Great British Budget Tips and End Of Week 2

"Are you missing out on any benefits you're entitled to? Websites like EntitledTo.co.uk can help you to work out exactly what you should be getting. Make the most of the help available to make your budget stretch further!"

This is a website that I haven't looked at as I know that we are getting what we are entitled to. But I would definitely recommend that any family on a low income should check.

"It's a common myth that children don't pay tax on their savings - in fact they are not automatically exempt. Your child can earn up to £100 a year on their savings without paying tax, but HMRC automatically taxes all savings interest at 20%, whether or not any tax is due. You will need to fill in a form called an R85 to make sure your child gets the full advertised interest rate."
This is a fact that I was unaware of! We are in the process of opening savings accounts for the twins as Joseph already has one. So I will be looking into getting the relevant forms filled out!

"Did you know that you could be paying too much council tax? Most homes were put into a council tax band in 1993 and haven't been reassessed since - that's a long time! According to official figures, around 1 in 20 homes have been found to be in the wrong band since then. If you think you may be paying too much, contact the Valuation Office Agency for a reassessment. But remember that if your home has been renovated or extended, your valuation could go up and you might end up paying more!"
Thankfully this is something that isn't relevant to us. But it is something to bear in mind if we ever moved house!

Week 2 Round Up

This week we have done well. We have made it to pay day and all of our bills were paid on time! When hubby has been paid he always sits and works out what bills are going out and what money we have left. The majority of the time whatever is left goes straight into the credit card account. This month was no different. Unfortunately after Christmas we had to service one of the cars and buy new tyres for the other. So as you can imagine this bumped the credit card bill up. Thankfully we now have most of it paid off and by the end of February it will be cleared!
I have managed to do our food shopping for £69.22 this week so I came home with a few pennies left from my £70 budget!
Next week our power direct debit will be going out so I will be inputting our meter readings! Having kept the heating a little bit lower after an expensive month in January I am hoping to see some results on our bill!
Also it is the twins second birthday next week so we will be having a day of treats but we have accounted for this is our budgeting.
Here's to a third week of saving money!

Throughout February Your Wealth are challenging people to create a budget and to stick to it!
They have a great tool that is available to help you manage all of your outgoings which is available as an app for your mobile phone so that you are always able to control your finances.

Check out Your Wealth on twitter @yourwealthuk as they are running a photo challenge where you will be entered into a prize draw to win one of four £50 Love2Shop vouchers.
But its also a fun way to join in!
Don't forget to add #GreatBritishBudget to your tweets!

Disclaimer: I have volunteered to take part in the Great British Budget as it is a subject that is close to my heart. However there is a prize draw for the panelists who are taking part.