There is no doubt that 2022 has been a tough one. Recession, war in Ukraine, insane energy prices and inflation over 10% are just a few of the challenges we have faced.
Nobody expects 2023 to be any different.
So how can you prepare yourself and your finances to survive 2023 intact?
There is only so much you can do, but there are definitely things you can do.
Here are a few.
1. Make sure you’re getting the benefits you’re entitled to
Even though Universal Credit was supposed to simplify the benefits system, it really didn’t. There are still a myriad of benefits and qualifying criteria that confuse even some of those who work within the system.
Fortunately, websites like entitleto.co.uk can help. They can help you figure out whether you’re entitled to more benefits or whether you’re getting the correct ones.
Otherwise, Citizens Advice is an amazing resource staffed by amazing people dedicated to helping everyone they can.
2. Set up a budget
Regular readers of Saving Superstar will be very familiar with this message by now. Create a family budget and you’ll know exactly what you have coming in and what’s going out.
It’s the easiest way to be able to make informed decisions about your finances and takes less than an hour to do.
Once done, you can update it whenever things change, outgoings go up or you have a change in circumstances.
A budget shows you in black and white how much you have left after bills are paid. That alone makes it worthwhile creating one.
3. Compare everything
Make comparison websites your friend in 2023. Compare everything. Compare your bills, broadband, mobile phone contract, home insurance, car insurance, and even which supermarket you use.
Find the best sites for each outgoing and save them as favourites. Check them whenever a contract is up for renewal so you’re always getting the best deal.
Remember to look at overall cost over the contract as well as monthly cost and you could save money!
4. Become a savvy spender
Being a savvy spender means getting maximum value out of every pound you spend. It’s not about avoiding spending but spending smart.
Use the 24 hour or 14 day rules for discretionary spending, use the tips here to compare deals and get the cheapest version of everything you can.
Also consider using coupon sites, deal websites and any website that lets you get money off the products you buy every day.
5. Don’t bury your head in the sand
Finally, if things overwhelm you or you can no longer stay above water, seek help. Don’t ignore it as it won’t get any better.
Bills don’t go away. Money doesn’t suddenly appear out of nowhere and very few people will win enough money on the lottery to solve all their problems.
The trick here is to address things early.
If you start to fall behind on energy bills, talk to your provider right away. They are much more likely to treat you well if you tackle the situation head on.
There are schemes in place to help with bills and any outgoings when you can no longer manage.
Get out in front of debt, contact providers and you’ll be amazed at just how much help there is out there.
It won’t make life much easier or magic you more money, but it will let you sleep better at night knowing you’re not falling behind or getting into too much debt.
That alone has to be worth it!
