With prices soaring all over, it’s no wonder that we’re all looking for ways to cut back on our spending. Just look at the cost of filling up our cars for an obvious example. The typical British road user is well on track to be splashing out over £1,000 on fuel in 2022. March saw the average price of petrol leap up by 26.4% over January, with diesel’s increase even worse at 28%. A major percentage of the UK working population drives for work, and there’s no cutting those costs for many of them. So how are we reacting? By tightening our belts and plugging the leaks in our finances – and that means taking lumps out of our household leisure spending.

What are we cutting back on?

From TV to food delivery, it seems like pretty much everything’s making the move toward rolling payments these days. Most of us have some mixture of stacked-up subscription packages chewing through our monthly finances. Subscription-based media and gaming services went off like a rocket while most of us were stuck at home during the country-wide lockdown.

Since June 2021, though, things have changed a lot. Comfortably over a million UK households have now cancelled at least one of their streaming video subscriptions, and that figure alone accounts for almost half the recurring payments cancelled over that time.

It’s actually a pretty smart move to cancel unused or poor-value subscriptions when money’s tight. A lot of those regular payments just seem to fade into the general financial “background noise” of our lives, and it can make a surprising amount of difference to our monthly finances when we simply cut them off.

Fill Up Your Wallet and Help a Friend

The problem is, once we’ve worked out what costs we can cut back on, we tend to stop looking for ways to fix the problem. Trimming the fat out of our spending’s only half the battle, because there’s no point just sealing up the holes in an empty wallet.

With those leaks fixed, you’ve got to look for ways to fill it back up – and the first step to take on that road is to claim back the tax HMRC owes you. In a world where everyone’s full of advice on ways to slow down your spending leaks, RIFT is working hard to flood your wallet with refund cash. It’s something we love to do – but we can’t do it alone.

When you refer your friends to RIFT for their tax refund claims, you’re not just grabbing a quick £50 reward for yourself. You’re making a real difference in someone’s life at a potentially critical time. Tax refunds are tricky to get your head around. They’re not prizes you can win or windfalls to pick up.

This is YOUR money, and 2 out of 3 UK workers are never claiming it back. That’s an incredible shame at any time – but in the middle of a cost of living crisis it’s an absolute tragedy. We’re all feeling the pressure of rising bills right now, and if the taxman owes you money there’s a good chance he owes your friends and workmates, too. You owe it to yourself to claim back what’s yours, and we all owe it to our mates to make sure they’re not missing out either.

Check out the RIFT Refer a Friend scheme here, then get your referrals in for unlimited cash rewards, free prize draw entries and a real chance to lighten a mate’s load in tough times

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