Cost of living tips

With the cost of living putting increased pressure on many households, it's more important than ever to make sure you're getting all the support you're entitled to and managing your money as effectively as possible.

This section brings together practical advice, helpful tools, and signposts organisations that can provide additional support when you need it.

If you're struggling with payments

If you're having concerns about keeping up with your Co-Ownership rent contact our customer service team and we'll work with you to find a suitable arrangement. 

If you're having difficulties with your mortgage payments, contact your lender to discuss your options. The Mortgage Charter sets out the support lenders have agreed to provide borrowers, and you can request options such as switching to an interest only mortgage for six months or extending your mortgage term. If you wish to make a bigger change like a further advance or changing lender, speak with our team first who can advise on the best steps to take. 

Check you're claiming everything you're entitled to

Many people don't realise they could be eligible for additional financial support, even if they're in full-time employment. It's quick and easy to check whether you're entitled to benefits or support that could ease pressure on your household budget. You might be eligible for support with housing costs, council rates, childcare, healthcare, or other essential expenses. Even if you've checked before, it's worth checking again if your circumstances have changed.

Use the free NI Direct calculator or EntitledTo calculator to see what you might be able to claim each month. In order to work out what benefits or support you could claim, you'll be asked about your income, circumstances, and household. Both of these tools are free to use and take just a few minutes to complete.

Build an emergency savings buffer

Unexpected bills and expenses are a fact of life, whether it's a broken boiler, car repairs, or an urgent household fix. Building even a small savings buffer can help you avoid debt and reduce stress when these surprises happen. 

Financial experts recommend aiming for three to six months' worth of essential expenses, but any amount of savings is better than none. Start with a realistic target like £500 or £1,000 and build from there. Set up a standing order to move money into savings as soon as you get paid, even if it's just £5 or £10. Treating savings like a bill makes it more likely you'll stick to it. Keep your emergency fund in an easy-access savings account where you can get to it quickly when needed, and separate from your everyday spending. 

If you receive Working Tax Credit or Universal Credit, the government-backed Help to Save scheme can boost your efforts by paying a bonus of 50p for every £1 you save over 4 years. Building the habit of saving regularly matters more than the amount you start with.

Understand where your money goes

One of the most effective ways to take control of your finances is to understand exactly what you're spending and where you might be able to save.

Free money management tools like Snoop Money Management and Money Helper can help you track your spending, identify patterns, and find opportunities to save. These connect to your bank accounts and automatically categorise your spending, giving you a clear picture of where your money goes each month.

When you see your spending laid out clearly, it's easier to spot things like unused subscriptions, excessive spending in certain areas, or opportunities to switch to cheaper alternatives.

Create a realistic budget

A budget helps you plan your spending, avoid running out of money before payday, and work towards financial goals like building savings or paying off debt.

Use our Budget Planner to map out your income and expenses. It helps you see how much money you have coming in, what your essential costs are, and what's left over for everything else.

Be honest about your spending when creating a budget. Include everything from rent and bills to coffees and takeaways. Once you can see the full picture, you can make informed decisions about where to cut back if needed.

Review your budget regularly, especially if your circumstances change. A budget isn't something you create once and forget about. It's a living tool that should evolve as your situation changes.

Reduce your household bills

Beyond energy costs, there are other areas where you might be able to save money on household bills.

• Review your phone, broadband, and TV packages. Are you paying for services you don't use? Could you switch to a cheaper provider or downgrade to a smaller package? Many people stay on expensive deals out of habit rather than necessity.
• Check your insurance policies. When renewal time comes around, don't just accept the automatic renewal. Shop around, compare prices, and negotiate with your current provider if you find a better deal elsewhere.
• Look at your shopping habits. Could you switch to a cheaper supermarket or try own-brand products instead of branded ones? Meal planning and buying only what you need can significantly reduce food waste and spending.
• Review subscriptions and memberships. Are you paying for gym memberships you don't use, streaming services you rarely watch, or magazine subscriptions you don't read? Cancel what you're not using.
• Consider your transport costs. Could you walk, cycle, or use public transport for some journeys instead of driving? Could you car share with colleagues or neighbours? Fuel and parking costs add up quickly.

Get debt advice if you need it

If you're struggling with debt, professional advice can help you understand your options and create a plan to manage it.

The Money and Pension Service (MAPS) helps people improve their financial wellbeing and build a more confident future. They provide free, impartial money and pensions guidance and debt advice.

MAPS can help you understand which debts to prioritise, negotiate with creditors, set up affordable payment plans, and work towards becoming debt-free. Their advice is tailored to your situation and circumstances.

Don't ignore debt or hope it will go away. The sooner you seek advice and take action, the more options you'll have and the less stressful the situation will be.

Help with housing costs

Housing Rights has been helping people in Northern Ireland tackle housing problems since 1964. They provide direct advice and representation to members of the public, develop training courses and information tools, and advocate for changes in policy and legislation.

If you're struggling with housing costs, including rent, mortgage payments, or rates, Housing Rights can provide advice on what support might be available and help you understand your rights and options.

They can also help with issues like disrepair, eviction threats, and disputes with landlords or mortgage lenders.

Review your financial priorities

When money is tight, it's important to prioritise your spending so you're paying for the most important things first.

Essential priorities include housing costs (rent or mortgage), council rates, utilities (electricity, gas, water), food and basic household supplies, and any secured debts where you could lose your home or assets if you don't pay.

Lower priorities include things like unsecured debts (credit cards, store cards, personal loans), subscriptions and memberships, and non-essential spending on entertainment or luxuries.

If you can't afford everything, focus on keeping a roof over your head, keeping the lights on, and feeding yourself and your family. Everything else can be negotiated or temporarily paused if needed.

Use comparison sites for better deals

When contracts end or renewals come up, take time to compare deals rather than accepting the first offer or automatic renewal.

Comparison sites allow you to quickly see what's available across different providers. This works for energy, broadband, phone contracts, insurance, and more.

Remember that the cheapest option isn't always the best. Consider the quality of service, contract terms, and what's included in the price. A slightly more expensive deal might offer better value if it includes things you need.

Look after your mental health

Financial stress can take a toll on your mental health, and it's important to recognise when you need support.

If you're finding things tough or overwhelming, talk to someone you trust about how you're feeling. This might be a friend, family member, or professional counsellor.

Try to remember that financial difficulties are temporary and there's always a way forward, even if it doesn't feel like it right now.

Organisations like the Samaritans (116 123) and Lifeline (0808 808 8000) provide free, confidential support if you're struggling.