How to financially prepare for winter

For some, winter is the most wonderful time of the year and can’t come quick enough. However, with inflation at a 40-year high and almost everyone stressed about their finances, we’d forgive you for not feeling too festive this year. 

It’s normal to feel the pinch around this time of year but if you’re already worried about whether your finances will survive the festivities, it’s never too early to put a plan in place.

In this article, we’ll let you know how you can financially prepare for winter whether you’re worried about the impact of further price hikes or just like to be prepared. 

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Check your car

If your car is essential in getting you to and from work, now is the perfect time to give it a quick once-over to ensure it’s in tip-top condition before the worst of the winter weather arrives.

This includes checking your battery, booking a service, and fitting winter tyres with just a few minutes of maintenance usually enough to tide you over until spring and prevent you from being slapped with a hefty repair bill. 

Whether you have an old or new model, cars and cold weather are never a good mix and can cause nothing but problems for you and your finances if there is an underlying problem that goes unnoticed or your car hasn’t been winter-proofed in advance. 

Start shopping early 

The cost of buying gifts for your friends and family will always take up a significant chunk of your budget at this time of year. But by getting a head-start on your shopping list and buying things as you go, you can save some spare cash and beat the crowds. What’s not to love? 

From waiting until retailers clear their seasonal stock to making the most of the post-summer sales, it can help you spread the cost and free up money for those months when your income just doesn’t stretch far enough. 

So, whether you’ve experienced a drop in income or are just feeling the squeeze this year, remember to keep things simple and straightforward and never spend more than you can comfortably afford. 

Budget for unexpected expenses 

There is always a risk that unexpected expenses will crop up when you least expect them to but if your finances are already stretched thin, this can be an unfortunate situation that you can’t afford to find yourself in. 

By getting into the habit of budgeting for both daily and emergency costs, you can build up a comfortable cash cushion and be confident you have the funds to cover the cost of the type of unexpected expenses that are common during the winter, such as a broken boiler or burst pipe. 

With annual energy bills set to top £3,549 this year and homeowners braced to expect yearly averages of £7,700 next year, this can also help you put some spare cash aside for when your bills take an unexpected turn. 

Winter-proof your home 

From ice and snow to wind and rain, winter weather can wreak havoc on your home and, if you’re not careful, your finances. 

With the colder weather already starting to creep in and home improvements more difficult when winter’s in full swing, now is the perfect time to protect your property from the elements. 

For example, if your windows are on their last legs or haven’t been upgraded in a while, investing in draught excluders or curtain liners can help you keep the heat in and, more importantly, keep costs down. 

Similarly, checking your guttering and inspecting your insulation are tasks that only take a few minutes but can make a huge difference to your annual energy bills.

Sign up for loyalty schemes 

With the cost of living crisis sending the cost of almost everything, including food and fuel, through the roof, signing up for loyalty schemes can help you make the most of seasonal deals and promotions and make your money stretch further.

Most supermarket loyalty schemes, like Tesco Clubcard, Sainsbury’s Nectar Card, Iceland Bonus and Lidl Plus, are also completely free to sign up for so you can make super savings without being caught out by hidden fees.

So, if you’ve yet to make the most of the various loyalty schemes available, signing up only takes a few minutes and can slash the price of your weekly food bill ahead of further price hikes.