Look after your family’s financial wellbeing during the cost-of-living crisis

Authored by ARAG

With this in mind, here are seven ways you can take back control and begin to manage your family’s financial wellbeing this year.

Put a plan in place and stick to it

If you’re struggling to make ends meet due to the increased cost-of-living, do not bury your head in the sand. It’s essential to detail your income, debt, and spending over the course of at least one month so you have a full overview of where you stand. Make sure you include the following in the inventory; your income, your spending, and list out all your debts. You can then set a monthly budget. This can help you and your family stay on track and regain that all important sense of control. Remember to include everyday expenses in your budget too, such as food, travel, bills and your mortgage. When it comes to the larger bills that you pay annually, such as car insurance or council tax, divide them by 12 so you can set aside money each month. If possible, try to factor in any unexpected expenses too just in case. You may also wish to set up automatic payments to help ensure bills are paid on time and you avoid late payments or interest rate hikes...

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