Top Tips to help with the cost of living crisis
Posted on 22nd November 2022 at 13:32
Top tips for to help with the cost-of-living crisis
Regardless of your financial position we are all feeling the pinch at the moment as it feels like the cost of
everything is going up. From the cost of food, fuel, energy to borrowing money, all things are costing
more these days so it feels like were being squeezed from every angle. Some are feeling it more than
others but there are things we can all do to make life easier during these times. So we put together a list
of tips that you can implement to save you money and get it to work better for you.
1. Review your mortgage
For most people your mortgage is your biggest expense each month and where you can make the
biggest saving. Reviewing your biggest outlay will have the biggest impact on your monthly expenses. If
you have moved off your fixed rate and onto the lenders standard variable rate you could make a saving
by finding a new fixed rate deal. Another option could be to extend your mortgage to spread the cost of
borrowing and reduce your monthly payemnts.
2. Look to consolidate expensive debt
Credit cards, short term finance and personal loans can have high interest rates which will increase the
cost of paying them down each month. Finding a debt consolidation loan with a much lower interest rate
or adding those expensive debts to your mortgage could reduce that monthly cost to free up money for
3. Balance transfer credit cards to 0%.
Many credit card providers offer introductory 0% rate offers to new customers. Transferring your balance
to one of these providers will reduce your monthly spend on paying down your debt and allow you to pay
off more of the balance as you aren’t servicing interest. So not only would your monthly outgoings reduce
but you also reduce yoru outstanding balance to become debt free sooner.
4. Use government grants
The government are offering UK residents a range of grants and support to help with the cost-of-living
crisis. They are offering all households a £400 grant to cover the increasing cost of energy. To check,
what is available and if you qualify head over to the government website - https://www.gov.uk/check-
5. Contact your utility providers
Providing regular metre readings and showing your providers how much energy, you are actually using
will help to get more accurate bills compared to speculative bills which may be based on predicted usage
that is higher than your actual usage. So, give your provider a metre reading as soon as possible and
each month for the foreseeable future. Utility providers have a duty of care to look after their customers,
if you are struggling with your payments, you can call them to work out a payment plan to make your
payments more affordable.
6. Use cashback websites
If you aren’t familiar with cashback websites, you go through a website such as 'Topcashback.co.uk' for
examplethat will direct you to retailers online that will give you an amount of cashback (this varies retailer to
retailer) on any purchases you make that qualify for cashback. This cashback is then paid to you after
completing your purchase. So, you receive money back for purchases you would make anyway. Free
7. Review your spending
When was the last time you completed a full audit of your spending? Are you still paying for subscriptions
you didn’t know you had? Completing a full review of your spending will allow you to highlight areas or
items you are spending money on that you don’t need to, or for things you don’t use or are spending
more than you should. If you do need to keep the expense, can you find a cheaper alternative or
provider? Do you need that expense? Do you use what that expense is for? Get rid of the things you
don’t need or use and find cheaper options for the things you need to keep.
8. Payment holidays
As a last resort if your payments are becoming too much you can request a payment holiday from your
mortgage lender. It is up to the lender if they grant you a holiday and how long for. You can qualify for a
holiday if you haven’t taken one already and are not in arrears. You will need to pay back this money
over the life of your mortgage or if you leave that lender. This is a last resort. If you are considering
taking a holiday speak with your adviser first.
9. Check what you are entitled to
Local Authorities offer council tax support and discounts for low income households, single occupants, students etc. Most information can be found on your local council websites and citiziens advice, but it is worth checking whether you are entitled to council tax discounts.
If you would like more advice or any question you would like to ask please contact us on the number or email us.
Contact information is located on our homepage.
Tagged as: cost of living, crisis, finances, first time buyer, home, money, money worries, mortgage, mortgage rate, payment, remortgage, worry
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