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Health and Wellbeing
A Health and Well-being Wales Partner

The cost of living crisis – escalating energy, food and housing costs – means most people now need to manage their money like never before.

Even households who were managing before the crisis are looking far more closely on what’s coming in – and what’s going out.

Life’s major milestones can have a massive financial impact too. Whether you are going to university, getting married, buying a home, starting a family, splitting up or setting up a business, it all takes money – and lots of it.

If you are receiving home (personal) care services, you might be asked to make a contribution to the cost up to a maximum of £100 per week (subject to a financial assessment).

Even if you do not have to worry about money, good financial planning will help you to survive sudden changes in your circumstances or unanticipated expenses. It's also a good idea to make a will no matter what your age.

Increasing your income

If you are struggling to make ends meet, make sure you are getting all the benefits and tax allowances you are entitled to. If you are working, check you are on the right tax code. You may also be eligible for in work benefits.

If you are disabled and have extra living expenses or are unable to work, it’s worth checking that you are claiming everything you are entitled to.

To check if you would be better off applying for certain benefits before putting in a claim, use an online benefits calculator like the ones on Turn2Us and EntitledTo. Turn2Us can also advise you about charitable grants and support services.

Cutting your outgoings

If you are still paying a mortgage, you may be able to get help towards the interest (Support for Mortgage Interest) – although this is repayable with interest if you sell or transfer ownership of your home.

You may also be able to apply for a reduction in your council tax if you are the only adult in the home (single person discount) or your home has certain features to enable a disabled adult or child to live there. If you rent your home, you may also be able to claim housing benefit.

There is no longer any stigma attached in wearing second-hand or ‘preloved’ clothes. Snap up a bargain at your local charity shop - your purchase will be helping the charity and the environment. Some shops also sell furniture and other household items.

Shop around to get the best deals if possible. Most supermarkets make massive price reductions on fresh foods, like salads, ready meals and bakery items, in the evening.

If you cannot afford food, then you should not feel embarrassed to seek help from a foodbank (you will first a referral from a charity, health or social care professional).

Money Saving Expert has advice on how to save money on almost everything, including utility bills, travel, insurance, shopping and loans.

Dealing with debt

If you do find yourself in debt, try not to despair. There is plenty of support out there to help you sort out your money problems.

The UK government’s Money Helper website offers free and impartial advice about money matters, including dealing with debt and borrowing. . Get in touch online or phone 0800 011 3797.

Last updated: 05/05/2023