Our Welfare and Benefits team shares some tips, advice and useful sites which may help ourselves, families or friends with our finances during these difficult times.
The rise in interest rates from 0.5% to 5% over recent months means rates are now at their highest level since March 2020, when Covid lockdown began. Energy bills and food costs are increasing, and the Bank of England has warned inflation, the rate at which prices rise, may reach 8% and possibly higher, in the coming months.
There is a lot of concern for people with the on-going increase in household bills and costs. If you have recently come out of a fixed rate mortgage deal and have had an increase in your mortgage payments or you are private renting and your landlord has increased your rent, it can be really worrying time.
If you are struggling to afford your everyday bills, there are options.
Talk to your mortgage provider or landlord as they may be able to help.
Look at your outgoing bills: can you swap gas & electric suppliers and insurances to reduce your outgoings? I recently moved to utility warehouse for gas & electricity, home insurance and boiler cover and saved significant amounts of money https://uw.co.uk/.
Did you know if you are struggling to pay your water bill, you can speak to Anglian Water https://www.anglianwater.co.uk/help-and-advice/water-care/extra-care-support/ to ask them to reduce your monthly bill?
If you live with someone who has a disability and who is in receipt of benefits make sure to contact your gas and electricity supplier who can offer lower tariffs.
You may be entitled to benefits if you are on a low income or you may be better off on new benefits like universal credit, check out the calculator at turn 2 us: https://benefits-calculator.turn2us.org.uk/
Food Shopping
Supermarket reward schemes e.g. Asda Rewards, Morrisons More Card, Lidle Plus and Nectar Card offer some great savings. The Asda Rewards App can also be linked to your Blue Light Card to get 10% saving back as cash in the app
All of us may be facing some hardships currently and it can feel like you are alone and have nowhere to turn.
If you need support, the websites below offer practical help.
If you are experiencing difficult thoughts and feelings and are a St Barnabas patient, staff member or volunteer, our Counselling team can also offer you support.
Useful websites:
Fighting UK Poverty – Turn2us https://www.turn2us.org.uk/
The Money and Pensions Service | Building financial wellbeing https://moneyandpensionsservice.org.uk/
StepChange Debt Charity – Free Expert Debt Advice https://www.stepchange.org/
Options for dealing with your debts: Overview – GOV.UK https://www.gov.uk/options-for-dealing-with-your-debts
Get help if you’re struggling to pay your bills – Citizens Advice https://www.citizensadvice.org.uk/debt-and-money/budgeting/budgeting/get-help-with-bills/
Support for anyone affected by gambling problems across Great Britain https://www.gamcare.org.uk/