The cost of living is rising fast. You can’t do much to beat the grip, but it’s worth checking to see if you’re getting the most out of it.
Get what you’re entitled to: Make sure you’re claiming all and all of the payments you’re eligible for. There are many benefits that go unclaimed: the maintenance allowance is one that is often overlooked and there may be a real difference in your income – it is for people who have reached retirement age and need some help to live independently. Age UK has more information on the attendance allowance. The Entitledto.co.uk website has a free calculator that you can use to find out if there are any benefits you can ask for.
Check your tax code: If you also make money on PAYE, check that your tax code is correct – you may overpay. The code will be in your slip. If you have a standard income from one employer and do not receive taxable benefits or do not pay child benefit tax, your code will probably be 1257L.
If you have previously claimed child benefit and have been subject to a higher tax fee, for example, you may find that you are paying it, even if you no longer receive the monthly payment. You can check and report changes in circumstances at gov.uk/check-income-tax-current-year.
Fix your mortgage: Borrowers who are nearing the end of a fixed rate mortgage should start shopping for a new one now. Interest rates are moving up and are likely to rise. The cheapest deals are gone, but it’s possible to keep your payout below 2.5% for two, five or 10 years – in fact, the longest deals currently have the lowest rates. If you have six months or less left, you may be able to close a new deal, which you can go straight to when your current adjustment expires.
Get a refund of expenses: There won’t be much difference in your budget, but if you spend with a credit or debit card, you can also get some of the money back. There are several refund credit cards on the market, including one from Lloyds, which offers a 0.25% refund for your first £ 4,000 each year and 0.5% thereafter.
As for the debit card, several banks, including Lloyds, offer a refund to select retailers – sometimes up to 15% of your purchase. Check if yours does it and if you need to get involved to get the benefit. Chase Bank has a current account that offers a 1% refund of your expenses for one year, accessible only through the application. The Santander 123 account offers a refund for household bills paid by direct debit, including municipal tax and energy payments, but there is a monthly fee. Before considering a change, make sure that all prizes are not fully reimbursed by fees.
Make sure you get your £ 150 discount: If you own an AD municipal tax group and qualify for the £ 150 discount the government promised to energy customers, make sure you get the money. If you pay your municipal tax by direct debit, it must have arrived in your account by now. If you pay differently, the process varies from advice to advice: you may have already received a voucher or a letter asking you to apply, or the documents may still be on the way. If you haven’t heard anything, check your council’s website, as it should have a section explaining what’s going on and when. Contact advice if your payment appears to have gone astray.
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