2022 may guide

Are you worried about the cost of living crisis? Our latest guide Navigating the Cost of Living Crisis reveals how you can take control and help to reduce the cost of your bills.
About Tudor Franklin IFA

Tudor Franklin was established by Richard Meats and Bharat Chudasama, with a vision for a professional financial planning and advice service that can provide clear value to our clients at any stage in their financial life. With over 25 years joint experience advising clients on such matters as investments, pensions, inheritance tax planning and protection, we pride ourselves on being professional and delivering advice in a clear and understandable way.
LIVING CRISIS money bill COST Save money tax
Are you worried about the cost of living crisis? Our latest guide Navigating the Cost of Living Crisis reveals how you can take control and help to reduce the cost of your bills.
About Tudor Franklin IFA

LIVING CRISIS money bill COST Save money tax
MAY 2022NAVIGATING  
THE COST OF  
LIVING CRISIS
How you can keep the cost of bills  
down while in!ation is high
G U I D E  T O
02
GUIDE TO NAVIGATING THE COST OF LIVING CRISIS
Try using a fuel price 
checker site to check 
that you’re always 
getting your fuel for the 
cheapest price possible.
In!ation is the highest it has been for 30 
years, and no one is immune to the e"ects  
of rising costs of energy, petrol, food, as  
well as tax. National Insurance increased by  
1.25 percentage points from 6 April.
10 ways to help manage  
your finances
1. Save money on your energy bills
If you’re #nding it hard to pay your energy  
bills, contact your provider as they should  
help you with ways to pay, and don’t be  
afraid to ask for help from a debt advice  
charity if you’re struggling.
Switching your energy supplier used to be a 
good way of saving money on your household 
bills, but with energy prices soaring, you’re 
probably better o" staying on the standard 
tari" with your existing supplier once your 
G U I D E  T O
NAVIGATING  
THE COST OF  
LIVING CRISIS
How you can keep the cost of bills 
down while in!ation is high
Rising in!ation and increases in taxes are set to leave millions 
worse o" in 2022. Households are already grappling with the 
worst cost of living crisis in a generation but budgets have 
been further squeezed by a ra$ of price and tax rises. 
03
#xed tari" comes to an end. Some suppliers 
aren’t taking on new customers, and that way 
you’re protected by the energy price cap. %e 
government-backed website – Simple Energy 
Advice – has tips on how to keep your energy 
bills down.
2. Save money on petrol
Try using a fuel price checker site to check 
that you’re always getting your fuel for the 
cheapest price possible. Other ways to save 
include: driving at a lower speed and avoiding 
accelerating and braking quickly if you can; 
making sure your tyres are at the right pressure; 
and taking out anything heavy in the car that 
you don’t need to carry.
3. Food bills
Grocery bills can make up a big proportion of 
your household spending so it makes sense to 
look for savings. Plan your meals for a week 
and then write your shopping list – this will 
help you avoid buying unnecessary items. 
Consider changing to a cheaper supermarket 
or to di"erent brands if you prefer a  
particular supermarket.
4. Water bills
You can’t switch water suppliers but there are 
steps you can take to keep your bills down. 
Check if you’d save money by switching to 
a water meter. You can use the Consumer 
Council for Water’s calculator. If you’re on 
certain bene#ts and have a large family or 
someone with a particular medical condition, 
you may qualify for the WaterSure scheme, 
which caps water bills. Meanwhile, if you’re 
on a low income or receiving bene#ts,  
check what additional assistance your  
water company o"ers.
GUIDE TO NAVIGATING THE COST OF LIVING CRISIS
04
GUIDE TO NAVIGATING THE COST OF LIVING CRISIS
5. Council Tax
Depending on your circumstances and who is 
living with you, you may qualify for a Council 
Tax discount. For example, you can get a 25% 
discount if you’re the only adult living in the 
property. Find out what discounts are o"ered by 
your local council at GOV.UK.
If you’re on a low income or certain bene#ts 
you may be able to get a Council Tax Reduction. 
Your bill could be reduced by up to 100%. 
%ere’s a di"erent scheme in Northern Ireland.
6. Check if you’re entitled  
to state benefits
Billions of pounds of state benefits go 
unclaimed each year, and you could be  
missing out. The national charity Turn2us has 
a free and confidential benefits calculator on 
its website (https://benefits-calculator.turn2us.
org.uk/), which can help you work out which 
means-tested benefits you’re entitled to. It also 
has a grant search tool (https://grants-search.
turn2us.org.uk/) for information on grants  
you may be able to apply for.
7. Find out where your  
money’s going
Start by #nding out where your money’s  
being spent. It sounds obvious, but we may  
not realise exactly how much we’re spending 
each month – and what we’re spending it on – 
until it’s laid out in front of us.
Review your last three bank statements and 
credit card bills (or check online) and spend 
some time going through them, highlighting 
any areas where you think you’re spending 
money unnecessarily or spending too much. 
%is could be on anything from a top of the 
range broadband package that you don’t  
need, to a mobile phone contract where  
you’re paying for data you don’t use.
Every month money is wasted on unused 
subscriptions, with the most common wasted 
money on gym memberships. A #$h (19%) of 
UK adults said they planned on cancelling TV 
subscriptions (e.g. Net!ix, Amazon Prime). 
Even magazine subscriptions of a few pounds a 
month are money down the drain if you don’t 
have time to read the magazine. Take a few 
minutes and cancel any subscriptions you  
don’t really use to save yourself a bit of cash.
8. Draw up a budget
Drawing up a weekly or monthly budget will 
help you get your #nances under control. It’s 
just a list of money you have coming in and 
what you spend and it doesn’t have to take long 
to set up. %ere are plenty of templates online  
to get you started. Alternatively, budgeting  
apps can also be used to plan what you want  
to spend and keep track of it.
9. See if you can pay less interest
If you owe money on an expensive credit card, it may 
be worth considering whether you can transfer the 
balance to a credit card charging 0% interest. Although 
these cards are interest free, you will normally be 
charged a balance transfer fee of between 1% and 
3% of the amount you transfer. Because you won’t 
be charged interest on your balance, more of your 
money can go to repay what you owe.
NEED HELP TO MAKE THE 
MOST OF YOUR MONEY?
Everyone’s circumstances are di"erent 
and saving or earning more isn’t a simple 
option for all families. However, many 
people will be thinking about ways to save 
money wherever they can. We’re here to  
help you review your current #nancial 
situation and answer any questions you 
may be concerned about.
05
GUIDE TO NAVIGATING THE COST OF LIVING CRISIS
%ese cards aren’t right for everyone, and 
it’s important to make sure you can pay o" 
your balance by the time the 0% interest deal 
runs out. It may also a"ect your credit score, 
especially if you do it multiple times.
INFORMATION IS BASED ON OUR 
CURRENT UNDERSTANDING OF 
TAXATION LEGISLATION AND 
REGULATIONS. ANY LEVELS AND  
BASES OF, AND RELIEFS FROM, 
TAXATION ARE SUBJECT TO CHANGE.
THE VALUE OF INVESTMENTS AND 
INCOME FROM THEM MAY GO 
DOWN. YOU MAY NOT GET BACK THE 
ORIGINAL AMOUNT INVESTED. PAST 
PERFORMANCE IS NOT A RELIABLE 
INDICATOR OF FUTURE PERFORMANCE.
10. Get help with  
unmanageable debts
If you are struggling to pay for the essentials, 
you are using one credit card to pay off 
another or your debts are causing you worry, 
then contact a debt advice charity, such as 
StepChange. They will be able to give you 
help with your debts, free of charge. 
Published by Goldmine Media Limited, Basepoint Business & Innovation Centre, 110 Butterfield Green Road, Luton, LU2 8DL.  
Content copyright protected by Goldmine Media Limited 2022. Unauthorised duplication or distribution is strictly forbidden. 
This guide is for your general information and use only, and is not intended to address your particular requirements. The content should not be 
relied upon in its entirety and shall not be deemed to be, or constitute, advice. Although endeavours have been made to provide accurate and 
timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate 
in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough 
examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of the 
content. Thresholds, percentage rates and tax legislation may change in subsequent Finance Acts. Levels and bases of, and reliefs from, taxation 
are subject to change and their value depends on the individual circumstances of the investor. The value of your investments can go down as 
well as up and you may get back less than you invested. All figures relate to the 2022/23 tax year, unless otherwise stated.
The first thing you need to do is take control of the situation.  
It’s easy to get discouraged when trying to address the rising 
cost of living and the impact it may have on your everyday  
life, but it’s important that you don’t give up!
If you would like to talk to us about how  
we could help, we’re here to listen.
NEED HELP  
NAVIGATING THE COST  
OF LIVING CRISIS?