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.
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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?
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?