The rising cost of living
Data from the Office of National Statistics show that UK households are currently being hit by the steepest annual rise in inflation since the early 1980s.
The soaring cost of gas, electricity, groceries and petrol – combined with global supply-chain disruption caused first by COVID-19 and now the devastating war in Ukraine – means that living standards are being squeezed from every direction.
Make a budget
It might seem obvious, but knowing exactly how much money is coming into your household is the first step towards being able to budget accurately. You can then calculate your outgoings. Once you’ve done this, you’ll be in a position to see whether you could cut back on any non-essential outgoings – even if it’s just temporarily.
Get help if you’re struggling
MoneyHelper offers free and impartial Government-backed guidance about money and pensions. Trained staff can give you help and advice about how to keep on top of your finances, including reducing your spending and how to make the most of your income. Visit www.moneyhelper.org.uk or call 0800 138 7777 to speak to an adviser. You can also use their web-chat facility.
Citizens Advice has a list of grants and schemes, including Government arrangements like the Warm Home Discount and the Winter Fuel Payment, that you may be able to use to help with your bills. They can also give you advice about how to reduce your living costs. Visit www.citizensadvice.org.uk or call 0800 144 8848 to speak to an adviser.