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Managing your money

Managing your household finances and budgeting can be daunting, but organising your spending and taking positive steps to make your money go further can help you feel more in control. Take it one step at a time and remember, we’re here for you if you need us. While it can be tough to put in a budget at this stage, organising your spending, and understanding how to reduce bills and spending can help in the long run. Take it one step at a time, remember we’re here for you if you need us.

We’ve gathered some useful advice and tips for you to consider when looking at your budgeting plans.

To make sure you get the support you need, we have partnered with Citizens Advice who offer free, simple debt advice to anyone who needs it. By working together, we can make a plan that works for you.

Free expert money advice from Citizens Advice

To help you get most from your money, we’ve partnered with Citizens Advice to offer you free, confidential and helpful impartial advice. Their friendly team of expert money advisors can help you manage debt, energy costs and teach you skills that can help you care for your overall financial wellbeing:

How to budget and maximise your income
Find out how you can manage your household costs more easily
Gain skills to help you manage debt such as rent and service charges, Council Tax and energy costs
Learn about managing credit cards, loans and other bills
If you need help managing more serious debt issues, they can help with that too.

“Citizens Advice helped me massively with my debts. I can’t thank them enough. They spoke with me about all the options available to help me sort my debt out. I now have more money to myself and don't have to worry about large payments to creditors. They were so friendly, kind and understanding, and they really explained things to me and broke them down as I struggle with understanding due to my Asperger's. I would recommend the service to anyone who needs help with their debts,'' said Mr R, who was recently helped by Citizens Advice.

If you’d like to learn more about managing your money and energy bills or if you need help managing debt issues, we can help. Just complete our simple form here and we’ll get in touch.

If you’d like to learn more about Citizens Advice, just visit their website.

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Pension Credit

Understanding Pension Credit
What is Pension Credit?
Who is eligible?
How can I apply?

Cost of living

Cost of living
Energy Support
The Household Support Fund
Further support

Budgeting

Maximising your income

Help to spend less

I’m in debt – what should I do?

Borrowing money

Staying safe

Money and your wellbeing

Better Days services

Pension Credit

Understanding Pension Credit

Pension Credit is a vital support designed to help older people on a low income. If you’re nearing retirement age or already receiving your pension, it’s important to understand how Pension Credit can make a significant difference to your financial wellbeing. In this blog, we’ll explain what Pension Credit is, who is eligible, and how you can apply for it.

What is Pension Credit?

Pension Credit is a means-tested benefit for people over State Pension age who have a low income. It is a separate benefit from State Pension. It comes in two parts: Guarantee Credit and Savings Credit. You can be eligible for one or both parts.

Guarantee Credit tops up your weekly income to a guaranteed minimum level. This level is currently:

£218.15 if you're single
£332.95 if you're a couple.

Savings Credit is extra money if you've got some savings or if your income is higher than the basic State Pension. It's available to people who have reached State Pension age before 6 April 2016. You could get up to:

£17.01 extra per week if you're single
£19.04 extra per week if you're a couple.

Pension Credit can also open doors to other support, including the Winter Fuel Payment, help with housing costs, council tax and heating bills.

Who is eligible?

You might be eligible for Guarantee Credit if they have reached State Pension age and live in England. This is currently 66 for both men and women. When you apply for Pension Credit your income is calculated.

You can check this yourself here: https://www.gov.uk/pension-credit-calculator

If you have a partner, your income is calculated together. You can also still be working as long as your income isn't too high. Unlike the State Pension, you don’t need a national insurance record.

If you’re already getting Pension Credit, you will continue to receive it unless your circumstances change.

If your partner isn't over State Pension age, you can’t usually make a new claim for Pension Credit, however you can still make a new claim for Pension Credit if both of the following apply:

You reached State Pension age before 15 May 2019
You’ve been claiming Housing Benefit since before 15 May 2019

Otherwise mixed age couples would need to claim Universal Credit instead.

If you've reached State Pension age, you can claim Guarantee Credit if your weekly income is less than:

£218.15 if you’re single
£332.95 if you’re a couple.

Income includes:

State Pension
Other pensions
Earnings from employment or self-employment
Most social security benefits, for example Carer’s Allowance.

If you have £10,000 or less in savings and investments this will not affect Pension Credit. If you have more than £10,000, every £500 over £10,000 counts as £1 of income a week. For example, if you have £11,000 in savings, this counts as £2 income a week.

Even if your weekly income is higher than these thresholds, you could still claim Guarantee Credit if you meet one of the following criteria:

You're a carer (and receive carers allowance or have underlying entitlement or carer support payment)
You have a severe disability (and receive a qualifying disability benefit)
You have certain housing costs, such as service charges.
You're responsible for a child or young person who usually lives with you (Under 16 or 16-20 and in approved training or non-advanced education for more than 12hours per week).

You might be eligible for Savings credit if you reached State Pension age before 6 April 2016 or if you're a couple and both of you did. Savings Credit is a small top-up for people who have a modest amount of income or savings. There isn’t a savings limit for Pension Credit. However, if you have over £10,000 in savings, this will affect how much you receive.

How can I apply?

You can apply online, by phone or by completing a form. You can find that and more information here: https://www.gov.uk/pension-credit/how-to-claim

You can also call the Pension Credit claim line on 0800 99 1234

Information required:

National Insurance number
Bank, building society or Post Office card account details
Details of how much money you have coming in each week, such as from a pension
Details of any savings and investments you have
Housing costs, such as rent or mortgage repayments
information about any benefit payments you receive

If you live with a partner, you’ll need to give the Pension Service the same information about them.

How can we help?

We understand that navigating benefits like Pension Credit can be challenging, but our Better Days programme is here to help. With a dedicated team of experts and trusted partners such as Citizens Advice, we can guide you through the application process and answer any questions you may have. Even if you’re not eligible for Pension Credit, Citizens Advice offer a range of resources, advice, and additional support services through our Better Days programme. Whether it’s managing your finances, accessing grants, or exploring other benefits, we're here to make the process a little easier.

Cost of living

With the cost of living on the rise, we’re all feeling the pinch. Whether you’ve cancelled your gym membership or are making the food shop go further, many of us are making changes.

We have put together some useful information and resources to help you feel more in control of your money

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Energy support

Even though energy prices have fallen, the fact remains that many of us are still paying more for our energy.

If you are worried about getting on top of your energy bills, then speak to your supplier as soon as possible. If they know there is a problem, they can help make a plan to support you.

This could include setting up a realistic payment plan to help manage how much you are spending on bills, without leaving you with less for essentials.

Find out more about the support available to help you manage your energy bills

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The Household Support Fund

The Household Support Fund is designed to help those who may need extra support because of the rising cost of living.

Your local authority has funds available and could possibly help you with hardship grants, housing costs and other financial support. Funding is available up to March 2024 – possibly longer.

To find out what help is available in your area, contact your local council. You can find their contact details on any letters you get from them.

Find your local council

Further support

Contact us today to see if we can help you to manage your finances through our free Better Days Programme. Our support also includes wellbeing services, practical help with getting online and digital skills, help to find work – and much more.

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Budgeting

Want to be the boss of your money? Well, the secret weapon is having and sticking to a budget. Let's dive into the What, Why, and How of budgeting—your guide to becoming a budget professional.

What is a budget

Put simply, a budget helps you keep track of what’s coming in and out of your bank accounts. With prices rising, now could be a good time to take a fresh look at your household finances.

Why budget?

Keeps you on track to manage your spending
Helps you to avoid going into debt
Having some money stashed away could be helpful if an emergency or unexpected bill lands.

Before you start creating your budget

Highlight any essential spend, such as household bills, food and council tax.
Note what date your bills/direct debits/standing orders and other outgoings leave your account and how much they come to in total.
Note what date you get payments into your account, such as your salary or benefits, and how much they add up to

An easy way to create this is to use a spending diary, spreadsheet or an App on your phone. Make sure to keep this somewhere safe and secure!

Find out more

Maximising your income

With the cost of living going up, many of us are having to keep a close eye on our money. It's always worth a quick check to see if you’re are eligible for any financial support and to do a quick health check on your earnings and finances.

Ways you can increase your income

Earnings from work

Check the National Minimum Wage calculator on GOV.UK to see if you’re being paid the correct amount for the work that you do. You can also check if your employer owes you money.

If you’re not being paid the right amount, start by having a chat with your employer. It could be that they have made a genuine mistake and if that’s the case, they should agree to pay you what you’re owed.

If you’re not being paid minimum wage, visit the Government's Check Your Pay site for advice on what to do next.

For those on a salary, consider using an online salary calculator. A quick check can help you determine whether you're being paid fairly for your role. These calculators provide information that is specific to your position in your industry based on your years of experience and relevant education levels.

What are you entitled to

Use an online benefit calculator or check with your local benefits adviser to see if you’re missing out on any benefits you’re entitled to. Please note these calculators are guides and the actual amounts you receive might vary.

Citizens Advice Bureau have useful guides around eligibility and how to apply for benefits. For more information, visit Citizens Advice Bureau.

Online markets

If you’ve got unwanted items, you can look to make money by selling on sites like eBay, Facebook Marketplace, Gumtree or Vinted. Find out more here.

Help to spend less

Cutting back on your spending can be a challenge, however if you shop smartly, there are savings to be had. By following our tips below, you can make sure you’re getting the best value for your money on everyday essentials – from your weekly food shop to your mobile and broadband packages – and even your car insurance and breakdown cover. Below are some tips to help you spend less.

Tricks of the supermarket

We've all been there – strolling through the supermarket, and suddenly, the aroma of fresh-baked bread hits you, or those tempting snacks by the checkout catch your eye. It's like the supermarket is playing tricks on us, making everything look and smell too good to resist. But being aware of these sneaky tactics can help us stick to our game plan, dodge those unplanned purchases, and maybe make healthier choices.

How to beat the supermarket tricks:

Be the boss of your trolley - make a shopping list and think about what you really need and what fits your budget. Plan it out, so you're grabbing the essentials first
Opt for generic or store brands instead of well-known, more expensive ones. Often, these products are of similar quality but come at a lower price.
When you shop hungry, everything looks tempting, and you might end up grabbing more snacks and treats than you really need. Eat a little something before heading out to keep those cravings at bay and stick to your shopping list.
Coupons - Using coupons can save you £100s on your shopping. Look out for Supermarket Coupons, to help you save money on your shopping bill.
Stay sharp when you see those special offers in supermarkets! Sometimes, they might seem like great deals, but it's important to double-check. Make sure it's something you actually need, and the discounted price is genuinely a bargain. Stay savvy, stick to your list, and only snag the deals that truly make sense for you.

How to get the best price for your car insurance

Don't let your insurance auto-renew as it often comes with a higher price tag. Instead, check out quotes on online comparison sites, then give your current insurer a call if you have found a deal that better suits your budget. Often, they can match or even beat the best price you found. This simple step doesn’t take long but could help you save money.
Multicar discount - If you have more than one car in your household, discounts for adding multiple cars could save you hundreds of pounds. Comparison sites don't offer multicar discounts, so you'll need to check the multicar price directly with the insurers and then compare those prices with the individual policy cost.
Do you need the add-ons? - Many insurers make a large profit by selling ‘extras’ which could include things such as breakdown cover or a protected no-claims bonus.

If adding an optional cover will bring you peace of mind, and you can afford to pay for it, then it’s worth thinking about it.
However, before you buy any add-ons, check you haven’t already got the cover elsewhere.

For example, your bank account could include a car breakdown cover as a perk. Lost key cover could be included with your home insurance. If you have life insurance or critical illness cover, this could mean you may not need to opt for personal accident cover. Your employer may also cover some of these extras.

Get the best phone/broadband/TV package

Been with your current provider for a while now? You might want to look at what else is out there as you’re probably no longer getting the best deal on your TV, broadband and phone.

Switch supplier: Shop around for the best deal for you. Using online comparison sites such as Uswitch can help you to compare prices on a range of products, meaning you can take advantage of the best prices on offer.
Match your deal to your needs: You might be spending money for TV channels you don’t watch or getting charged for going over your internet data or usage limits. If you’re not sure how much you use, ask your supplier. Then, when you know what you’re after, it will make your search easier.
Should you get line rental and broadband together? - In most cases you need a landline to get broadband, but not in all cases. Take into account your landline costs when looking at broadband prices as many seemingly cheap deals mean that you need to take out expensive line rental.
Check if you’re eligible for a social tariff - Social tariffs are cheaper broadband and phone packages for people claiming Universal Credit, Pension Credit and some other benefits.

I’m in debt – what should I do?

If you're struggling with debt, you're not alone. However, it's never too early or too late to ask for help. Take the first steps to regain control of your finances with some of our tips below.

Add up your debts

Write down how much and to who you owe money to. This will help give you an overall picture of your situation so you can take the next steps in dealing with it.

Prioritise your debts

Go through your list of debts and categorise them into ‘priority’ and ‘non-priority’. You can find more information in our Cost of living toolkit.

Speak up

If you’re struggling to manage your money, we’re here to help. Please speak to us if you would like help and support to tackle debt and make life easier to manage.

Most lenders can put you on a payment plan or put your interest on hold if you explain what’s going on - just make sure you contact them as soon as you’re missing payments or if your financial circumstances change. Ignoring your lender can often make the situation worse.

Get more advice

Shift your debt

You can potentially reduce your monthly payments and pay less interest by moving all your debts to one or two lenders. It makes paying easier—you pay one amount and one interest rate each month, rather than multiple payments to different lenders with different rates. When you do this, you're more likely to reduce the total debt you owe, instead of mostly paying interest.

Make a budget

Making a budget can really help, especially if your debt is due to overspending on things you may not need.

Borrowing money

There may be times that you need to borrow a little extra cash to see you through. If that’s the case, consider these few points before you look at borrowing options:

Do I need to spend the money?

Ask yourself, “Do I need this item? Is this urgent or can it wait until next month?” Perhaps you could consider buying the item second-hand from online sites or a charity shop.

Can I afford the repayments?

Look at how the repayments for your borrowing impact your budget and whether you’d be able to cover any unexpected costs. Consider what you would do if your rent/mortgage increases, bills go up or you received an unexpected pay cut.

Make yourself a checklist

Before you go ahead with borrowing, ask yourself:

How much can I afford to repay each month?
How long do I want to pay for?
Will my circumstances change soon and affect my ability to repay?
What method of payment will suit me best?

Choose the type of borrowing best suited to you

We understand it can be quite confusing when it comes to figuring out which borrowing option is right for you and your situation. Check out this handy guide from the Citizens Advice Bureau which explains all there is to know when looking to borrow money.

Before considering mainstream lenders such as banks, talk to family and friends. They may have a way of helping out and this way, you won’t have to pay extra fees such as interest rates (interest is the price you pay to borrow money) on top of the amount you want to borrow.

Staying safe

Loan sharks - what are they?

Loan sharks are illegal lenders who will often target people who need to borrow money and can’t do so legally. Loan sharks are not authorised or regulated and they may charge high-interest rates and use threats and intimidation towards anyone who borrows from them.

What to do if you owe money to a loan shark

While it’s illegal to lend money without authorisation, it’s not illegal to borrow from a loan shark. So, if you have borrowed from a loan shark, you don’t need to worry that you will get in trouble with the police by reporting them. If you think you have borrowed money from a loan shark, you can report them.

Money and your wellbeing

If you're finding it difficult to deal with money worries, it could, understandably, have a big impact on your mental health and wellbeing.

These feelings could affect us in different ways, for instance some people could experience:

Higher levels of stress, worry or anxiety
A low mood or feeling depressed
Lower self-esteem, or feelings of guilt or shame if we're not earning enough or currently unemployed
Sleep problems
Problems with relationships due to the impact of money worries

These feelings are normal, we’re here to help if you need us.

Better Days services

Better Days Services

Our free Better Days programme offers expert advice and practical information across a wide-range of support services from mental health, financial or debt advice, to employment and digital skills. Simply click the button below to find out more. You can also call us on 0800 678 1221.

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Events

Visit our events page to find out about a variety of activities in your area from; drops-ins, jobs fairs, meet up groups, fun days, training and awareness sessions and much more!

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Self-referral

If you need help or advice at any time, the Better Days programme is here to support you, please complete the self-referral form and a member of our Orbit team will contact you.

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