A new tax year is the perfect time to check in with your finances—whatever your situation. Whether you’re trying to make ends meet, save a little more, or just feel a bit more in control, these tips can help you start the year feeling confident.
Here are 7 simple, practical ways to make your money go further:
1. Start Small With Savings (Even £1 Counts)
You don’t need thousands to start saving. If you’re eligible for a Help to Save account, the government gives you a 50p bonus for every £1 you save—worth checking out if you’re on Universal Credit or Working Tax Credit.
And if you can pop even small amounts into a regular savings account or ISA, it can still add up over time. The key is consistency, not big numbers.
2. Boost Your Pension—Bit by Bit
Even small contributions to a workplace pension or personal pension can grow into something meaningful, especially with tax relief or employer top-ups. It’s your money, just for later.
3. Gift Thoughtfully (If You Can)
If you’re in a position to support family, the tax-free gifting rules might come in handy—but don’t feel pressure to give what you can’t afford. Support comes in many forms, and the best gift is often your time and care.
4. Double-Check Your Tax Code
If you’ve changed jobs, gone part-time, or started claiming benefits, it’s a good idea to check your tax code. It’s free to do and might stop you from overpaying—or getting a surprise bill later.
5. Know Your Workplace Perks
Some employers offer schemes like cycle-to-work, electric car leasing, or pension top-ups that reduce your taxable income. Not all are suitable for everyone, but it’s worth asking what’s on offer—you might find something useful.
6. File Early (Even If You’re Not Self-Employed)
If you do need to complete a Self-Assessment tax return, filing early means less stress—and if you’re owed money, you’ll get it sooner. It’s also helpful if your income’s varied or you’ve got multiple jobs or side hustles.
7. Reach Out for Support
Managing money isn’t always easy—and you don’t have to do it alone. Free advice is available from organisations like Citizens Advice, MoneyHelper, and StepChange. And if you can afford it, a registered financial adviser can help make sure you’re not missing any opportunities.
Remember:
No matter where you are financially, making small, informed changes now can set you up for a better year ahead. One step at a time—you’ve got this.