Helping children learn about money is one of the most valuable life skills you can give them. Understanding how to manage money from an early age can set them up for a strong start in life, building habits that lead to financial stability in the future.

Below we’re sharing some practical tips you can use when teaching your children about money:

1. Start early

It’s never too early to start! Even young children can grasp basic concepts like saving, spending, and sharing. Use play money, toys, or games to introduce them to these ideas.

2. Set a good example

Children learn by watching and getting involved. Let them see you handling money. If you budget, save and make wise spending choices, they’re likely to follow in your footsteps.

3. Use pocket money to teach budgeting skills

Giving your children a small amount of pocket money can teach them the skills to manage it. Teach them to divide it into categories such as saving, spending and giving. By encouraging them to save a portion for future occasions, you’ll be setting a good foundation.

4. Make saving fun

Set a savings goal and reward your children for reaching milestones. You could use saving envelopes where they can tick off once they’ve filled each envelope. You could also open a savings account for them and, if there’s an app available, check it together to track their progress and celebrate growth.

5. Talk about needs vs. wants

Explore the difference between needs (things such as food, housing and clothes) and wants (things such as toys, games and days out). Learning how to prioritise needs before wants is a vital life skill and will help them make better financial decisions as they grow.

6. Teach the value of earning

Encouraging your children to take on small jobs to earn money, such as household chores or helping family and friends, is a great way to teach responsibility and the link between effort and reward.

7. Talk about money

Let your children ask you questions about money and offer simple answers using the opportunity to teach where appropriate. Money can be a cause of stress for many, especially if you’re struggling with debt, and talking about it can be hard. However, children learn very little about money during school, so it’s important to equip them with the skills they need at home. When they’re old enough to understand, opening up about debt and how hard some people struggle can be beneficial. By helping children as they get older learn how to manage credit and how easy it can be to fall into debt, if they take out more credit than they can repay. You can teach them how easy it can be to fall into financial trouble, especially when they take on more credit than they can repay. As they grow older, showing them how to manage credit responsibly helps them make smarter financial choices and avoid common pitfalls.

Teaching children the basics of money management early on equips children with a skill that will serve them throughout their lifetime and encourage them to pass those skills on to the next generation.

What you can do next

If you are struggling with debts call us on 0800 072 1206. We’re open from 8am – 8pm Monday to Friday and 9am – 3pm on Saturdays.

Alternatively, you can visit our www.payplan.com/police to speak to us via live chat or for more information.

So many people use the New Year to kick start a health plan and look after their bodies, but the New Year can also be the perfect opportunity to review your financial health.

The holiday season is expensive, with food, presents, clothing, and events all adding up alongside all of the standard household costs. If you’re already struggling with debt, this is likely to have increased, or if you’ve overspent over the festive period, you may be worrying about how you’ll be able to repay this balance.

We’re sharing some ideas below to help improve your financial health in 2025.

Create a budget

Sit down and work out what you’re spending your monthly income on, you might be surprised when you work out exactly where it’s going. It can be a great opportunity to cancel subscriptions that you’re not using or review your energy provider to see if you can get a better deal.

Our free budget planner is available here.  Try to build in a buffer when you work out your budget to plan for the unexpected.

Check you’re not missing out on any benefits

It’s important to check you’re not missing out on benefits you may be entitled to. Whether you’re already receiving benefits, unsure of your eligibility, or have previously been told you don’t qualify, it’s worth taking a moment to use a benefits calculator. It’s quick, confidential, free, and takes less than ten minutes.

Review your household costs

You can use comparison sites to find the best deals for bills, such as your gas and electric or broadband deals – some offer vouchers or discounts for you to switch to.

Try to ensure you don’t let policies auto-renew, such as broadband and home insurance, as they may auto-renew at a higher price than you’re already paying, and you may be able to get a better price elsewhere.

Try and complete a savings challenge

The no-spend challenge can be an ideal way to devote a month or two to cutting back on spending. The idea is that, during the timeframe you choose, you commit to spending money only on necessities like groceries, bills, and toiletries. Then, you cut out any non-essentials such as streaming services or days out.

This can be an ideal way to get back on track after overspending over Christmas and you may review your spending habits along the way by seeing how much you could be cutting back on going forward.

After the no-spend period, you can use your leftovers to pay off debts or put them into your savings account.

Another great idea to try is the £1 challenge, if you can, put £1 aside each day and by the end of 2025 you’ll have £365 in your pot.

Tackle your debt

If you’re struggling with debt, get some help in 2025. Carrying the burden of debt can weigh you down and it can be overwhelming to know where to start.  The good news is, we’re here to help. Call us on 0800 072 1206. We’re open from 8am – 8pm Monday to Friday and 9am – 3pm on Saturdays.

Alternatively, you can visit our www.payplan.com/police to speak to us via live chat or for more information.

If you’re looking for ways to make the most out of your money, BudgetSmart has hundreds of easy actions you can take to improve your monthly budget.

As the colder months approach, we understand that keeping your home warm can be costly. That’s why we’ve put together some energy-saving tips to help you stay warm and cosy without breaking the bank.

Seal in the warmth

Make sure you keep the warmth in and the cold out by sealing any gaps or cracks in your home where cold air can come in, like your doors and windows. Draught excluders or weather-stripping tape are effective and inexpensive ways to keep the heat in. Keyholes can also allow warm air to escape, so consider getting a cover for them as well.

Get the best out of your appliances

General tips for your appliances

If your appliances have an eco-setting, it’s worth using it. It will help save the environment and your pocket.

For items like chargers, radiators or speakers that don’t need to be on all the time, unplug them when not in use.  Speakers can cost around £6 a year when on standby for 20 hours a day, and a radiator left on in a room that’s not in use is just keeping an empty room warm.

Make sure your appliances are cleaned regularly too, as this will help to keep them running efficiently. For example, did you know that a kettle with limescale buildup requires more energy to heat water? Likewise, keeping your freezer organised and the back of your fridge clean can help both run more efficiently.

Tips for your washing machine

• Instead of washing all your clothes at high temperatures, consider using a lower setting, especially for items that aren’t heavily stained.
• Be efficient with your laundry load. If you don’t have enough clothes to wash, wait until you do.
• Use machine commercial stain removers and cleaners for tough stains and to clean your washing machine.
• For everyday items like trousers and jumpers, consider airing them out after a single wear instead of washing them right away.

Tips for your tumble dryer

• If the weather’s good, dry your clothes outside instead.
• If you use the dryer, clean the lint filter regularly and sort your clothes out by fabric type to reduce drying time.

Do your research

Why not look to see if you can get a better deal with a different energy provider or tariff? Which? has created a free energy comparison tool to find a better rate for you and your home. 

• If you receive paper bills, check to see if you’re being charged for them and ask to receive them via email or on your provider’s app instead.
• Paying by direct debit is usually cheaper and will help you manage your costs more closely within your budget.
• If you don’t have a smart reader, remember to send your supplier meter readings as often as possible. This ensures you’re paying for what you use instead of estimated amounts.
• You can also see if your provider offers any scheme for non-peak usage (using electricity at quieter times, such as between 11 am and 4 pm). British Gas, for example, has a scheme called PeakSave, which rewards customers who use their electricity when there is less demand.

A few final tips

If money’s tight, there are some particularly budget-friendly ways you can save on energy bills:

• Turn down the thermostat and add a layer or two to keep warm.
• Try wearing slippers or warm socks and consider using a hot water bottle to stay warm with minimal energy use.
• You can also charge devices while you’re out, such as at a local library or community centre, to save energy at home.

Overview

For more practical energy-saving ideas, visit BudgetSmart, where you’ll find additional tips on reducing household costs and boosting your income.

What you can do next

If you are struggling with debts call us on 0800 072 1206. We’re open from 8am – 8pm Monday to Friday and 9am – 3pm on Saturdays.

Alternatively, you can visit our www.payplan.com/police to  speak to us via live chat or for more information.

Are you looking to earn a guaranteed return on your savings? Serve and Protect Credit Union have launched their latest fixed-rate savings account. 

Serve and Protect Credit Union (formerly Police Credit Union) are a not-for-profit organisation designed to help people in the police, prison, military, fire, and health services save money for their financial future.

• Their Fixed Saver account allows you to deposit from £1,000 up to £10,000, with a guaranteed return of 4.5% AER over a term of 12 months.
• Your savings with Serve and Protect Credit Union are also protected by the Financial Services Compensation Scheme, covering you up to £85,000.*

By opening a Fixed Saver, you not only earn a competitive return on your savings, but you also play a vital role in providing affordable loans to those who serve and protect the nation.

Don’t miss out on this exclusive offer! 

It’s available on a first-come-first-served basis, so act fast. The product is available throughout November 2024 and just requires you to complete a simple application online.  

Please Note: If you are not already a member of Serve and Protect, you can still apply, but you will have to do so by the 28^th of November 2024.

To apply or learn more about the Fixed Saver, visit:

https://serveandprotectcu.co.uk/save/fixed-saver

The Winter Fuel Payment is an annual payment from the government to help eligible people with their heating costs during the colder months. It’s usually between £100 and £300 depending on your circumstances.

If you’re eligible, you’ll normally receive your payment automatically. It’s tax-free and won’t affect any benefits you receive.

Who is eligible?

If you were born before 23 September 1958, you can get a Winter Fuel Payment for Winter 2024 to 2025.

You must also live in England or Wales and receive one of the following:

• Pension Credit
• Universal Credit
• Income-related Employment and Support Allowance (ESA)
• Income-based Jobseeker’s Allowance (JSA)
• Income Support

If you live in Scotland, you might qualify for an annual Pension Age Winter Heating Payment instead.

How much will you receive and when?

In October or November, if eligible, you’ll receive a letter telling you how much Winter Fuel Payment you’ll receive. If you think you’re eligible but don’t receive a letter, check if you need to make a claim.

The amount you receive is based on your birth date and circumstances between 16 and 22 September 2024. This is called the ‘qualifying week’.

Payments are automatically received in November or December. You’ll receive a letter explaining how much you’ll receive and what bank account it will be paid into—usually the same account as your benefits or Pension Credit.

If you live alone

You’ll get either:

• £200 if you were born between 23 September 1944 and 22 September 1958
• £300 if you were born before 23 September 1944

If you live with someone

If you and your partner jointly claim any of the benefits, one of you will get a payment of either:

• £200 if both of you were born between 23 September 1944 and 22 September 1958
• £300 if one or both of you were born before 23 September 1944

It’ll be paid into the bank account your benefits are usually paid into.

If you live in a care home

If you’re eligible you’ll get either:

• £100 if you were born between 23 September 1944 and 22 September 1958
• £150 if you were born before 23 September 1944

Other help with heating bills

You could also get:

• a Cold Weather Payment – if the weather drops to zero degrees Celsius or below for seven days in a row and you receive certain benefits you may be eligible.
• the Warm Home Discount – this is a £150 discount on your bills if you receive Pension Credit or live in a low-income household
• help from the Household Support Fund, if you’re eligible under your local council’s rules – check on your local council’s website

What you can do next

If you are struggling with debts call us on 0800 072 1206. We’re open from 8am – 8pm Monday to Friday and 9am – 3pm on Saturdays.

Alternatively, you can visit our www.payplan.com/police to speak to us via live chat or for more information.