Millions of households face soaring energy bills as prices rise at their fastest rate in 30 years.
Every individual should keep a close eye on their finances and try to reduce the impact of rising bills. You can achieve this by following these tips from The Money Skim.
1. Ensure You Know What You’re Spending Your Money On.
In order to figure out where your money is going, take a close look at your spending.
The first step is to determine whether your fixed expenses can be negotiated. Is there a provider that is more affordable and reliable?
Decide what to keep and what to cut when it comes to variable monthly outgoings.
Each budget should have a miscellaneous fund for unforeseen expenses. Make one for each month.
Take a look at your calendar and see who is celebrating birthdays, baby showers, weddings, or other special occasions this month.
Is it worth going given the current climate if you decide to go? When it comes to costs, how much will it cost you?
You can also search for discount codes and compare prices online by joining supermarket rewards schemes and family deals for streaming services.
2. Several Areas Can Be Reduced By Small Amounts.
The easiest way to improve your finances is to make small cuts everywhere.
Despite the potential benefit of reducing a few areas of spending, there is also a risk of negatively affecting your mental and emotional health and quality of life.
It is possible to make a big difference with small changes.
The coffee you consume on a daily basis doesn’t have to be given up completely, but it can be reduced in frequency.
Getting out more has been a priority for many of us after two years of Covid restrictions.
An extra $100 a month could be used to pay for the extra $57.75 in energy bills if you cut the number of jaunts that average $50 a week in a month.
3. Take Advantage of All Your Rights.
When you are going through a difficult time, it is essential to ensure you receive all the support you need.
If you have an illness or disability and need extra help, you might consider government assistance or universal credit if you are on a low income or unemployed.
It is unknown to many people that they are entitled to Pension Credit, which can top up their retirement income.
In addition, there are programs like council tax reductions and the new Household Support Fund, which you can find out about from your local council.
Local education authorities may also be able to help low-income families with school meals, transportation, and uniforms.
4. Debt Shouldn’t Be Ignored. If You Are Struggling, Seek Help.
It is possible for mental health and finances to be intertwined.
Our mental well-being can be severely compromised by money troubles and vice versa.
Know that you are not alone if you are experiencing financial stress. There is help out there for people in your situation.
With the right support, any debt problem can be resolved. There are many free debt advice organizations that can help you if you’re struggling to pay your bills.
The same goes for if your finances start to affect your mental health.
The Samaritans or your GP are good places to start.
Many banks and energy providers have introduced tools to help customers manage their finances in recent years, so you should ask them what they can do for you.
You can choose a person of your choice to help you make decisions by sending copies of bills and other correspondence to them.
Caregiver’s cards are debit cards that allow your loved one to use them for limited purposes, like grocery shopping, on your behalf.
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