What's Next? Looking after your finances after lockdown

There’s no denying that the past few months have been trying times for us all. Many people have taken an unexpected financial hit during lockdown, and are struggling with what this means for the future.

Here’s how you can look after your wallet coming out of lockdown and beyond!

Don’t look away

We’re all guilty of avoiding looking at our bank balance to delay knowing the truth, especially if you’ve suffered a wage cut. However, continuing with normal spending and hoping for the best is even more harmful in the long run, and you will have to cut back eventually.

Staying aware of your incomings and outgoings from the get-go is crucial, especially as restrictions begin to ease and businesses around the country begin to reopen.

If you’re at home a lot, now could also be the right time to have a sort through things you don’t need and sell them on eBay or Gumtree, giving your bank balance that extra little boost.

Shop around

Any money saving guru will always stress the importance of shopping around!

There’s plenty of tools out there which help you compare the best deal on all of your household utilities, and switching is really easy, too.

Considering different or supermarket own brands for some of your grocery shopping can also really help in cutting the costs. Why pay more when there are cheaper alternatives?

Plan in advance

When it comes to managing your finances, budgeting is king.

Create a plan of how much you can spend each month, taking into account groceries, bills etc., and stick to it! Make sure your plan is realistic and you allow for a few small treats here and there, if you can – if you’re too harsh with your projections, there’s very little likelihood you’ll be able to adhere to it.

Claim the benefits you are entitled to

If you’ve become unemployed or your job has been affected by the pandemic, there may be benefits you are entitled to which you are not yet claiming.

A Better Off Finance Key Worker will help you with a Better Off calculation and assess which benefits you could be entitled to, as well as providing support with debt and rent arrears.

Get in touch!

About us:

Better Off Finance is offering residents of the Liverpool City Region who are currently unemployed (although don't have to be claiming benefits), a bespoke programme of support. 

This support will be provided at a local community venue or at home if a participant prefers.

Each participant will be linked up with their own key worker who will support them to:

Improve their financial capability through 1-2-1 support and group work

• Access employability sessions within the programme

• Access a Level 2 Accredited ‘Money Mentor’ opportunity

• Progress into training and education opportunities

• Prepare and progress into sustainable employment.

Please contact us via our Facebook or Twitter pages to make a referral or for further information.

Better Off Finance is a programme jointly funded by The National Lottery Community Fund and European Social Fund as part of the Building Better Opportunities Initiative.

5 Everyday Changes to Save Money

    Here are a few tips you can follow to help you save that little bit extra! These small changes can have a major impact on your annual finances and help you feel more comfortable with your money.

 Money management

Work with a budget. If you’re someone who impulse buys, then a properly thought out budget could become your best friend.

A budget is not something to fear, all it takes is preparation and dedication! By working out your weekly costing for food, petrol (or public transport), any memberships or classes you pay for, subscriptions and of course a treat, you are giving yourself an accurate representation of the budget you can live within. The one rule for this money saving tip is to not overcompensate to make yourself feel better! You must be ruthless in order to see a change.

2.       Use price comparison websites

Shopping around for the best deals is a perfect way to find the cheapest option. This can be for insurance, broadband and maybe even bank accounts. These websites can save you from overspending and can very quickly save you a few quid!

3.       Bulk buying to the rescue

Buying in bulk is probably the easiest way to save on your everyday items. This can apply to your everyday life as well as your business, for example, pens are a common necessity in almost every business. But, buying the odd pack of pens here and there can rack up to a high price whereas if you buy in bulk your getting more bang for your buck!

4.       Turn that heat down

The colder seasons can see us walking in and whacking that central heating right up to take the chill off.

Turning your heating down by as little as one degree and sticking a jumper on can see a decrease of 10% in your heating bill. There’s even apps, like ‘Hive’, which can help you to control your heating away from home, making it that little bit easier to save.

5.       Go generic

Brands can be super expensive to buy and can rack up your shopping bill if they become a repeat buy. Swap that named brand for something generic. With budget supermarkets like Aldi and Lidl, you can find some seriously good quality dupes and much more affordable prices.

Energy Saving Week Tips

Turn off Standby appliances

Take a look around your home, how many appliances do you have on standby? TV, phone charger, microwave, lights? These devices draw power when plugged in and not in use. This is sometimes known as 'vampire power'.  Each appliance may only account for £3 each year although, if you have 30 appliances on standby this amounts to £90 every year! Research from energy saving experts have also discovered that having appliances on standby may account for about one hundredth of all carbon dioxide emissions released into the atmosphere globally.

 Turn down Temperatures

The washing machine is one of the most heavily used appliances in the home. A 7kg washing machine used 220 times a year will cost typically between £25 - £35 a year to run. In-fact, wet appliances account for almost 10% of typical household’s energy bills. To save energy, switch to low temperature 30-degree washes.

Money can also be saved by turning down the thermostat dial. Research from Energy Saving Trust shows that more than 60 % of the British public are making at least one heating control errors. Simply setting your thermostat from 24 C to 23 C, could save £75 a year to your annual energy bill.

Be Water-wise

Save water by turning off the tap while brushing your teeth or shaving, rather than running a constant stream. Studies have shown that we waste four gallons a minute. Doing this can save 200 gallons a week for a family of four!

Think twice before filling up your kettle to the brim. The average kettle holds 1.5 litres of water and uses about 0.1 kWh of electricity to boil for 3 minutes. That’s around 2.5 pence every time you boil a full kettle. The average British person drinks 884 cups of tea each year, this means that we spend over £20 every year boiling the kettle!

About us:

Better Off Finance is offering residents of the Liverpool City Region who are currently unemployed (although don't have to be claiming benefits), a bespoke programme of support. 

This support will be provided at a local community venue or at home if a participant prefers.

Each participant will be linked up with their own key worker who will support them to:

Improve their financial capability through 1-2-1 support and group work

·                     Access employability sessions within the programme

·                     Access a Level 2 Accredited ‘Money Mentor’ opportunity

·                     Progress into training and education opportunities

·                     Prepare and progress into sustainable employment.

Please contact us via our Facebook or Twitter pages to make a referral or for further information.

Better Off Finance is a program jointly funded by The Big Lottery Fund and European Social Fund as part of the Building Better Opportunities Initiative

5 Tips to Celebrate Christmas on a Budget

You don’t have to break the bank to enjoy a great Christmas. Don’t get overwhelmed by your time and finances by following our 5 tips to celebrating Christmas day on a budget. 

1. Set a budget 
Before you start thinking about what gift you’re going to buy for the office secret Santa – you need to be thinking about what you can afford to spend altogether on the festive period. The best way of doing this is by calculating your budget and knowing exactly where your money is going to go. Having a budget in front of you will help you to track your outgoing funds. You can start your own tracker by using a simple spreadsheet or you can use this Christmas Money Planner by The Money Advice Service 

2. Make a list 
Writing down a list of people you’re going to buy for or food you’ll need for the day will make sure you stay on track with spends. The list will give you a good idea important items and maybe not so important ones (Your neighbours cat might not need a present!) it’s also great to be able to cross the items off. Don’t be afraid to trim this list down when needed!

3. Don’t be fooled by sales
Don’t be tricked by the “50% off” signs that will start to appear around the shops – if it’s not on your list, you don’t need it!

4. Get savvy with vouchers
Whilst there will be deals in the shops that will make you spend unnecessary money – you can save a lot of money by checking for any discounts for items that are on your list. 

5. It’s the thought that counts 
Homemade gifts and decorations can be inexpensive and easy to make. Getting creative with some craft products can save you a lot of money but also make for a more personalised gift. If you’re not feeling creative – charity shop finds can also make for great affordable gifts! 

About us:

Better Off Finance is offering residents of the Liverpool City Region who are currently unemployed (although don't have to be claiming benefits), a bespoke programme of support. 

This support will be provided at a local community venue or at home if a participant prefers.

Each participant will be linked up with their own key worker who will support them to:

Improve their financial capability through 1-2-1 support and group work

• Access employability sessions within the programme
• Access a Level 2 Accredited ‘Money Mentor’ opportunity
• Progress into training and education opportunities
• Prepare and progress into sustainable employment.

Please contact us via our Facebook or Twitter pages to make a referral or for further information.

Better Off Finance is a program jointly funded by The Big Lottery Fund and European Social Fund as part of the Building Better Opportunities Initiative

10 Easy Tips To Become a Savvy Saver

The following blog was written by our Intern from Liverpool John Moores University, Cerys Evans.

Whether you are saving for that summer holiday or if you just want some pocket money each month, the best way to get your finances in check is by making sure you're putting some money aside to save. We've rounded up the best 10 tips to use to become a savvy saver. 

1. Track your spending

Keeping track of your spending will help you stay within your budget. Set a budget for how much you can spend and then track it. Whether you want to keep track of your spending in a notebook or on your phone, make sure that you’re consistent and stick to your budget. There are now a lot of apps that will help you track your spends with the most popular being Monzo!

2. Find things to do for free

There are plenty of activities that you can do for free! Look at tourist centered sites to find out about museums, exhibitions, events and festivals happening in your local area. One of our favourites is Visit Liverpool and Day out With The Kids where they’ll gather all the information in one place, simple!

3. Leave debit/credit cards at home

This may seem a little strange… but leaving your debit/credit card at home and only taking the money you absolutely need is a simple way of making sure you don’t overspend! Tempted as you will be to purchase an item, you will have no choice but to walk away 

4. Avoid temptation - don’t go shopping if you don't need to

If you don’t go to the shops, you can’t be lured by nice things.

5. Decrease the amount of eating and drinking out

Try to leave eating out for a special occasion and start making your own food at home. It can save you a lot of money, but it can also be a chance to learn a new skill! Not convinced? Here’s some quick math for you…

£2.50 (one coffee a day in the week) x 5 coffees a week = £12.50

£12.50 x 4 weeks = £50

£50 x 12 months = £600 a year.

Making a coffee at home is a fraction of the price of that!!

6. Look on discount sites

If you do decide that you will go out for food or drinks, then you can take advantage of discount sites such as Groupon that will offer some great deals on food prices. There is always a discount code for stores when you buy anything online and a lot of the time you will be able to at least find 10% off which will make a big difference long term!

7. Cheaper supermarkets 

Make sure to always go for the supermarkets that offer you the best value for your money. It can be easy to opt for the supermarket that is closer and more convenient but by making sensible swap and choosing none-branded items you could save a good amount of money. A great way of finding out where best to shop is by using a supermarket price comparison tool, we've found a great one you can use here 

8. Plan your food shop

You know what they say: never go food shopping on an empty stomach. Work out prior to the supermarket trip what you need to buy and try to stick to just buying those items, but if there’s something that you use weekly you could stock up when prices are reduced. 

9. Switch energy suppliers

It's said by switching energy supplier each household could save up to £400 a year! It's an easy way to save money and it takes a couple of minutes to do. 

10. Sell your unused items online

Just because you're not using it anymore doesn't mean that somebody else won't! a great way to earn some extra money to put away is by selling your unused clothes, CD's, Books etc online! There is truly money to be made by items you probably haven't thought about in years. Some of the most popular sites to sell on include eBay, Music Magpie and Depop!

About us:

Better Off Finance is offering residents of the Liverpool City Region who are currently unemployed (although don't have to be claiming benefits), a bespoke programme of support. 

This support will be provided at a local community venue or at home if a participant prefers.
Each participant will be linked up with their own key worker who will support them to:
Improve their financial capability through 1-2-1 support and group work

Access employability sessions within the programme
Access a Level 2 Accredited ‘Money Mentor’ opportunity
Progress into training and education opportunities
Prepare and progress into sustainable employment.

Please contact us via our Facebook or Twitter pages to make a referral or for further information.

Better Off Finance is a program jointly funded by The Big Lottery Fund and European Social Fund as part of the Building Better Opportunities Initiative