Is the cost of living affecting your finances?
We know that many members are feeling the effect of the rise in cost of living, particularly when it comes to energy bills and utilities. The squeeze on finances can be hard for many people, having to make harder choices about how far their income will go to meeting household expenses.
Explore below for information and ideas aimed at helping members understand and manage the impact of the cost of living increases.
The information we provide is not financial advice, as we are not regulated to give specific advice; this information is provided to help members seek out options and ideas for improving their financial situation.
If you’re struggling with money and energy debt, you are not alone. The British Gas Energy Trust is an independent charitable trust set up to support families and individuals who are struggling to pay their bills across England, Wales and Scotland, no matter which energy company you are with. https://britishgasenergytrust.org.uk
The Trust offers funds to write off energy debt of up to £2,500
Here is a list of energy suppliers that may offer grants to customers.
The government has announced various packages of support, some of which relate
specifically to energy use and others more broadly to help with the rising cost of living
Being on a prepayment meter is more expensive than a standard credit meter (2% on
average) and there are fewer tariffs to choose from; although at the moment, the standard
price capped tariff is the cheapest. It can be a helpful way of budgeting for some people, but
it comes at a cost.
If you are behind with mobile and internet costs, you should be able to get help from most providers.
Contact your provider and ask what they can do to help. For example, they might agree to help you by:
Our free Budget Planner puts you in control of your household spending and analyses your results to help you take control of your money. It’s already helped hundreds of thousands of people.