Help with the cost of living
3rd August 2023
Help with the cost of living
The cost of living in the UK continues to rise, resulting in many people starting to feel the financial pressure as household bills and everyday expenses continue to increase.
We’ve collated some helpful tips on areas where you may be able to reduce your bills, including links to debt advice organisations who offer free help and support.
What you can do
There are some actions below that you may wish to take to help you feel more in control of your finances.
Managing your money
Knowing what your income and spending habits are each month will give you a clear picture of where you may be able to make any potential savings.
It can help you to see how much you need for priority bills (gas and electricity), as well as any areas where you may currently have non-essential costs where you could make further savings for the things that are important to you.
For help on how to manage your money, the Money Helper website has a budget-planner tool which guides you through this process and takes all your spending habits into consideration.
Consider what you’re entitled to
If your income has reduced or you want to know if there are any benefits that you could be entitled to, there are companies available for support to see if you qualify. The GOV.uk website has a benefits calculator that can assist.
Alternatively, you can visit our useful contacts and free advice agencies page for a comprehensive list of organisations who are able to offer you advice.
Checking your monthly costs and subscriptions
Some of the free advice agencies listed on our above page advise you to complete an income and spending review. It’s worth looking at your costs and subscriptions and considering whether any are non-essential products/services which can be removed. Looking at other providers may also provide you with a similar deal for a more competitive price, but it’s worth taking into consideration that changing or cancelling any subscriptions could result in a cancellation charge.
Paying for your priority bills
Whilst you may wish to keep on top of your monthly outgoings, it’s important to prioritise your essential bills, in particular the following:
- Mortgage or rent
- Council tax
- Gas and electricity
If you’re concerned that these aren’t affordable, you can speak to your supplier or local authority to see if they can help. If you’re struggling with your mortgage payments, you can visit our Having difficulties paying your mortgage page for help and support, or alternatively you can give us a call on 0808 168 8570 and we will look at how we can help you. Our branches have leaflets available to you if you’re struggling to pay your mortgage. If you’re facing financial hardship, our branch advisors can provide a private room in which to discuss your finances and provide support.
On Monday 26 June 2023, the Chancellor announced a new Mortgage Charter to provide a range of support measures for struggling mortgage borrowers.
Leek Building Society welcomes the Chancellor's announcement and we pledge our full support to the measures outlined within the Charter. For further information please click here.
If you're a member of the Society and would like to notify us of any additional support you require, please let us know by using the Contact Form at the bottom of the page, speaking to us in your local branch, or calling us on 0800 093 0004.
Considering any debts and seeking support
If you have any debts, including loans, credit cards and overdrafts, you may wish to contact these providers to find out what your minimum required monthly payment amount is. Our useful contacts and free advice agencies page provides details of free, independent debt advice services which can help you with this process so you can take back control of your finances.
If you have a mortgage with us and you’re worried that these increases are starting to impact you, we have a dedicated team on hand to offer you support. Please call us on 0808 168 8570.
This article is intended as a summary only and does not constitute legal or financial advice from Leek Building Society. No reliance should be placed on this article. We recommend that you seek independent legal and/or financial advice if you have any questions or queries.
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