Look, I'm not gonna sugar-coat it. Being on Universal Credit is a proper pain in the backside. The forms, the waiting, the constant worry about money... it's exhausting. But there's a silver lining I stumbled across last week while helping my cousin sort out her benefits (God, what a nightmare that was).
There are actually some decent perks you can claim right now. And I'm not talking about pennies - we're looking at potential savings of over £620.
Internet deals that won't make you cry
Social tariffs saved my sanity back in 2021 when I lost my job. If you're on Universal Credit, you can get massively discounted broadband and mobile packages that the providers don't exactly advertise with neon signs.
Ofcom has this list on their website (www.ofcom.org.uk/phones-and-broadband/saving-money/social-tariffs) showing all the companies offering these special rates.
They reckon you'll save about £200 a year, but honestly? It could be way more. I chatted with a mum-of-two who slashed her internet bill by £300 annually. That's £25 extra in your pocket each month!
Just call them up and ask. The worst they can say is no.
Family days out without the financial hangover
My sister was convinced we couldn't afford to take the kids anywhere decent last summer. Then I discovered that loads of attractions offer Universal Credit discounts.
London Zoo tickets start from just £3 instead of the usual £19.40. THREE QUID! That's less than a fancy coffee these days.
Aviva Studios in Manchester does £10 tickets for benefit claimants too. I took my nephew there in March and saved about £20 compared to regular prices.
The government will literally give you free money
This one still feels like a glitch in teh system that someone forgot to fix.
If you're on Universal Credit and earned just £1 (yes, ONE POUND) in your last assessment period, you can open a Help to Save account. The government adds a 50% bonus to whatever you manage to save over four years.
You can put away up to £50 monthly, which means potentially £25 free cash this month alone. The catch? You only get the bonuses paid after two and four years.
They recently changed the rules too. It used to be that you needed to earn £846.56 in your assessment period to qualify. Now it's just £1. Madness!
Expecting? There's £500 with your name on it
When my friend Jess found out she was pregnant last year, I immediately told her about the Sure Start Maternity Grant. She thought I was making it up!
It's literally £500 free cash if you're on Universal Credit and expecting a baby. The only major restriction is that you can't have any other children under 16 already... unless you're having twins or triplets (in which case, you definitely need that money).
The application form is a bit of a faff, but come on - it's FIVE HUNDRED QUID.
Free food for new parents (up to £442 worth!)
The Healthy Start scheme is a lifesaver for anyone pregnant or with young kids. If you're more than 10 weeks along or have a child under four, you can get up to £442 of free food annually.
They give you this special card to use at supermarkets. You can't just buy whatever - it has to be milk, fruit, veg, and some other healthy stuff. But still... free food!
The weekly amounts are £4.25 from 10 weeks pregnant, £8.50 for babies under one, adn £4.25 for kids between one and four. That's about £34 a month you're not spending on essentials.
Gym memberships that won't break you
January 2023. I made the classic "new year, new me" promise and wanted to join a gym. Then I saw the prices and nearly had a heart attack (which would've been ironic).
Turns out lots of leisure centers offer discounted memberships if you're on benefits. Better Leisure has deals from just £5 monthly instead of their usual £25 minimum.
The only downside is you might be restricted to off-peak times. But honestly, who wants to go when it's packed anyway?
That's another potential £20 saved this month.
Listen. I know claiming these things can feel embarrassing sometimes. I spent three weeks putting off applying for that social tariff because I didn't want to admit I needed help. Poor pride nearly cost me hundreds of pounds!
These benefits exist for a reason. You're entitled to them. Go get your money.
Frequently Asked Questions
How can I budget my money effectively?
To budget effectively, start by tracking your income and expenses to understand your spending habits. Set realistic financial goals, categorize your expenses, and allocate funds accordingly. Regularly review and adjust your budget to ensure it reflects your current financial situation and objectives.
What is a budget deficit?
A budget deficit occurs when a government's expenditures exceed its revenues over a specific period, usually a fiscal year. This can lead to increased borrowing and national debt if not addressed through spending cuts or revenue increases.
What is the definition of money?
Money is a medium of exchange that facilitates transactions for goods and services. It serves as a unit of account, a store of value, and a standard of deferred payment, allowing individuals to compare the value of diverse products and services.
What are the risks associated with investing in the stock market?
Investing in the stock market involves several risks, including market volatility, economic downturns, and company-specific factors that can lead to losses. Investors may also face liquidity risk, where they cannot sell an investment quickly without incurring a loss. Diversification and thorough research can help mitigate these risks.
How does inflation affect the value of money?
Inflation refers to the general rise in prices over time, which erodes the purchasing power of money. As inflation increases, each unit of currency buys fewer goods and services, meaning that the value of money decreases in terms of what it can purchase.
What are the main functions of money?
The primary functions of money are as a medium of exchange, facilitating trade; a unit of account, which provides a standard measure of value; a store of value, allowing individuals to save and transfer purchasing power over time; and a standard of deferred payment, enabling credit transactions.
How can I improve my credit score?
To improve your credit score, make timely payments on all debts, reduce credit card balances, avoid opening unnecessary credit accounts, and regularly check your credit report for errors, disputing any inaccuracies. Maintaining a mix of credit types and keeping old accounts open can also be beneficial.
Statistics
- In 2020, the average retirement savings for Americans aged 60 to 69 was approximately $195,000, according to Fidelity.
- According to the World Bank, around 1.7 billion adults worldwide remain unbanked, lacking access to basic financial services.
- As of 2021, the median household income in the U.S. was approximately $67,521, according to the U.S. Census Bureau.
- According to a survey by the Financial Industry Regulatory Authority (FINRA), about 66% of Americans could not correctly answer four basic financial literacy questions.
- The average return on investment for the S&P 500 over the past 90 years is about 10% per annum.
- According to the Federal Reserve, approximately 39% of Americans do not have enough savings to cover a $400 emergency expense.
- A study by the National Endowment for Financial Education found that 60% of Americans do not have a budget.
- Research by the National Bureau of Economic Research found that individuals who receive financial education are 25% more likely to save than those who do not.
External Links
How To
How To Start Investing for Beginners
Starting to invest can be daunting, but it is a crucial step towards building wealth. Begin by setting clear financial goals, such as saving for retirement or a major purchase. Educate yourself on different investment options, including stocks, bonds, mutual funds, and ETFs. Consider starting with a brokerage account that offers user-friendly platforms and educational resources. Diversify your investments to reduce risk, and consider low-cost index funds or robo-advisors if you prefer a hands-off approach. Make regular contributions, and resist the temptation to react to market fluctuations. Over time, compound interest will help your investments grow significantly.
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https://hellofaread.com/money/labour-mps-in-open-revolt-over-100-furious-at-starmers-brutal-welfare-cuts
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