Money saving tips 2022: 6 easy tricks to boost the bank balance ‘Simple and effective’ | Personal Finance | Finance
Save a purchase before splurging
Another top savings tip is to save as much as you intend to splurge.
Experts at Barclays tipped: “Next time you want to buy a treat from your usual spending money – a £30 dress, say – make yourself save the £30 first.
“For example, stop yourself buying that coffee out (£3 saved), make a few extra veggie meals (£10 saved etc) until you hit £30.
“Now switch this sum from your current account into your savings account. This way, you’ll save extra, get in the habit of cutting back on spending and give yourself time to make sure you really want that dress.”
Potential tax savings
Married couples could potentially make a saving by carrying out a personal allowance transfer.
The personal allowance is a portion of wages that are completely untaxable, and this Financial year, the amount people can earn untaxed is £12,570.
Martin Gurney, tax expert at Haines Watts Swindon previously told Express.co.uk: “Where your spouse or civil partner does not use all of their Personal Allowance, consider jointly electing to transfer an element to you – if you are a basic rate taxpayer – to reduce your family tax burden.”
The Marriage Allowance lets people transfer £1,260 of their Personal Allowance to their husband, wife or civil partner – and recent data indicates that up to 2.4 million qualifying UK couples are missing out on this.
If eligible, the Marriage Allowance can reduce tax by up to £252 in the tax year (April 6 to 5 April the next year).
