Money Advice

Making Sure Your Costs Don’t Freeze-Up This Colder Period 

February 14, 2018 by admin in Money Advice, Saving Tips, Tips


During the colder periods, everyone of course is personally affected by the colder weather and feeling the pain of, say, colds and flu, needing to wrap up, and things often slowing down.

Often though people don’t realise how this can also affect their costs and pocket, so to speak. So in addition to literally feeling the cold, they may well see their costs escalate during the colder period, whether that’s personal finances or business expenses.

Therefore, here are 5 quick issues to identify this colder period to make sure the cold doesn’t affect your pocket and freeze your profit:

  1. Your Heating & Lighting 

Whether you’re at work or at home, we all need light and heating to be working well during these darker and colder winter days. In the desperation of simply keeping warn and illuminated, you can whack-up the heating and lighting, but just watch out for these costs then stacking up afterwards.

Of course this will be inevitable to some degree and will need correctly budgeting for, but make sure you don’t overuse and have measures such as timers on boilers and energy-efficiency bulbs in lights to help keep these costs down.

  1. Things Slowing Down 

People tend to simply slow down this time of year, whether that’s a general slower-pace through the harsher weather conditions, people taking extra holidays and sick leave, or people simply gearing-down for the holiday periods and being more social orientated.

Some of this you might be able to plan for, and some you may not. And sometimes you can use it more beneficially, so using social times to invest in either personal or business relationships. It all helps out.

  1. Accidents and Repairs 

Unfortunately the weather conditions can cause harm both to individuals and to their belongings. So cars and buildings can for example break down and need repairs, which may be reduced by some good forward planning and proactive repairs.

Also individually people may be hit with the flu or even have accidents such as slips and trips – never good to have of course personally, but which can also end up causing a loss in your wallet as well.

  1. Holiday and Sickness 

As above, personnel issues can have an effect on the figures.

It’s not that it’s all about the money rather than people themselves, it’s more a case of going into the season open-eyed and seeing how this will have an impact on money somewhere.

So from a business perspective these can be additional costs and reduced productivity, and from a personal perspective a double-edged sword in that you may be saving, say, travel costs from not being at work, but then incur additional home-costs and spending-sprees as well.

  1. Reliance upon Others 

Don’t forget that others will be involved as well this season, whether that’s friends and colleagues during the more social time, liaising with those to help get through the colder-period problems like a contractor, and for those with children arranging holiday cover.

So, remember all the connections and make sure it’s all taken into account.

Don’t Freeze Up Your Finances

Therefore, as we face these colder periods, just watch out for the changes in lifestyle that may naturally now happen, and make sure they don’t hit your pocket as much as they could do.

Early planning is often key, and either trying to avoid the extra costs, or at least have a contingency for them.

If not, then consider ways to quickly and easily deal with the aftermath – and not get clobbered with all these extra personal or business costs.

Able Accountants have an active blog with tips and tricks on both personal and business finance and accounting.