Saving Money: A Financial Expert’s Top 7 Tips to Help Tackle the Cost of Living Crisis

As 80% of UK parents struggle to cope with the cost of living crisis, finance expert Laura Howard has revealed her top tips to help households weather soaring prices.

Nine in 10 adults in Britain said their cost of living rose in March alone

Around 80% of parents in Britain are struggling to cope with the soaring costs of raising children as household bills soar amid the cost of living crisis.

With petrol prices steadily rising and totals soaring, millions are being forced to choose between forgoing a meal or heating their homes – as inflation hits its highest level in 40 years.

Recent figures from the Office for National Statistics (ONS) revealed that around nine in 10 adults in Britain said their cost of living rose in March alone, with energy prices fueling the soaring.

With unprecedented pressure on UK households, many are looking for advice to help stretch their monthly budgets – especially with the energy price cap set to rise again in October.

In response to the struggle, Laura Howard, finance expert at Forbes Advisor, provided her top seven tips to help families deal with the cost of living crisis.

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Many are looking for advice to help stretch their monthly budget
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Stop paying credit card interest

Paying interest on credit card balances at a typical variable APR of 20% can be extremely expensive.

“It’s possible to transfer balances from multiple card providers up to, say, 90% or 95% of your allocated credit limit, to a zero% balance transfer card,” says Laura.

“Although you need a high credit score to be accepted, applying through an eligibility checker means you can see your chances before you make a formal application. This protects your credit report from visible searches that could discourage subsequent lenders.

“If you find you’re relying on your credit card to pay for essential purchases, swap it out for a card that offers an interest-free period on purchases.

“Some of these offers offer up to two years at zero percent to the most creditworthy applicants,” says the financial expert, “so if you’re forced to borrow, at least you can do so without paying interest.”

Find Cheaper Insurance Deals

Laura recommends shopping around for the best insurance deals.

She said: “Some costs like mortgage or rent, council tax and are just real estate. But when it comes to annual insurance policies, like for your house and car, make sure “You have compared the costs of the wider market before auto-renewing with the same supplier. Switching is quick and easy and could save hundreds of dollars over the year.”

Spring cleaning your checking account

Canceling subscriptions and services you no longer use can be profitable.

Laura said: “It’s worth reviewing your direct debits and standing orders to find out all the costs you’re spending unnecessarily.”

Auto-renewing subscriptions are the bane of many people’s lives, so it’s worth catching them before the next automatic debit date.

Check if you are entitled to benefits

You may be eligible for income-related benefits or subsidies that you may miss.

Laura said it was easy to check with the government-approved benefits and grants calculator – you only need a few key details from you and your partner.

“If you work and have a child aged three to four, make sure you collect the 30 hours of free care if you are eligible,” says the financial expert.

“If the sums just don’t add up, check if you qualify for the Household Support Fund. Available through local councils, it is designed to offer financial support to help pay for essentials such as food, clothing and utilities.”

“The acceptance criteria vary from board to board, so check the relevant website for details.”

Make the Most of Free Financial Apps

With your bank’s free app, you can manage your finances much more easily and track your expenses on the go.

You can also download budgeting apps like Snoop, Yolt, or Money Dashboard to track your spending.

Laura explained, “Using an open banking arrangement, these apps allow you to view all of your accounts in one place, which can provide greater transparency into how much you’re actually spending. If you opt for the basic version, many are also free.”

Take advantage of supermarket discounts and rewards

You can get great deals on your supermarket’s free loyalty app.

“As you most likely have your phone with you, it makes it easier to scan and collect the points you are entitled to. These can then be redeemed for a few pounds and cents off the cost of your groceries,” says Laura .

Make positive lifestyle changes

Making small changes to your daily life can benefit your budget and save you money.

Laura said: “Small changes in ingrained daily behaviors can also pay off over time. For example, committing to using less energy. It could just mean pausing washing as the weather gets worse. improves rather than using the dryer, turning the heat down a degree or two, or turning off lights or heaters in rooms you’re not using.”

However, it should also be noted that this may not apply to everyone, as some households are already operating at maximum savings.

“A good starting point when it comes to saving energy is understanding which appliances use the most energy compared to others. A simple energy monitor is a smart, inexpensive tool that can help with this. “

“Away from home, changes like finding free parking and swapping a purchased lunch and coffee for one you pre-packaged can mean that a day that would otherwise cost £25 costs nothing,” says Laura.

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