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.
Read more by selecting your topic and clicking the + symbol.
Energy Costs
British Gas Energy Trust Financial Support
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
Other Financial Help with Energy Costs
Here is a list of energy suppliers that may offer grants to customers.
- Scottish Power Hardship Fund – apply for a grant on the Scottish Power Hardship Fund website
- Ovo Energy Fund – apply for a grant on the Ovo Energy Fund website
- E.ON Energy Fund – apply for a grant on the E.ON Energy Fund website
- E.ON Next Energy Fund – apply for a grant on the E.ON Next Energy Fund website
- EDF Energy Customer Support Fund – sign up to the priority services register to apply for a grant on the EDF Energy website
- Bulb Energy Fund – apply for a grant on the Bulb Energy Fund website
- Octopus ‘Octo Assist Fund’ – apply for a grant on the Octopus website
Government Financial Assistance Towards Energy Costs
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
FIND OUT MORE ABOUT GOVERNMENT HELP HERE
Prepayment and Smart Meters
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.
FIND OUT MORE HERE
Household Costs
Ideas for Food Budgetting
As times are getting hard for some of our members, below are some links to help with food budgeting and how to make quick cheap meals:
Asda budget meals under a pound
Savings4savvymums: 5-days-5-meals
Mobile, Internet, TV
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:
- giving you a payment plan
- reducing your bill
- giving you more time to pay
- increasing your data or download limit
- moving you to a contract that suits your needs better
FIND OUT MORE ON THE CITIZEN’S ADVICE WEBSITE
Money Saving Expert
Explore Money Saving Expert for ideas and information on how to save money on a wide range of household expenses
FIND OUT MORE HERE
Online Budget Planner
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.
FIND OUT MORE HERE
Ideas for further help
Dealing with debt
Are you struggling to keep up with multiple debt repayments.
Finding Money Guidance
Looking for Money Guidance but don’t know where to begin?
The Money Helper Navigator Tool can help you find the help you need.
Claiming Universal Credit?
Get information and guidance if you are on Universal Credit or will soon be claiming it.
More useful links
