Improving your financial situation has never been so important. With food costs spiralling and energy bills soaring, it’s a really worrying time. Taking control of your money can help you feel more at ease in the months ahead and lessen the stress of the cost of living crisis.
There are a few practical tips and techniques you can try to improve your financial situation.
Create a budget
It sounds simple, but creating a realistic and effective budget can hugely improve your financial situation. Knowing what money you have coming in and going out every month will help you work out how much you have left over and help you feel in control.
Learn how to build a budget.
Saving money each month might seem overwhelming when you’ve already tightened the purse strings, but you’ll be so glad you did when an unexpected cost arises. Start small and manageable. You can set your account up to transfer the money to a savings account automatically so you don’t get chance to spend it.
Know what you’re entitled to
Depending on your circumstances, you might be entitled to new or increased benefits, such as Universal Credit or Personal Independence Payment (PIP). Use a benefit calculator to find out if you can access financial support.
Get advice about your debt
If you’re in debt, taking control of your financial situation can feel impossible. Getting help from a free, reputable debt advice organisation like CAP, StepChange or Citizens Advice can give you the opportunity to find a solution that works for you, whether that’s repaying what you owe or pursuing an insolvency option.