Many of us are worried about the rising cost of living - increased energy and food bills, transport costs and other essential outgoings. Over the past few weeks we've been sharing links on our social media pages to financial support and other help you could be eligible for, and we asked our Money Smart team for their tips to make the most of your money.
Money Smart tips:
- Maximise your income - it's a common misconception that benefits are only available if you're out of work but even some families with an income of £50,000 or more can qualify for help. With the cost of living rising, it's more important than ever to know what you're entitled to and every little helps! The Money Smart team suggest you use this quick benefit calculator to see if you qualify for extra income. This could also be used for others in your household such as an older non-dependant child still living with you, or an older relative.
- Budgeting – review your income and outgoings to see where your money goes. Doing this makes it easy to see where you may be able to make cutbacks on bills like tv packages and food deliveries. Customers can complete the form on our Money Smart page and the team will get in touch to discuss how they can help.
- Haggle for the best deal – it’s well known that loyal customers of a company don’t always get the best deal. It only takes a few minutes to call your broadband or tv provider to see if they can offer you a better price or downgrade your package. You can also access social tariffs on broadband if you are in receipt of certain benefits, but again you will need to call your provider and ask to be put on this lower rate as they are not offered automatically.
- Water bills – Severn Trent offers various schemes to help with bills. If you have a large water debt, you can apply to The Severn Trent Trust Fund for help to have the debt reduced or written off. This is an online application so check it out. If you have a household income below £18,278, you can apply to the Big Difference Scheme at Severn Trent to get up to 90% off your bill. If you have dependent children, the income threshold is higher than this, and you would need to apply online to find out if you're eligible.
- £400 Energy bills support scheme - every household in England will receive £400 off their electricity bill. You don’t need to do anything to get the money and you won’t have to pay it back. The £400 will be split into six payments of £66 or £67, one each month from October 2022 to March 2023 and they will be taken directly off your electricity bill by your supplier. If you have a traditional prepayment meter, you’ll receive your discount through a monthly voucher or a credit at your top-up point. Find out more
- Support with your energy bills - in addition to the government scheme, all energy providers offer help and support for people struggling with their bills, with some offering cash grants or energy-efficient appliances if yours has broken down. Go to your energy company's website to find out more and apply.
- Mobile phone – if you're paying more than £10 a month for a mobile contract, excluding the phone, then you could be saving money. Money Saving Expert lists the top deals for contracts and sim only, or if you're in receipt of specific benefits the Vodafone Voxi social tariff is available for just £10 per month.
- Cost of living payments – households on means-tested benefits, including Universal Credit, Pension Credit and Tax Credits, will receive a payment of £650 this year. This will be made automatically in two instalments, £326 was made in the summer and another £324 payment will be made to eligible customers during November or December 2022. Find out more
- Food – it's one of our biggest expenses so don't be afraid to buy yellow sticker items, especially meat, which is often heavily reduced. It can be frozen and used as needed. Also download apps such as Too good to go which locates supermarkets and cafes including Greggs and Costa in your area, that put together a bag of food towards closing time. You pay for it online, about £2, and it normally includes around £10 worth of goods. To save on your weekly shop, discount warehouses like Rogers in Bilston offer short-dated food and drink - mainly tins, packets and dried food - at big discounts.
- Eating out - supermarket cafes can be great value for money, especially when Asda are offering kids meals for £1 with no minimum adult spend, and Morrisons are doing free kids meals with any adult meal you buy. Other supermarkets including Tesco are offering free or discounted children's meals over October half-term week too.
The government's website has lots of information to help you make the most of your money. But everyone's situation is different, and our Money Smart team can offer confidential advice and support tailored to you.
All details correct as of 25 October 2022.