How to better manage your money during the cost of living increase
Only 35% of UK adults budget their finances, showing there's a clear lack of knowledge into how to handle and manage your own finances. Fortunately there is plenty of helpful information out there to get you back on track. Here’s our top suggestions of where to start;
1. Budgeting Tools
Many banks now include some form of budgeting tools within their apps, Monzo is a great example. So first things first, have a look at your current bank and see what budgeting tools they include in their app.
2. Visit Citizens Advice
Citizens Advice are experts at what they do and will be able to offer you all the advice you need to manage your money. Whether you are in need of financial support or advice, they will be able to point you in the right direction.
They also have a budgeting tool online which you can access here, it’s completely free to you and takes about 30 minutes. You will need to have your;
- bank statements
- debit and credit card statements or bills
- receipts for things you usually pay for in cash
- all your expenses
3. Salary Sacrifice Schemes
This is at your directors discretion, so be sure to speak to the relevant person before agreeing to any new schemes. There are certain schemes, such as the cycle to work scheme, electric car schemes, childcare vouchers etc. that can hugely help you. To understand more about Salary Sacrifice, visit creativebenefits.co.uk.
4. Employee Benefit Scheme
Most employers do offer some form of job perks package so make sure you familiarise yourself with what's available to you, utilise as much as you can.
5. Debt Charities
If you’re already at a point of struggle, there may be support from charities available to you such as StepChange and National Debtline. You may also be eligible for some form of benefits, have a look at Universal Credit - Citizens Advice will be able to help you with this.
‘Nearly half of adults (47%) say that money worries affect their life, so it’s crucial that they get the support needed.’ John Watts-lay WEALTH.
There is nothing to feel embarrassed about when it comes to financial difficulties, circumstances are forever changing and you never know what hand you’re going to be dealt, so embrace these suggestions when you need them and speak to people around you, ‘a problem shared is a problem halved.’