How to manage rising living costs
The cost of living crisis:
Everyone is experiencing rapidly rising prices and today, 18th May, the Office for National Statistics announced that the Consumer Price Index had risen to 9% since the earlier part of last year. Wages on the other hand have only risen on average 5% in the private sector and people on benefits or the state pension have only had a rise of 3.1%. Inflation has not risen so high for 40 years. Of particular concern is the cost of energy.
What you can do ?
We are all hoping that the Government will step in and take decisive action. However there are some steps that you can take:
- If you live in social housing and are struggling with fuel costs, get in touch with your Housing Association. Wiltshire Council may be able to help some eligible people with fuel vouchers.
- If you need to borrow, consider your local Credit Union rather than expensive and sometimes illegal money menders.
- If you are in receipt of tax credits, you need to know that you will be migrated to Universal Credit by 2024. You will receive a letter from the Department of Work and Pensions about making a claim and you must apply within 3 months of receiving the letter or you will lose the money to which you are entitled.
- Get in touch with us at South Wiltshire Community Money Advice for a free face to face session with a qualified Money Mentor, who may be able to help you to improve your situation.