Making your money work for you – here are some simple tips that can help:
1. Track Your Expenses – Websites such as Moneyhelper.org.uk has free and easy-to-use budget planners to get started with tracking income and outgoing expenses.
2. Set a Monthly Budget – If you don’t want to go online to manage your budget, you can do it yourself by making two lists; the first is for money coming in such as salary and/or benefit payments. The second is for payments you make, such as your rent, heating bills and insurance, as well as living expenses and irregular spending.
3. Get a ‘Help to Save’ Account – This is a government-backed secure savings scheme that allows people who are entitled to Working Tax Credit or those receiving Universal Credit to get a bonus of 50p for every £1 they save over 4 years. Find out more here: Get help with savings if you’re on a low income.
4. Try a Social Tariff – Did you know you can get cheaper broadband if you are in receipt of certain benefits? Many providers offer special discounted social broadband tariffs, which offer lower prices for broadband. Find out more here: Discounted ‘social tariffs’ for those on certain benefits.
5. Citizen’s Advice – If you have any questions or concerns about money, benefits or if you need to apply for Universal Credit, please contact Citizen’s Advice: https://www.citizensadvice.org.uk/
