Rising food and energy prices and the removal of the £ 20 Universal Credit Rise mean that many families are facing a difficult and costly winter. So, if you are anxious or struggling to make ends meet, here are five practical things you can do to deal with the rising cost of living.
1. Check what you are entitled to
According to the charity Turn 2U, more than seven million people in the UK are deprived of the benefits they deserve. In fact, about half (5%) of adults have never verified that they are eligible for any government assistance. As a result, more than 15 15 billion remains in claimants.
Statistics show that the least claimed benefit is the housing benefit, 3.3 billion unclaimed. This is followed by Universal Credit (£ 2.9 billion) and Council Tax Support (£ 2.6 billion). Worryingly, nearly half a million families are also deprived of child benefits worth 775 million.
For families with both adults, it is easy to assume that they may not be entitled to anything. But with the rising cost of living, it’s good to check. You can quickly, easily and confidently verify using the Turn2Us Benefit Calculator which clearly determines what the various benefits are.
2. Review your budget
If you are already aware of the cost of living and budget, now is a good opportunity to review your income and outflows. If you don’t budget or have no idea how to get started, check out our budgeting tips.
Or, if you struggle with your current budgeting system, why not try something other than zero-based budgeting? If it’s a bit old school, there are apps and calculators that offer a technology alternative to money management.
Remember that budgeting doesn’t have to go without the things you enjoy. It really is what you have to create more, so that you To be able to Keep a little of what you like. For example, some simple food, such as batch cooking, can cut bills by more than £ 1,000 a year.
3. Find out which free child care you are eligible for
In England, everyone between the ages of three and four is entitled to 15 hours of free childcare. And some can get up to 30 hours. The offer is universal, so it applies to all families regardless of their income.
Also, if your child has special education needs (SEN) or receives a disability living allowance, free childcare can begin at age two. For more details, check out who qualifies for free childcare in England.
4. Switch power supplier
The uncertainty of fuel suppliers can warn you about switching. But, this is probably the fastest and easiest way to cut your energy bill.
Industry regulator ofjem data shows that you can save more than £ 100 just by switching. A comparison of the average dual fuel price with a standard variable tariff and the cheapest plan available reveals a price difference of 3 123 per year.
Under the terms of the Energy Switch Guarantee (which 90% of suppliers promise to uphold), switching should not take more than 21 days. This means the transfer is handled by your new provider. This means you don’t have to worry about reading the meter and doing more than settling your outstanding bills.
To help you switch, OffZem has a list of recognized price comparison websites.
Find the less essential items
The cost of living is not just about food, energy and bills. It also includes the cost of buying household appliances. And replacing essentials like your washing machine or fridge can be a big loss to your finances if you buy them new.
Instead, reuse network sources for your preferred furniture and electrical appliances that you can buy at significantly lower prices. Just search their charity network and find what you need locally. Last year, the network helped more than 1,000,000 families in the UK, reaching নিম্ন .3 billion for low-income adults. Saved millions.
End Furniture can also help with poverty. Their websites make a list of companies that provide the necessary furniture and they make grants to help you buy what you need. There are also suggestions for affordable credit options, including credit unions.
Was this article helpful?
Some of the offers on MyWalletHero come from our partners – that’s how we make money and keep this site going. But does it affect our ratings? No. Our promise is to you. If a product is not good, our rating will reflect it, or we will not list it at all. Also, while we aim to feature the best products available, we do not review every product on the market. Learn more here. The above statements are not provided or approved by Motley Flower alone and by bank advertisers. John McKee, CEO of Whole Foods Market, a subsidiary of Amazon, is a member of the board of motley flowers. Motley Full UK has recommended Barclays, Hargreaves Lansdowne, HSBC Holdings, Lloyds Banking Group, MasterCard and Tesco.