As the energy crisis continues to affect the United Kingdom, even those of us who are already being frugal may benefit from adjusting our current budget in small ways. In this blog post, we look at how you can account for the energy crisis and mitigate its impact on your life.
1. Local Council Schemes
If you are struggling throughout the energy crisis, you likely already know about the UK government’s financial hardship initiatives – including regular cost-of-living payments. However, there might still be local options that you are unaware of. Make sure to check with your council about welfare assistance schemes which offer short-term loans or grants to help residents.
2. Use Bank Accounts Wisely
Some people choose to set up a second account for emergency funds in case they lose track of their expenses, or to wisely partition their money; such as an account specifically for rent. You might also decide to use cash instead of card payments where possible, as this gives a clearer idea of your finances.
3. Optimise Your Mortgage
If you currently have a mortgage, you may worry about if you can keep up with the payments, especially when it seems that everything else is rising in price. A fixed-rate mortgage is often cheaper per-month than variable-rate – and your lender might have other repayment options that account for unpredictable long-term changes in the national financial situation.
4. Review Energy Payments
You can similarly contact your energy company to work out a more viable payment plan – there are a range of packages available for customers at every major supplier. For example, you may prefer to have your payments at a different point in the month to accommodate your income, or another provider could offer a better tariff.
5. Consult A Financial Planner
While hiring a professional financial expert might seem like another expense to manage, this could reveal gaps in your personal finances which you aren’t aware of. A comprehensive audit or plan by an experienced adviser shows your spending habits from another perspective – your planner can also highlight areas where you could cut personal or business costs.
Though the road ahead might still be difficult for people and businesses, there are many ways you can weather this storm and make significant long-term savings. If you would like to learn more about Integritas Financial Planners Ltd and our comprehensive budget management services, you can contact us today.
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