Cost of living reflects the amount of money individuals and households need to cover basic costs and expenses, such as bills, food and fuel. 

At The Cambridge Building Society, we understand increased financial pressures can impact your both mental and physical wellbeing. 

If you're experiencing money worries, there are a few things you can do in order to manage your money more confidently.

 

Money Help

During challenging financial times, changing your spending and savings plans could help you to stretch your money even further.

You can also check to see if you're entitled to any benefits or financial support: Check benefits and financial support you can get - GOV.UK. You can also check to see if there is any additional support for the cost of living.

If you’re struggling to make it to your next payday, think carefully and seek advice before taking out interest-heavy payday loans. Sometimes situations can feel impossible, and payday loans seem like a quick fix, but often people can find themselves struggling to make the hefty repayments that come with them.

There are a number of online resources which can help you to make informed decisions when it comes to borrowing money, and opting for something more manageable long-term such as an interest-free credit card. Money Helper has more information about the options available.

Always seek advice before making a financial commitment, and check that the repayments are affordable and will still allow you to live comfortably.

When it comes to finding ways to pinch the pennies, we know it can be tempting to cancel or reduce insurance policies, but they can help protect your finances in the long-run. In particular, home insurance is there to protect your house and assets if anything goes wrong. It’s the same for contents insurance and tech insurance packages. Car insurance is a legal requirement in the UK, and should never be sacrificed to help save some cash.

There’s also a number of places to seek help and advice, such as Money Helper – a jargon-busting, impartial and free money advice service backed by the Government and available to all.

 

Mortgages

Whether you’re a first time buyer, current homeowner looking to remortgage, or you just need some advice, we’ll be here to help.

Changes to the Bank of England base rate may have you wondering how this affects you. To find out more about base rate and it's impact on your mortgage or savings, read our guide. If you'd like to discuss your mortgage with one of our Mortgage Advisers, you can book an appointment or call us on 0345 601 3344.

If your current mortgage deal is due to come to an end, we’ll be in touch three-months before to explain your options and next steps.

We’d strongly encourage anyone who is experiencing financial difficulty or worried that they may do, to get in touch as soon as possible and talk to our highly trained Financial Support team who’ll be able to offer tailored support. You can call us on 0345 601 3344.

 

Savings

Although saving some pennies might seem difficult right now, there are things you can do to help boost your savings pot.

Many current account providers offer a free service to round up any of your purchases to the pound. Stash the cash in another pot and transfer over to your savings account each month. Alternatively, you could try the 52-week challenge, or vow to swap the weekly takeaway to a weekly fakeaway.

It’s also worth double checking if you’re getting the most out of your hard-earned money by utilising your Personal Savings Allowance (PSA). Your PSA allows you to earn up to £1,000 of tax-free interest on your savings each year - depending on your income-tax band.

Savings accounts can help make your money work harder for you without even needing to lift a finger!

 

Shopping Around

There are a number of websites and apps designed to help people save money. Take a look at some of our suggestions below:

Airtime Rewards – Earn money to put towards your monthly phone bill. Link your debit and credit cards, then shop as normal at qualifying retailers and you’ll earn money off your mobile bill.

TooGoodToGo - allows users to rescue good food from going to waste, often half price or less at local stores, cafes and restaurants. Helping you save money and the environment by reducing food waste.

TopCashback – one of the UK’s biggest cashback sites, TopCashback lets you earn cashback by clicking relevant links before you purchase.

And finally, sites such as Price Runner are there to help you make informed shopping decisions by doing the legwork for you. Compare prices on 2.6 million products from 6,100 UK shops to ensure you’re always getting the best price

 

We’ll be here

Sometimes, things in life can be out of our control. This can make us more vulnerable or susceptible to risk. And although we aren’t experts in matters outside of financial services, we think it’s important to offer support for anyone who might need somewhere to turn to.

We offer a safe space, and a friendly face if you need one, and can direct you to specialist organisations who can help. 

If you need any additional support with managing your account or the way you receive communication from us then please get in touch. You can call us on 0345 601 3344, send us a secure message or email us: thecambridge@cambridgebs.co.uk