Data from the Office for 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.
Here are some suggestions on what you can do, and where you might get help that you may find useful if you haven’t already tried them:
Make a budget
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. When you visit their website, you will find tools and calculators that will help you quickly work out the figures you need for some of the most common money situations you may find yourself in. These easy-to-use tools and calculators can help you budget, save and cut back on costs. You can also talk live to their trained staff by web chat, or you can contact them by phone, typetalk, WhatsApp, or online form. They can give you help and advice about how to keep on top of your finances, including budgeting, benefits, credit, debts, life events, and how to make the most of your income. Visit www.moneyhelper.org.uk or call 0800 138 7777 or WhatsApp 077 0134 2744 to speak to an adviser.
Citizens Advice also has an abundance of information on benefits, debts, and getting help, 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 where you can also find out where you can visit them in person or chat with an adviser online or call 0800 144 8848 (0800 702 2020 if you live in Wales) to speak to an adviser.
The Clara Abbott Foundation
We’d also like to remind you about The Clara Abbott Foundation, which is able to help Abbott employees and former employees in various circumstances. You can find information here: Financial Assistance - The Clara Abbott Foundation.