Updated for 2026

Some financial products sound like a smart move when you first hear about them. A little extra protection here, a loyalty discount there. But when you look at the detail, many of them cost more than they are worth, or duplicate cover you already have. If you are trying to keep your household spending under control, cutting unnecessary financial products is one of the easiest wins.

Here are five common financial products that most people can do without in 2026.

Store Cards: High Interest With Limited Rewards

Walk into almost any high street retailer and someone at the till will offer you a store card. They come with tempting sign-up discounts, sometimes 10% to 20% off your first purchase, along with exclusive offers and early access to sales.

The problem is that store cards typically charge much higher interest rates than standard credit cards. While the average UK credit card APR sits around 25% to 30% in 2026, some store cards charge well over 30%. If you do not clear the balance in full each month, those interest charges quickly wipe out any savings from the initial discount.

If you want the perks of loyalty shopping, a cashback credit card or a simple loyalty programme is almost always a better option. You get the rewards without the punishing interest rates. The MoneyHelper guide to store cards explains this in more detail.

Extended Warranties: Expensive and Often Unnecessary

When you buy a new appliance, laptop or television, the retailer will usually offer an extended warranty. These can run from one to five years and can cost a significant percentage of the original item price.

What many people do not realise is that the Consumer Rights Act 2015 already gives you strong protection. Under this legislation, goods must be of satisfactory quality, fit for purpose and last a reasonable amount of time. If a product develops a fault within six years of purchase (five years in Scotland), you may be entitled to a repair, replacement or refund, depending on how long you have had the item.

On top of that, if you pay by credit card for anything costing between £100 and £30,000, Section 75 of the Consumer Credit Act 1974 means your card provider is jointly liable if things go wrong. That is free protection you already have, so paying extra for an extended warranty is often a waste of money.

Identity Theft Insurance: Cover You Probably Already Have

Identity theft insurance is marketed as an affordable safety net, often costing around £10 to £15 a year. For a small outlay, it sounds reassuring. But the reality is that your bank and credit card provider are already required to protect you against unauthorised transactions.

Under the Payment Services Regulations 2017, your bank must refund unauthorised payments unless they can prove you were grossly negligent or committed fraud yourself. In practice, this means you are already covered for the most common forms of identity theft at no extra cost.

If you are worried about identity fraud, the best protection is practical: use strong passwords, enable two-factor authentication, and check your credit report regularly. Services like Cifas Protective Registration (around £25 for two years) offer genuine added security if you have been a victim before, but generic identity theft insurance policies rarely add much value.

Mobile Phone Insurance: Often Duplicated or Overpriced

Phone insurance can cost anywhere from £8 to £25 a month in 2026, depending on the handset. Over a two-year contract, that adds up to between £192 and £600. For many people, that is a significant chunk of what the phone itself is worth.

Before taking out a separate phone insurance policy, check whether your phone is already covered under your home contents insurance. Many policies include personal possessions cover that extends to mobile phones, sometimes with a lower excess than a dedicated phone insurance plan.

If your phone is a budget or mid-range model, it may be cheaper to set aside a small amount each month into a savings pot and replace it yourself if something goes wrong. Phone insurance makes more sense for very expensive handsets where replacement would be a genuine financial strain, but for most people it is an unnecessary extra.

Packaged Bank Accounts: Paying for Benefits You Do Not Use

Packaged bank accounts charge a monthly fee, typically between £13 and £20, and bundle in extras like travel insurance, breakdown cover and mobile phone insurance. On paper, they look like good value. In practice, many account holders never use the bundled benefits, or find that the cover comes with exclusions that make it impractical.

For example, the travel insurance included may not cover pre-existing medical conditions, or the phone insurance might have a high excess. If you are paying £15 a month for an account whose perks you do not use, that is £180 a year going to waste.

If you do use all the benefits, compare the cost of buying them separately. Sometimes the packaged account is genuinely cheaper, but often it is not. A free current account combined with a standalone travel insurance policy could save you money. The MoneyHelper packaged accounts guide can help you compare.

How to Review Your Financial Products

If you are looking to cut unnecessary spending, start by listing every financial product you currently pay for. That includes insurance policies, bank account fees, warranties and any ongoing subscriptions linked to financial services.

For each one, ask yourself three questions:

• Am I already covered by existing legal protections or other policies?
• Have I actually used this product or made a claim in the last two years?
• Could I get equivalent cover more cheaply elsewhere, or go without?

Cutting even two or three unnecessary products could save you several hundred pounds a year. If you are struggling with budgeting, that money could go towards building an emergency fund or reducing existing debts.

If debt is already a concern, organisations like StepChange offer free, confidential advice on managing your finances and dealing with arrears. Getting the right support early can prevent small financial problems from becoming serious ones.

Updated for 2026

Clean Up Your Credit Score

A poor credit score can cost UK households hundreds of pounds each year through higher interest rates, rejected applications and more expensive deals on everything from energy to broadband. If your credit rating has taken a hit, whether from missed council tax payments, mounting debts or simply never having borrowed before, taking steps to clean up your credit score could save you a significant amount of money in 2026 and beyond.

Why Your Credit Score Matters in 2026

Your credit score is a snapshot of how reliably you have managed borrowing and repayments. Lenders, landlords, mobile phone providers and even some employers use it to decide whether to do business with you. In 2026, with interest rates still elevated compared to pre-2022 levels, the difference between a good and poor credit score is more costly than ever.

According to research from the Money and Pensions Service, households with poor credit ratings pay on average £1,200 more per year across energy, broadband, insurance and borrowing costs. That is money most people simply cannot afford to waste.

If you have fallen behind on council tax payments, this can appear on your credit file once a County Court Judgement (CCJ) is issued. A CCJ stays on your record for six years and can make it harder to get approved for credit, tenancies and even some jobs.

How to Clean Up Your Credit Score

1. Register on the electoral roll

This is one of the quickest ways to boost your credit score. Lenders use the electoral register to verify your identity and address. If you are not registered, you are almost certainly losing points. You can register to vote on GOV.UK in minutes.

2. Check your credit report for errors

You can now check your credit report for free through services like Experian, Equifax and TransUnion (formerly Callcredit). Look for incorrect addresses, accounts you do not recognise, or debts that have been repaid but still show as outstanding. If you spot mistakes, raise a dispute directly with the credit reference agency.

3. Pay bills on time, every time

Late payments are one of the biggest factors dragging down credit scores. Set up direct debits for your mortgage, rent, council tax, energy and phone bills. Even one missed payment can stay on your file for six years. If you are struggling to keep up with council tax bills, contact your council early to arrange a payment plan before it escalates.

4. Reduce your credit utilisation

Try to use no more than 30% of your available credit at any time. For example, if your credit card limit is £2,000, aim to keep the balance below £600. Maxing out cards signals to lenders that you are relying too heavily on credit.

5. Space out credit applications

Each time you apply for credit, a hard search is recorded on your file. Multiple applications in a short period make you look desperate to borrow. Space applications out by at least three months and use eligibility checkers (soft searches) before applying.

6. Close unused accounts

Old credit cards and store cards you no longer use still count towards your total available credit. Closing accounts you do not need tidies up your credit file and reduces the risk of fraud.

7. Sever financial links with ex-partners

Joint accounts, joint mortgages and even shared utility bills create a financial association on your credit file. If your ex-partner has a poor credit score, it could drag yours down. Contact the credit reference agencies to request a financial disassociation once all joint accounts are closed.

8. Build credit if you have none

Having no credit history can be just as problematic as having a bad one. A credit builder card, used for small purchases and paid off in full each month, can establish a positive track record over six to twelve months.

How Council Tax Debt Affects Your Credit Score

Council tax debt itself does not appear on your credit file. However, if your council takes you to court and obtains a liability order, and then pursues a CCJ, this will be recorded. A CCJ significantly damages your credit score and stays visible for six years from the date of judgement.

If you are already dealing with council tax arrears, getting advice early can prevent the situation from reaching court. Organisations like StepChange and MoneyHelper offer free, confidential debt advice.

You may also be entitled to council tax support or a reduction if you are on a low income, receiving certain benefits, or are the sole adult in your household.

How Long Does It Take to Improve Your Credit Score?

There is no overnight fix. Some changes, like registering on the electoral roll or correcting errors, can improve your score within weeks. Others, like building a consistent repayment history, take months. Negative marks such as CCJs, defaults and bankruptcies remain on your file for six years, but their impact lessens over time.

The key is consistency. Every on-time payment, every month of keeping your credit utilisation low, and every old error you correct moves you in the right direction.

Free Tools to Monitor Your Credit Score

In 2026, checking your credit score is free and straightforward. The three main credit reference agencies in the UK are:

• Experian: free basic score via the Experian app or website
• Equifax: free access through ClearScore
• TransUnion: free access through Credit Karma

Each agency may hold slightly different information, so it is worth checking all three. Monitoring your score regularly helps you spot problems early and track your progress as you work to clean up your credit score.

Need Help With Council Tax or Debt?

If council tax debt or other financial difficulties are affecting your credit score, we can help. Get in touch for free, confidential guidance on your options.

Updated for 2026

Jam Jar Accounts: A Simple Way to Budget and Stay on Top of Your Bills

If you struggle to keep track of where your money goes each month, a jam jar account could be exactly what you need. The idea is simple: you split your income into separate pots, each one earmarked for a specific expense. Bills in one pot, rent or mortgage in another, groceries in a third, and so on. It is an old-fashioned concept that works surprisingly well in 2026, and several banks and credit unions now offer digital versions that make it easier than ever.

What Is a Jam Jar Account?

A jam jar account works on the same principle as putting cash into different jars on the kitchen shelf. Each jar has a label and a purpose. The difference today is that your bank or credit union manages the pots electronically, setting up automatic transfers so the right amount lands in the right place every payday.

These accounts are sometimes called budgeting accounts or multi-pot accounts. They are particularly popular with people who find it difficult to resist dipping into money that should be set aside for essentials. Once the money is in the pot, it stays there until the bill is due.

Providers like MoneyHelper list several budgeting account options and explain how they compare to standard current accounts.

How Jam Jar Budgeting Works in Practice

Before opening a jam jar account, you need a clear picture of your monthly income and outgoings. Start by listing every regular payment: council tax, rent or mortgage, gas, electricity, water, broadband, insurance, and any debt repayments.

Next, work out the total cost of your essentials. Subtract that from your income and you will see what is left for food, transport, and discretionary spending.

Once you have those figures, you set up your pots:

• One pot for housing costs (rent or mortgage)
• One pot for household bills (council tax, utilities, broadband)
• One pot for debt repayments if applicable
• One pot for everyday spending (food, travel, clothing)
• One pot for savings or an emergency fund

Standing orders move the money into each pot a day or two after payday. Whatever is left in your main account after the transfers is yours to spend freely, knowing every essential bill is already covered.

Who Offers Jam Jar Accounts in 2026?

Several providers now offer jam jar style accounts in the UK:

• Credit unions remain the traditional providers. Many offer basic budgeting accounts with low monthly fees, typically between £5 and £14.50 per month.
• Digital banks such as Monzo, Starling and Chase let you create multiple savings pots within a single account at no extra charge.
• Some social housing landlords and local councils work with credit unions to offer tenants budgeting accounts with reduced or waived fees. Check with your council or housing association to see if this applies to you.

The government’s credit union expansion project has helped more people access affordable financial products, including budgeting accounts.

Jam Jar Accounts and Council Tax

One of the biggest reasons people fall behind on council tax is that the money simply is not there when the bill arrives. A jam jar approach removes that risk. By setting aside one tenth of your annual council tax bill each month (or one twelfth if your council collects over 12 months), the money is waiting when the Direct Debit goes out.

If you are already behind on council tax, a budgeting account can help you stick to an agreed repayment plan. Councils are often willing to set up affordable instalments, but only if you can demonstrate you will keep up with payments. Having a dedicated pot for council tax arrears shows you are serious about clearing the debt.

For practical steps on getting your finances back on track, read our guide on five practical tips for managing your money and staying out of debt.

The Pros and Cons of Jam Jar Accounts

Advantages

• You always know your bills are covered before you spend on anything else
• Reduces the temptation to dip into bill money
• Makes budgeting straightforward, even if numbers are not your strong point
• Helps you build an emergency fund over time

Drawbacks

• Credit union jam jar accounts charge a monthly fee (usually £5 to £14.50)
• Digital bank pots are free but require more self-discipline as the money is easier to move
• You need to know your exact income and outgoings before setting up the pots, or you risk under-funding a category

If you are on a very tight budget and every pound counts, the monthly fee for a credit union account might not be worth it. In that case, free pot features from digital banks could be a better option.

Tips for Making Jam Jar Budgeting Work

Budgeting only works if you stick to it. Here are some pointers to keep you on track:

• Set a strict rule: when a pot is empty, stop spending in that category. Do not borrow from other pots.
• Review your pots every three months. Bills change, and your pots should reflect that.
• If you have money left over in a pot at the end of the month, move it into your savings or emergency fund.
• Tell your bank to set up standing orders on the day after payday so the money moves automatically.
• Use free budgeting tools from StepChange to plan your spending before you open the account.

If you are struggling with debt and need more than a budgeting tool, our guide on managing debt repayments explains your options in plain English.

Need Help With Council Tax or Debt?

If you are struggling with council tax arrears or other debts, we can point you in the right direction. Our advisors offer free, impartial guidance to help you understand your options and take the next step.

Updated for 2026

Council Tax Revaluation: Why No Political Party Will Commit to Reform

Council tax revaluation has been debated for decades, yet every property in England is still taxed based on what it was worth in April 1991. That is 35 years ago. House prices have changed beyond recognition since then, but the tax bands have not moved at all. So why does every government keep dodging the issue?

Why Council Tax Revaluation Matters in 2026

The council tax system in England relies on property valuations carried out over three decades ago. Back in 1991, the average house price was around 55,000 pounds. By 2026, the average sits closer to 290,000 pounds. In some parts of London and the South East, prices have risen by more than 600% since those original valuations were set.

This means that a home in Band D in one area might be worth far more or far less than a Band D property elsewhere. The result is a system where millions of households are paying the wrong amount of council tax relative to their property’s actual value. According to the Joseph Rowntree Foundation, a revaluation would result in only small changes for the majority of taxpayers, with around 70% seeing little or no difference to their bills.

What Would a Council Tax Revaluation Actually Change?

A revaluation would reassess every residential property in England and place it into the correct band based on current market values. Properties that have increased significantly in value since 1991, particularly in London and the South East, would likely move up one or more bands. Meanwhile, homes in areas where growth has been slower could move down.

The British Property Federation has long argued that a revaluation should include the creation of additional bands above the current Band H ceiling. This would mean the most expensive homes pay a fairer share, rather than relying on blunt measures like a standalone mansion tax.

There are currently eight bands in England (A to H), with Band H covering all properties valued above 320,000 pounds at 1991 prices. That threshold has not changed since the system was introduced. A property worth 500,000 pounds in 1991 pays the same band rate as one worth 10 million pounds. Additional higher bands would address this imbalance.

Why Politicians Keep Avoiding Council Tax Revaluation

The simple answer is fear. Any party that commits to revaluation risks upsetting homeowners who would see their bills rise. Even though the research shows most bills would barely change, the perception of higher taxes is enough to put politicians off.

Labour’s 2024 election manifesto did not include a commitment to council tax revaluation. The Conservative Party avoided it throughout their 14 years in government from 2010 to 2024. The Liberal Democrats backed it during the coalition years but never followed through. No major party has treated it as a priority, despite cross-party acknowledgement that the system is outdated and unfair.

The last revaluation in England took place in 1991. Wales carried out a revaluation in 2003, which moved some properties between bands and caused political controversy. That experience is often cited as a reason for English politicians to leave well alone, even though the Welsh revaluation was largely seen as necessary and overdue.

The Case for More Regular Revaluations

Advocates for reform argue that technology has made revaluation far simpler and cheaper than it was in the early 1990s. Automated valuation models, Valuation Office Agency data, and Land Registry records mean that mass revaluations could be carried out efficiently without the administrative burden politicians fear.

Countries like the Netherlands carry out property revaluations annually. New Zealand does it every three years. England’s refusal to update its valuations since 1991 is an outlier by international standards.

The British Property Federation has stated that regular revaluations would keep the system fair and prevent the kind of massive disruption that a single catch-up exercise after 35 years might cause. Smaller, more frequent adjustments are easier for households to absorb than one dramatic shift.

How Council Tax Revaluation Could Affect You

If you live in an area where property prices have risen sharply since 1991, a revaluation could push your home into a higher band. This is most likely in parts of London, the South East, and major cities where demand has driven prices up significantly.

If you live in an area where prices have grown more slowly, or where local housing markets have stagnated, you could end up in a lower band and pay less. The Valuation Office Agency already allows you to challenge your band if you believe it is wrong, but a full revaluation would correct many of these errors automatically.

It is worth checking whether your current band is accurate. You can do this free of charge through the GOV.UK council tax bands checker. If your property is in the wrong band, you may be paying too much already.

What Happens If Nothing Changes?

Without a revaluation, the gap between actual property values and the bands they sit in will continue to widen. This means the council tax system becomes less fair with every passing year. Lower-value homes in some areas end up paying a disproportionately large share of local tax revenue, while owners of high-value properties in expensive areas pay relatively less.

The Institute for Government has described council tax as one of the most regressive taxes in the UK. Households on lower incomes spend a larger proportion of their earnings on council tax than wealthier households. A revaluation, combined with additional higher bands, would go some way towards correcting this.

Council Tax Support If You Are Struggling

Regardless of whether a revaluation happens, help is available if you are finding it difficult to keep up with your council tax payments. Council Tax Reduction (previously Council Tax Benefit) is administered by your local authority and can reduce your bill significantly if you are on a low income or claiming benefits.

Free debt advice is also available from organisations like StepChange and MoneyHelper. If you have fallen behind on payments, acting quickly is important. Councils can escalate unpaid council tax to enforcement agents, and the costs add up fast.

Get Free Council Tax Advice

If you are struggling with council tax arrears or want to check whether you are in the right band, Council Tax Advisors can help. We provide free, impartial guidance on your options, including liaising with your local authority to arrange an affordable repayment plan.

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Updated for 2026

For millions of people across the UK, the gap between what they earn and what they spend is growing wider every year. While rising bills and stagnant wages are well-documented problems, there is another factor quietly driving households deeper into debt: social spending.

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Social debt is the money people spend on social activities that they cannot genuinely afford. It covers everything from nights out at the pub and restaurant meals to holidays, birthday presents, weddings and weekend trips. The term gained traction after government-funded research revealed that half of all UK adults blame the demands of their social lives for getting into financial difficulty.

The average social debt among UK adults now sits at well over \u00a31,000, with more than half of people admitting they regularly spend more than they budget for on social occasions. That figure is climbing. In 2026, with the cost of eating out, travel and entertainment all rising sharply, the pressure to keep up appearances has never been greater.

What makes social debt particularly dangerous is how invisible it can feel. Unlike a missed council tax payment or a red letter from a credit card company, social spending creeps up gradually. A round of drinks here, a split bill there, and before long the overdraft is deeper than it was last month.

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There is a strong psychological element to social spending. Research consistently shows that people fear being seen as tight or mean by their friends and family. That fear pushes them to spend money they do not have, whether that means buying a round they cannot afford, splitting a restaurant bill equally when they only had a starter, or saying yes to a holiday they have no realistic way of paying for.

The numbers back this up. Two out of three people say they spend more on a round of drinks than they get back in return. A third of those questioned in UK surveys admit they lose out when settling a group tab after eating out. These are small amounts individually, but they add up quickly over weeks and months.

Social media has made the problem worse. Platforms like Instagram and TikTok create a constant stream of aspirational content: holidays, brunches, new outfits, nights out. The pressure to match what others appear to be doing is real, even when those people are also spending beyond their means. It creates a cycle where everyone is pretending they can afford a lifestyle that is quietly bankrupting them.

One in six UK adults has admitted to going on holidays they cannot afford. Credit cards are often the tool of choice for funding these trips. A lengthy 0% interest deal on purchases can seem like a sensible way to spread the cost, but if you are already carrying debt from previous spending, adding a holiday on top only makes the situation harder to recover from.

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When social spending pushes you into debt, the consequences extend far beyond your bank balance. Debt affects your mental health, your relationships and your ability to cover essential costs like rent, council tax and utility bills.

The link between debt and depression is well established. People who owe money they cannot repay are significantly more likely to experience anxiety, sleep problems and feelings of hopelessness. When the source of that debt is social spending, there is often an added layer of shame, because the money was not spent on anything essential.

There is also a practical knock-on effect. If your disposable income is being swallowed by social commitments, you are more likely to fall behind on priority debts. Council tax arrears, missed rent payments and growing credit card balances can all escalate quickly. Councils in England and Wales have the power to pursue unpaid council tax through the courts, and in serious cases this can lead to bailiff enforcement action.

According to the Money Helper service (formerly the Money Advice Service), one of the most common triggers for debt problems is a mismatch between income and lifestyle expectations. When people spend more than they earn month after month, the gap can only be filled by borrowing, and borrowing always has a cost.

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If social spending is contributing to your debt problems, the good news is that there are straightforward steps you can take to regain control. None of them require you to become a hermit or cut off your social life entirely.

Be honest with the people around you. This is the single most important step. If you cannot afford something, say so. Most friends and family will understand, and you may find that others in the group feel the same way but have been too embarrassed to speak up. The stigma around admitting you are struggling financially is fading, but it still takes courage to be the first one to say it.

Set a social budget and stick to it. Work out what you can realistically afford to spend each month on non-essential social activities. That might be \u00a350, \u00a3100 or \u00a3200, depending on your income and outgoings. The exact figure does not matter as much as the discipline of having one. When it is gone, it is gone.

Suggest cheaper alternatives. Not every social occasion needs to involve a restaurant or a bar. A walk, a coffee, a film night at someone’s house or a free local event can be just as enjoyable. People who genuinely care about spending time with you will not mind where you do it.

Pay your own way. Splitting bills equally is a social convention, not a rule. If you had a soft drink while everyone else had cocktails, it is perfectly reasonable to pay for what you actually had. The same goes for rounds at the pub: there is nothing wrong with sitting one out.

Review your subscriptions and memberships. Gym memberships, streaming services, club fees and magazine subscriptions can all feel like small amounts, but they add up. Cancel anything you are not actively using.

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For some people, social spending is just one part of a wider debt problem. If you are already behind on priority bills like council tax, rent or mortgage payments, addressing your social budget alone will not be enough. You need a proper plan that covers all of your debts, and you may need professional support to put one together.

Free debt advice is available from several organisations across the UK. Citizens Advice offers face-to-face and online guidance on managing debts, negotiating with creditors and understanding your legal rights. StepChange provides a free debt advice service and can help you set up a formal debt management plan if that is what your situation requires.

If your debts are relatively small and your income is low, a Debt Relief Order may be an option worth exploring. For those whose debts include council tax arrears, it is important to understand how your local authority is likely to respond, because council tax is treated as a priority debt and councils have strong powers of recovery.

The key message is this: do not ignore the problem. Debt does not go away on its own, and the longer you leave it, the more limited your options become. Whether your debt started with social spending, unexpected bills or a change in circumstances, the sooner you seek advice, the better your chances of finding a manageable way forward.

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If social spending or any other form of debt is affecting your life, Council Tax Advisors can help. Our team provides free, independent guidance on managing your finances, dealing with council tax arrears and finding the right debt solution for your situation.

Council Tax Advisors provides general information and guidance on council tax and debt-related matters. We are not regulated by the Financial Conduct Authority (FCA) and do not provide regulated financial advice. If you require regulated debt advice, we recommend contacting a qualified debt adviser or an FCA-authorised provider such as StepChange or Citizens Advice.

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