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. In response to the struggle, Laura Howard, finance expert at Forbes Advisor, provided her top seven tips to the Daily Mirror to help families cope with the cost of living crisis.
Stop paying credit card interest
Paying interest on credit card balances at a typical 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 0% balance transfer card,” says Laura.
Find Cheaper Insurance Deals
Laura recommends shopping around for the best insurance deals. She said: “Certain costs such as mortgage or rent, and council tax are simply irremovable. But when it comes to annual insurance policies, like for your house and car, make sure “You know you’ve compared the costs of the wider market before auto-renewing with the same provider. 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.”
Check if you are eligible for benefits or subsidies
You may be eligible for income-tested benefits or subsidies. 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.
Make the most of free 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.
Take advantage of supermarket discounts
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.”
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