. MoneyHelper provides free guidance on talking about money, including advice on approaching difficult financial conversations.
5. Start with one manageable change
Improving your finances does not necessarily require major changes. Cancelling an unused subscription, checking a bill or reviewing regular payments can be a useful starting point. MaPS encouraged households to choose one practical action they could take immediately rather than attempting to overhaul their finances all at once.
Real-life example
Carolyn Pearson, 61, who is self-employed, used MoneyHelper's budgeting tools after discovering she was getting into debt each month. She said: "MoneyHelper's budget tracker took things to the next level because it shows all the hidden costs like travel insurance, house insurance, car insurance, car tax, car MOT, and subscriptions."
After reviewing her finances, Carolyn also switched her energy tariff, saving £20 a month on gas and electricity. She added: "If I can inspire people to use the budget tracker then that's great - I think it's a really empowering tool."
