September can be a good time to take a fresh look at your finances.
With summer over and household spending often changing as children return to school, many people may be looking for simple ways to bring a little more money into the household. There are several checks worth making, and in some cases they could add up to hundreds of pounds over the course of a year.
Here are six money moves worth considering this September.
1. Check whether you’re missing out on benefits
If your income or household circumstances have changed, it may be worth checking whether you qualify for benefits or other financial support.
Some people assume they would not be eligible and never make a claim, while others may have become entitled to support after a change in their circumstances.
Even a relatively small monthly payment can add up over a year.
2. Check your Council Tax bill
Council Tax is another area where households can sometimes save money.
Depending on your circumstances, you may qualify for a discount, reduction or exemption. This can include certain people living alone or households on a low income.
If you have recently moved, changed who lives with you or experienced a change in your finances, check whether your current Council Tax position is still correct.
3. Review your household bills
September is also a useful point to go through regular direct debits.
Look at your broadband, mobile phone, insurance and other monthly subscriptions. You may find that you are still paying for a service you rarely use or that a cheaper option is available.
Cutting even £10 a month from unnecessary spending would leave you £120 better off over a year.
4. Check your tax code
Your tax code determines how much Income Tax is taken from your pay.
If your circumstances have changed and your tax code is wrong, you could end up paying too much tax.
It is worth checking your payslip and tax information, particularly if you have changed jobs, started receiving a pension or have more than one source of income.
If you have overpaid tax, you may be able to claim the money back.
5. Look at pension contributions
September can also be a useful reminder to review your pension.
If you are employed and have a workplace pension, check how much you and your employer are contributing. In some circumstances, increasing your own contribution can also increase the amount going towards your retirement.
This is not an immediate income boost, but it can make a meaningful difference to your finances later in life.
6. Check for unclaimed financial support
Finally, don’t overlook smaller forms of help.
Depending on your circumstances, you may qualify for support with energy costs, childcare, transport or other household expenses.
The amount available will vary from person to person, so there is no guarantee that everyone will be able to claim £900 or more.
However, checking what you are entitled to could uncover money you did not realise you were eligible for.
A few small checks could make a difference
You do not necessarily need to make a major change to improve your finances.
Checking your benefits, tax code, Council Tax and regular bills could reveal savings that are easy to miss when you’re busy with everyday life.
For many households, September is simply a good opportunity to stop, look at where the money is going and make sure you’re not leaving financial support or potential savings on the table.
