Feeling the pinch after Christmas? Citizens Advice Staffordshire South West has launched its New Year health check to help you sort your finances.
As the charity launches its New Year financial health check, research into people’s finances shows that only a third (31%) are planning their financial future long-term and one third (33%) could be missing opportunities to make savings on their household bills.
The research showed that in the last two years, one in three people hadn’t personally checked to see whether they were on the best mobile phone contract (32%), had the most appropriate energy tariff (33%) or the best broadband deal (34%). Yet switching energy suppliers or changing tariffs alone could save people more than £200 a year.
[box type=”shadow” align=”aligncenter” ]Sue Nicholls, Chief Executive of Citizens Advice Staffordshire South West, said: “Looking at how you spend your money and where you can trim back will help you plan a budget that meets your daily costs. It can also help you build up savings so that you’re prepared for any sudden changes – from one-off expenses like replacing a washing machine to a change in your employment.
“It’s also important to shop around so you get the best deal on your household bills. Energy, broadband and mobile phone tariffs all vary widely, and paying over the odds for lots of bills can all add up. Citizens Advice can help you sort out your debts and give you the knowledge to plan your budget and achieve a more financially secure future.” [/box]
[box type=”info” ]Anyone can speak to Citizens Advice in confidence by calling 03444 111 444 or by visiting one of the Citizens Advice offices in Stone, Stafford, Cannock or Rugeley[/box]
The New Year financial health check
Blitz your budget Get a clear idea of how much you spend. Some bills vary from month to month, so take an average of these outgoings and use it to build a realistic budget.
Get the best deal on your energy The best energy deal for you depends on anything from the size of your home to the time of day you use the most fuel. To work out if you can save, use the free Citizens Advice energy comparison tool – https://energycompare.citizensadvice.org.uk/
Keep your water costs down Smaller households may be able to save money by moving to a water meter. With a meter, you only pay for what you use. Work out if you could save by visiting https://www.ccwater.org.uk/
Put contract end dates in your diary Unless you’re buying an upgrade, things like broadband and mobile phone services can’t be switched until your contract ends. Keep a note of contract due dates in your diary – this is your chance to see if you can get a better deal elsewhere.
Sort out your debts Make a list of your creditors, how much you owe, and when you need to pay it back. Refer back to your monthly budget and see what you can afford to pay. If you can’t afford them all, go to your local Citizens Advice or visit the website https://www.citizensadvice.org.uk/ for information on which debts should take priority, and negociating with your creditors.
Maximise your income Overpaying taxes and not claiming what you’re entitled to can have an impact on your income. Make sure you’re on the right tax code by visiting gov.uk. If you have children, check you’re eligible for tax credits. If you live alone, make sure you’re not overpaying council tax – single person households should get a 25% discount.
Get to grips with your pension When you retire, you’ll need your income to support you and give you a decent standard of living. Most people receive a State Pension but some people can find it hard to live on this alone. If you can, you should top this up with your own pension to make sure you have enough money to see you through your retirement. Over 50s with a defined contribution pension can get free impartial guidance on their pension options from Pension Wise by calling 0300 330 1001
