Following the Chancellor’s spring statement this week, one expert has suggested you don’t need to wait around
Steven Smith Content Editor
01:51, 08 Mar 2026
Chancellor of the Exchequer Rachel Reeves(Image: CARLOS JASSO, AFP via Getty Images)
During Tuesday’s spring statement, Chancellor Rachel Reeves told the Commons: “By the next election, after accounting for inflation, people are forecast to be £1,000 a year better off per year.” But with household bills rising, tax thresholds frozen and unemployment on the up, many can’t afford to wait for the economy to catch up, according to one financial expert.
TotallyMoney CEO Alastair Douglas is urging people to take matters into their own hands by making a few quick changes to their finances.
Financial expert’s tips to save £4,000Save £1,931 by transferring your credit card balance
Mr Douglas took what he said was an average example to illustrate his first point in relation to credit cards.
He said: “Half of people are currently paying interest on their monthly credit card balance and could save hundreds, if not thousands, by using a balance transfer. You can currently get up to 38 months interest-free, and on the average balance of £3,002 that’s a saving of £1,931.”
This example was based on the average TotallyMoney customer’s interest-bearing balance of £3,002 moving to the market-leading TSB 38-month offer with a 3.49% fee; 47.8% of credit card balances bear interest, according to UK Finance.
Switch energy providers and save £917
Mr Douglas said: “Switching energy providers is easy and you could save up to £917. Use a comparison site and consider smaller or newer providers as they may offer better deals. Most take place within five working days, all your plugs and pipes stay the same, and nobody needs to visit your home to make the switch – so it might be easier than you think.”
According to Money Supermarket, 10 per cent of customers who switched saved £917.
Chancellor of the Exchequer Rachel Reeves delivers her spring statement to MPs in the House of Commons(Image: House of Commons/UK Parliament/PA)
Move banks and get up to £500
Mr Douglas said: “Eight banks will pay you to switch current accounts, and you can get up to £200 for moving your money, or £500 if you’re a high earner. You’ll usually need to jump through a few hoops to secure the cash – and these often include moving Direct Debits, depositing cash, and logging into the banking app. Using the Current Account Switch Service means your balance, regular payments and income will be automatically transferred.”
Shift your savings to earn an extra £651
Mr Douglas said: “The Big Five high street banks pay little more than 1% on their easy access savings accounts, meaning you’re not only earning very little in interest, but that your spending power is weakening with inflation at 3.00%. With some banks paying more than 4.00%, you could earn an extra £651 in the first year.”
This was calculated using an average savings balance of £19,214 using the Bank of England savings calculator with a rate of 1.20% (£232) vs 4.50% (£883) for a £651 per year difference.
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