Women will bear the brunt of Government spending cuts

Saving and Making Money

Updated on 05 July 2010 | 20 Comments

More than 70% of the revenue raised from tax hikes and benefit cuts will come from female taxpayers, a new report shows.

George Osborne has disproportionally targeted women in his latest Budget, according to a report commissioned by former Labour minister Yvette Cooper and carried out by the House of Commons.

The study shows that, of the revenue to be raised by the financial year 2014-1015, 72.5% will come from women (£5.8bn) while just 27.5% (£2.2bn) will come from men.

Part of the reason for this is that women will suffer the most from the cuts to Child Benefit, as 94% of the recipients of this benefit are women.

But Yvette Cooper told the Guardian that even putting aside cuts in support for children, women are still more heavily hit. “Women are more affected by the cuts in things like housing benefits, cuts in upratings to the additional pension, public sector pensions or attendance allowance, and they benefit less than men from the increases in the income tax allowance,” she said.

In response to this attack on female finances, here at lovemoney.com, we wanted to offer women who are feeling the pinch some help to enable you to enjoy life’s little luxuries on a budget. So check out these female-orientated not-to-be-missed money saving tips!

1. Start off with lovemoney.com's fantastic Frugal Friday blog

If you’re hitting the high street for some much-needed retail therapy, don’t forget to check out our Frugal Friday blog first. Every week we’ll give you a full rundown of all the best high street and online sales. Even better, you can be the first to read the blog by getting an update the moment it's published. All you need to do is register on lovemoney.com and it will be delivered straight into your inbox.

2. Always compare prices

Since lovemoney.com is a comparison site I don’t think I’d be doing my job properly unless I asked you to compare prices thoroughly before you buy anything.

There are plenty of sites you can use to help you out here. General sites such as Shopzilla,Kelkoo, Pricerunner and PriceGrabber are a good place to start for bargains on clothes, shoes, jewellery, health and beauty.

3. Use an online discount store

Online discount stores such as Fragrance Direct, Cheap Smells, StrawberryNet and Feel Unique are great places to look for big savings, allowing you to cut your costs quickly on a huge range of fragrances and beauty products.

4. Become a Beauty VIP

If you take looking good seriously, check out Beauty VIP. It's a membership club that provides you with thousands of discounts on a range of beauty products and services across the UK. Membership costs £19.99 a year if you join before the end of May - usual price £29.99.

Current special offers include a free facial at Origins, a deep exfoliation treatment at Sk:n Clinics for just £20 - usual price £59, and a half price haircut at Headmasters on your first visit. All discounts will give you at least 20% off.

 5. Always check ebay

No matter what I’m buying it’s always worth checking ebay for bargains. For example, while I like Dermalogica products, I don’t like the price tag. But, luckily for me, one ebay seller is currently offloading most of the range at more than 50% off.

If you’re buying beauty products or perfume from ebay, do check the item is new before you make a bid. And make sure the seller has had plenty of positive feedback from other buyers.

6. Find a voucher code

If you’re a keen internet shopper, you can’t really fail to notice the huge voucher codes revolution which is going on right now. If this is a new one on you, a voucher code simply gives you a discount off your online purchase. All you need to do is hunt down a relevant code from a voucher code website for the item you want to buy and type it in at the checkout.

Good sites to try include HotUKDeals, vouchercodes.co.uk and myvouchercodes.co.uk. To find out more read Where to find secret voucher codes.

7. Join a swapping website

Swapping can be a clever way to update your wardrobe for free. For starters, join SwapStyle which is the biggest fashion swap site in the world. (Note that the site is currently having a facelift and won’t be available for the next few weeks.) You should also take a look at Stop spending, start swapping. This is our step-by-step guide on how to swap everything from clothes to books to holidays.

8. Hold a clothes swapping party

Alternatively, why not hold your own clothes and accessories swapping party? It’s dead easy. All you need to do is invite your friends over, and ask them to bring all their unwanted items (and maybe a bottle of wine too!) Then swap away till your heart’s content. Clothes for free - what a marvellous idea!

9. Drop a brand

Luxury and designer goods can come with a truly eye watering price tag. Before you even think about super splurging £163 on Creme de la Mer 60ml moisturising cream (I kid you not!), ask yourself whether this really is a sensible purchase (if you're on a budget, it isn't). There are plenty of amazing products out there for a fraction of this ridiculous price. Check the reviews and downshift your brand to save you a packet.

10. Get a free makeover

Large department stores usually offer free makeovers at their beauty counters, which is a great way to look fabulous without spending a penny. Don't forget this is often the sales assistant’s golden opportunity to sell you their range of products, so don’t cave in to the pressure.

11. Get a free haircut

Hair salons regularly offer free haircuts or colouring. This allows trainee stylists to get valuable practice, and gives you a great new look for free. Gumtree has loads of ads from stylists who are looking for suitable models. You could be one of them!

12. Choose a top savings account

Finally, the extra money you’ll save now you’re living more frugally should be put to good use in an excellent savings account - but which one to choose? You could try the ING Direct (UK)
Savings Account  Bonus Account 1 which pays a fixed rate of 2.75% for a year and you can invest anything from £1 to £1m. Alternatively, the Egg Savings Account (Internet) Issue 2 pays 2.8%, however this rate is variable. To find out more, compare savings accounts at lovemoney.com.

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