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Money matters

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Money matters

Increases in the cost of living due to rising bills are causing big money worries for lots of people. If you are feeling overwhelmed and unable to cope, don’t worry, as there is support available.

Stay in control of your finances by reading our money and budgeting tips below.

Don’t miss out on extra money

It’s crucial that you claim all the benefits you are entitled to. Millions of pounds of benefits go unclaimed every year, so it really is worth checking if you are entitled to receive any extra money. Find out if you are missing out on any benefits or contact the Welfare Rights & Money Advice Team.

Cost of Living Payments

Check if you are eligible to receive a Cost of Living Payment. There are several different schemes that are aimed at different groups.

Draw up a budget

It’s a good idea to draw up a budget as this can help prevent you ending up in debt or getting caught out by unexpected costs. It’s simple to do – just grab a pen and paper and get going:

  1. Make a list of all your income, including wages and benefits
  2. List all your expenses. This should include household bills, food, living costs, insurance, family, travel and leisure
  3. Plan ahead. You may want to allocate some money on your outgoings for unexpected expenses for example if your fridge or cooker breaks down and things like birthdays, Christmas and other religious festivals, children’s pocket money and school trips

MoneyHelper has an online budget planner which can help and there are also some great free budgeting apps available from banks which have online budgeting tools that take information directly from your transactions.

Advice and tips for saving money

  • Shop around when renewing insurance (car or contents) – use on-line comparison sites e.g. Compare the Market or MoneySupermarket etc.
  • Get a cheaper mobile phone deal or use pay as you go
  • Cancel or reduce Sky/Virgin/Netflix package and check you’re not paying for other subscriptions like the gym you no longer want or use
  • Consider giving up the car and walking or cycle
  • Consider cheaper brands of cigarettes, switch to rolling your own, or even better, give up smoking altogether
  • Plan your meals and shop with a list
  • Switch to supermarket own brand alternatives
  • Switch off appliances on standby mode

Getting help with the cost of living

The Welfare Rights & Money Advice Team can offer advice and assistance to help you resolve your money problems. We can help you to sort out the problem by looking at your finances and working out a way forward together.

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