At Moneyhub, our mission has always been to support people on their journey to financial wellness.
We understand the rise in the cost of living will slow this down for many people, and although we can’t provide the solution you need or want right now, we’ll do everything we can to help you soften the squeeze on your day-to-day spending.
Below, we have gathered a few helpful resources, along with with some simple saving tips.
Savings start with a little change…
Tip #1
A good rule of thumb, before you buy something take a moment to consider, “is there a free or cheaper alternative?”
Small changes like preparing lunch at home, or drinking the free coffee on offer in your office, are foolproof ways to avoid unnecessary spending and save yourself a few pounds.
Tip #2
Being full and hydrated is not just good for your health, it’s also good for your finances.
Hunger or thirst combined with the weekly grocery shop can lead to impulse buying.
To stop general impulse buying, always stop and consider '“Do I need or want this?”.
If it’s a ‘want’, step away. Remind yourself of the accomplished feeling you’ll get when you save or have a bigger bank balance.
Tip #3
Sort your monthly outgoings into two columns - needs and wants.
‘Needs’ include anything you, or anyone else in your house, relies on for survival.
‘Wants’ include anything that you could survive without.
Once you’ve done this, run through your wants column and filter out things you could potentially cancel. You could save yourself tens or even hundreds a year.
Remember, if you decide later you’ve changed your mind, that’s fine!
If you’re struggling with your bills, the Citizens Advice Bureau has a great article with plenty of resources here. It was originally written to support people impacted during the pandemic but the information is still relevant now.
Who else can support me…
Reach out to your local council to see what financial support is available in your area. You can find out who your local council is and how to get in touch here.
Citizens Advice Bureau is a treasure trove of useful information. A perfect place to start is their article If you’re struggling with living costs, which covers everything from how to access a food bank to paying back debt.
Benefits
You might be able to claim certain benefits, entitledto have a handy calculator which does all the hard work for you.
Grants
A quick search on Turn2Us will tell you if there are any charitable grants available for you to claim. These don’t need to be paid back.
Debt
Already struggling with debt? You’re not alone, 16% of adults have a problem with debt in the UK.
MoneyHelper which is provided by the Money and Pensions Service has lots of useful information to help if you’re struggling with your debts, such as budgeting tools and links to debt advice services.
Not just your financial wellness…
Financial anxiety can be crippling. If you’re starting to feel overwhelmed, there are real people waiting to speak to you.
For example, mental health charities Mind and Samaritans provide free, confidential support and guidance.
We’re here
Moneyhub has a free six-month trial with no automatic renewal and plenty of tools to help you keep track. Check out our video below to understand how we can help.