Steps to stay on top of your finances

With the focus on personal finance, Wales & West Housing’s Tenancy Support Officer Lucy Beavan has put together some helpful hints and advice on how you can make the most of your income and gain control of your finances.

Make a list of your income and all of your essential outgoings. Then introduce non-essential expenditure in order of priority.

What are your priority bills?

Paying your rent, council tax, gas, electric, water and food bills should be considered the most important. There are things you can do to make the outgoings more manageable.

Please remember if you don’t pay rent you could end up losing your home. If you are struggling speak with your Housing Officer about managing payments before falling into debt.

Put aside money for one-off expenses if it’s possible

This could be for things like car repairs, new home appliances or replacing clothes or shoes.

Can you get a reduction in Council Tax?

To check whether you are entitled to a reduction visit the Government website.

Know what you are entitled to

Our Tenancy Support Officers can help. Be aware of situations which may cause your benefit amount to change. If you don’t claim any benefits you can check if you’re entitled to any by using the benefits calculator at turn2us.org.uk

If you’re claiming Universal Credit (UC) …

Budget carefully

If you work and have received higher wages, for example if you do overtime, your UC income may reduce. You will need to cover the shortfall with your wages. You can use an online benefits calculator to see if your wages will affect your UC payment.

Check whether any deductions are being made from your UC payment

If you see anything you weren’t expecting contact the UC debt management helpline on 0800 016 0647.

If you’re single and reach pension age your UC payments will stop

You need to make a new claim for State Pension as it will not be paid automatically when you reach pension age.

If you’re a joint UC claimant and only one person reaches State Pension age your UC payments won’t stop but will be reduced because of State Pension payments received.

Make sure your Universal Credit (UC) information is up to date

For example, after a relationship breakdown with a live-in partner or spouse you would need to update all details relevant to your claim. If an ex-partner is still living in the same household, they would need to be added to your claim as a “non-dependant” as well as any other person living in the home who is over the age of 18 and not in full-time education.

Don’t assume that UC will have all the information they need from your previous joint claim. This could result in you missing out on payment of elements that you should be entitled to. “Help is always available for anyone struggling with their finances,” says Lucy.

“Repaying debts and gaining control of your finances may require you to change your spending habits – but the benefits to mental health and physical and financial wellbeing are worth it!

“Even if you feel that debt is spiraling and you can’t see a way out, seek advice. You can contact your Tenancy Support Officer by calling our Housing Support Team on 0800 052 2526.