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Home > My three money saving tips for home and at work

My three money saving tips for home and at work

Posted by admin on February 5, 2016

Ah, it’s that time of year again and we are all acutely aware of the impact of the excesses following the festive period!...Belts are a little tighter and wallets a little thinner!

This is the same for us as a Trust ….particularly the tighter belts!  At this time of year, there are often lots of online advice on how to improve your finances (and on how to lose weight…notice a theme?) with many of the suggestions reasonably straight forward and could be argued little more than common sense but no less helpful!

Before passing on the wisdom of the internet, and how these tips are equally helpful for us as a Trust, I’d just ask you to think about how you manage your own finances at home. Think about how you go about managing your household budget normally….

  • Some of us (me!) might use a spreadsheet approach with your ingoings and outgoings
  • You might use a banking app or online banking to manage your money
  • You may prioritise what you want to spend in a month
  • You may look to save money each month – either for something specific (a holiday or a birthday for example)

If any of these sounds like something you do – then this is very similar to how we manage our finances as a Trust – we just describe things a little differently. We use terms like Financial Plan or Budget Setting process, Cost Improvement Plans (CIPs), Investment Strategy and Cashflow analysis. All fancy ways of describing the way we manage our money, but no different to the way you manage your money at home!

It’s all just a greater scale, and maybe slightly more difficult given we don’t control all that we’d like - so you still need a Finance Director – to address the inevitable question!

Ok, so what are the 3 Top Tips that I’ve discovered that I would like to share with you all:

TIP 1

HOME: Check Bank Statements Carefully – you might be paying for stuff you no longer use / need! Particularly those “Introductory Offers” that continue until you tell the supplier you no longer want the product / service.

WORK: When was the last time you or your team looked through your ward or department budgets? How well do you know what it is your paying for and is it still in areas that are needed / used well?

TIP 2

HOME: Pay Off Most Expensive Debt First – look at your bank charges, credit card interest and loans payments and try and re-negotiate rates, look for lower rates from competitors or talk to your bank about consolidating debts to pay them off quicker. The range of rates on offer are huge and just shopping around can make a huge difference.

WORK: Have you looked at the rates you are paying in your ward or department for agency or locum staff, rental payments for equipment, ward consumable prices or charges for maintenance / works? Have you been in touch with our procurement team or your finance manager to potentially “shop around” or secure new deals?

TIP 3

HOME: Reduce Waste – it’s shocking how much food we throw away each year. Try and Buy only what you need, make food in batches and freeze the rest! It’s amazing what you can do with leftovers and a couple of store cupboard staples and some seasoning J. Try here http://cookingonabootstrap.com/ for some great ideas.

WORK: This isn’t as hard as you might think to refer to how we might need to change how we do things as a Trust! When was the last time you looked in your storage areas? Or how often you order things and how much of it actually gets used or thrown away / damaged? Or what savings are available if we order in certain amounts or at certain times? Another good exercise to do as a team with your procurement / finance colleagues.

So there you have it, 3 simple tips that could save money both at Home and at Work. If you have any other great ideas……without compromising safety and quality, crack on and do them! 

It doesn’t take a lot of change to make a big difference. 

If you have identified cost saving ideas at work and you are finding it difficult to implement, please me know and I will look at how we can help you.

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