The cost-of-living crisis has drastically changed the way we’re spending our money. Unfortunately, there are no magic bullets. However, there are some sensible things we can all look to do to make a difference.
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The cost-of-living crisis has made it increasingly difficult to keep track of your household finances. Prices are rising, wages aren’t keeping up with inflation and many are finding their household budget is being squeezed more than ever. Take control of your finances by making a household plan that includes a calendar showing when your bills are due, and when your contracts are coming to an end. Keeping on top of your payments and contracts means you won’t roll onto expensive, out-of-contract deals and could save you big in the long run.
It’s now easier than ever to sign up for subscription services, which is great until you realise how much money they’re costing you. Make sure you understand exactly which subscriptions service you’re paying for each month, and then review whether you still want (or need) them. Our new service will help you easily identify each of your subscriptions, and how much they’re costing you – just check if there are any exit penalties and cancel where you can.
It’s difficult to keep on top of your outgoings when you’re responsible for a range of bills, and with prices changing more than ever you might find that you’re being overcharged. Set some time aside to make sure you’re not paying over the odds for your bills, and don’t forget about tax.
MoneySavingExpert reported that 400,000 homes were in the wrong council tax band, and with the recent changes to National Insurance, it’s worth making sure you’re on the correct tax code.
Talking about money doesn’t come easily to some, but with prices rising for almost every household bill, now’s the time to get comfortable discussing your finances. Sitting down with members of your household to review your financial position can highlight any potential areas you can cut back on to save money, and may lead to more honest discussions about spending habits.
If you’re struggling to pay any of your bills, it’s worth telling your provider. They are best equipped to help you and can explain your options. Ask if they offer any grants and schemes to help you financially – if they don’t, ask them to point you in the right direction of other organisations that can help you manage your payments.
If your provider isn’t able to help, or you’re looking for someone to talk to, there are a number of charities and organisations that you can call – we have compiled a list of resources as a starting point.
<aside> 🆘 See the list of specialists at Cost-of-living resources