17th March 2022
Are you worried about the cost of living?
There is a lot in the news about the cost of living, price increases at the supermarket, energy price hikes, rent/mortgage increases, Council Tax increase (despite the £150 refund), NI increase and many other things. Are you worried about all the news reports and wondering how you are going to cope? Let us here at Money Buddies help you.
How to stay financially safe
Firstly – sit down with a cuppa. This is important and it will help you concentrate on the things you need to do.
Start by looking at your income
Are you getting everything the government tells you that you are entitled to?
Go on to a benefits calculator https://www.turn2us.org.uk/ or https://www.entitledto.co.uk/
Work out everything you have coming and look through all of your finances and note them down.
Avoid the news if you can and concentrate on your own situation
- Look at all your outgoings?
- Ask yourself, ‘do I really need to pay this’?
- Are there any old Direct Debits you have going on, that you can cancel?
- Are you doing things the cheapest and best way? i.e. can you get a cheaper broadband provider? Would a water meter be cheaper for you, if you are paying for water another way?
- Are you paying the right amount on your TV license? Remember there are reductions to the TV license if you are visually impaired.
- Downscale in the supermarket when you go shopping? Can you shop at a cheaper supermarket for now?
- Can you free up any cash? Is there anything that you can sell that you want need anymore?
- Top-up non-smart pre-payment meter in March as much as you can before the prices rise from 1st Note British Gas have said no (this is being challenged), but you can do this if you have a key card pre-payment meter, but not a smart pre-payment meter. If you top up as late as you can before the end of March, this will work for most people.
- If you are getting extortionate electricity bills, because you or any members of you family have disabilities, see if there are any energy trust funds that can help out.
- Go online and see if you can make any savings anywhere.
- Stuck with the above? Our Money Buddies will help you
What next?
Hopefully after you have noted down what income you have coming in, and what you have going out, you will be left with some spare income, this is what we call ‘disposable income’. Save it if you can. If you can save your disposable income, then this will better position you for any further price increases.
What if no disposable income?
There are normally always options. Come and see us in any of our 24 sites across Leeds and we will talk to you about what your options are.
What if I have an emergency? What if I have a bailiff or I am going to be evicted?
Even if you have an emergency, there are still options. Our job is to make sure that you remain financially safe, so we would like you to talk to us about what we can do to help you. We are trained to represent you in court for repossessions and evictions, and we are also trained to deal with bailiffs, so that you don’t have to. Note on bailiffs, never let them in to your home – talk to us straight away if you have a bailiff, and we will give you the knowledge to make sure that you remain financially safe.