The Covid-19 pandemic has had a huge impact on many households’ finances. You are not alone and many people will be struggling to deal with the financial effects. The pandemic, combined with the increasing cost of living, has made managing money hard. At Disablement Association of Barking and Dagenham (DABD) we have witnessed first-hand the impact of this in Barking and Dagenham.
We work across the borough to support people who need a little help to achieve their full potential and to live as independently as possible. At DABD, we have a dedicated benefits and financial independence team – find out how we might be able to help you here.
Here are our top 4 tips for making the most of your money in 2022.
1. Swap providers offering a better deal
The average person in the UK can give themselves the equivalent of a 25% pay rise by being an active, savvy consumer and shifting to the very best deals on the market. For example, switching utility providers to ensure you are getting the best deal is a great way to save money.
Although everyone likes loyalty, if your current provider can’t give you a better deal, then swap! Your energy and utility providers, mobile phone contract, internet provider and insurance cover are a great place to start looking for better deals.
Visit price comparison sites, like Compare the Market or Money Supermarket to start comparing today!
Top tip- When speaking to your current provider, always ask for the retentions team, and state clearly that you are thinking of leaving if they can’t reduce the bill and give you a better deal.
2. Claim the benefits you are entitled to
There are a lot of government benefits out there and it can be complicated to figure out which ones you might be eligible for. Checking your benefit entitlement is a great place to start. Have a look at our Benefits page to see what you might be eligible for.
3. Debts can have high interest – pay them off as soon as you can
It’s not uncommon for people to try and save money whilst they’re still in debt, but by doing this you could be simply throwing your money away. Generally, debts come with a higher interest rate than savings, so you’re usually better off paying off your debts first – and it will also be a weight off your mind and you’ll feel better for it.
Visit our Dealing with Debt page to find out more.
4. Boost your savings rate
Although interest rates on savings accounts are quite low overall, there is still a notable difference between the best and worst paying accounts on the market. Having a good rate on any savings means you will increase the money in your account.
But you need to look for the best deals. If you haven’t checked your savings rates in a long time, don’t delay and have a look now. If you’re not sure whether you’re getting a good deal or not, try using a comparison site to see whether you’d be better off switching accounts. You can do this via Money Supermarket .