WE ARE living in uncertain times. Recently, you may have been caught off guard by higher bills and payments, uncertain income due to the Covid-19 pandemic, or the loss of a job. 

If you have these or any other money worries, you are not alone. Our research shows that nearly half of people admit they don’t feel confident in managing their money daily. Despite this, we know many people may not get help for their money worries. 

It can be tempting to ignore these problems – but it’s really important to tackle money problems head on so things don’t spiral out of control. Here’s some steps you can take now to find a way forward.

Cut back on household bills

There are ways to make your income go further by cutting back on costs, and finding out what extra help is available. Firstly, setting a budget can help you see what you are spending and where you could cut back.

Then the next step is to find ways to cut the cost of household bills. You can shop around to make sure you’re getting the best deal on things like phone and broadband costs. Comparison sites are a good way to do this. If you call your supplier, they may be able to give you a better price if you’re considering leaving.

Many people might be worried about the high cost of energy bills at the moment. Switching won’t save you money right now, so it is worth looking at ways to reduce the amount of energy you use. It can be hard, but you could save 10 per cent of your heating costs by turning down the thermostat by one degree. Also, doing things like making sure you unplug phone chargers, not leaving things on standby and using energy efficient light bulbs are good first steps to take to reduce energy usage.  

Check what extra support you are entitled to

If you have suffered a sudden change in your income, or you’re living on a low income, you might be entitled to benefits you don’t know about. In fact, around £10 million a year is unclaimed by people who are missing out. Use a benefits calculator to see how much you could get. 

There are also charitable grants you may be eligible for from charities, professional, faith, and other local organisations. With a grant, you don’t have to pay the money back.

If you have unexpectedly become ill, lost your job or been made redundant, you should check if insurance policies you may have include Accident, Sickness and Unemployment cover. This can sometimes be included as an add on to mortgage agreements and some other financial products.

Falling behind on bills

If your income has been squeezed, you may also be worried about falling behind on some bills. The consequences of not paying off some bills can be more serious than others, for example if you do not pay your Council Tax, the Council might send a bailiff to visit your home to collect payment or you could face court action. This is why it’s really important to pay off priority debts first. 

MoneyHelper’s new Bill Prioritiser tool can help you sort out bills in the right order and tell you what you need to do if you’re struggling to pay. This could include how to talk to your providers and agreeing a payment plan, or what extra support you might be entitled to.

If you have already missed a payment, it’s time to seek free and confidential debt advice. You can use the debt advice locator tool on the MoneyHelper website which can help you find an adviser near you. 

Box out copy: Ways to boost your income

• Review ways to cut household bills 
• Check what benefits you might be entitled to
• Use comparison sites to check if you are on the best deal for your mobile, broadband and other bills 
• Use MoneyHelper’s Bill Prioritiser tool if you’re worried about falling behind on bills
• Talk to your providers if you’re worried about missing payments 

Taking the first step to face your money worries can be hard, but don’t go through it alone. Many people report a great sense of relief once they reach out for help. 

For free, confidential and impartial money and pensions guidance visit moneyhelper.org.uk or call  0800 138 7777.