The cost of living squeeze is being felt by households facing soaring energy bills on top of rising prices, record fuel prices and a national insurance hike to help pay for health and social care.
Here are some ways households could try to ease some of the squeeze on their finances:
Use free budgeting tools
Get on top of your outgoings so you can cut back on any non-essentials. Norfolk Citizens Advice has a free budgeting tool to help you understand what you’re earning and spending and where you might be able to cut costs.
Sitting down and having an honest look at monthly finances and making a simple income and expenditure breakdown could reveal some areas where it might be possible to reduce outgoings.
Go through bank statements
Make sure you're not shelling out for services you no longer need or use.
If you don't regularly read your bank statement, it can be easy to miss direct debits you have not cancelled.
Look to see if there are any subscriptions you could do without. You may need to go back a year to find any annual charges.
Cut the cost of debts
If you're making large interest payments on credit card debt, moving debts to a 0pc interest balance-transfer card could help some people.
It will give the opportunity to repay money owed, but make a note of when the interest-free promotional period ends and pay off the balance in full before this happens.
Consolidating existing debts could make it easier for consumers who may be struggling with various outstanding commitments.
Could you switch to a cheaper mortgage?
Mortgage payments are often a household's biggest monthly outgoing and some may find they can save hundreds of pounds a month by moving off their standard variable rate (SVR).
While mortgage rates have been rising, those who are sitting on the current average SVR of 4.61pc will find that the average two-year fixed rate of 2.65pc is still almost two percentage points lower.
Get cash to switch current account
Banks often have offers for new customers, which can include cash payments. Try moving to a bank that charges lower or no overdraft fees.
Nationwide is offering switchers up to £125 and First Direct is offering £150 to switch or £20 just for opening an account and logging into online banking.
You may be better off by picking an account with a package of benefits instead of choosing an account for its up-front perk.
Check if you can pay less council tax
Council tax bills are going up across Norfolk. The government has announced households in bands A to D will be given £150 to help with the cost of living, with those eligible for council tax reductions living in all other bands, also due to get the payment.
But if you’re on a low income or claim benefits, you might be able to get council tax reduction. Each Norfolk council runs its own scheme. Check at gov.uk/apply-council-tax-reduction
If you think your property band is incorrect, you could try to challenge it, but be aware it can mean your valuation is raised instead of lowered - along with your bill, so do a bit of homework before you try it.
Slash your shopping bills
Stick to a set shopping list to reduce the risk of impulse buying.
Bulk-buying is a good way of saving money on items that won't go out of date, such as tinned food and toiletries.
Buy supermarket own-brand items, which are normally cheaper and check the reduced aisle.
Cook meals in batches and freeze them to eat later. By cooking lots of meals at once, you might use less energy.
Sign up for loyalty cards
It is also worth taking advantage of supermarket loyalty schemes, such as Tesco Clubcard and Nectar card, which can give you access to unlock big discounts and other exclusive rewards.
Many cards also offer one-off deals or discounts to tempt you into signing up in the first place.
Look for a better broadband deal
If you've been with a broadband provider for a while, it is likely that any introductory offers will have expired, and you might be paying more than you need to.
Shop around to see if you can get a better deal.
Could you go Sim-only with your mobile?
If you are happy with your current phone, then stick with it and move onto a Sim-only deal. If you're wedded to getting a new phone, be sure to shop around for the best deal.
It might be cheaper to buy the handset and get a Sim-only deal separately than to opt for a package deal. Also, when it comes to usage, only pay for what you need. There is no point paying a premium for data you won't use.
Club together with other parents
Families can save a small fortune by chatting to people with children of a similar age and working out a hand-me-down circuit.
You'll get free clothes when a friend's child outgrows them, then you can pass them on down the chain when your child gets too big for them.
Not only will you save money, but you'll keep clothes out of the landfill too.
Stop wasting energy
If you have the heating on but are in a T-shirt you're burning cash. A simple but effective way to cut energy costs is to take control of your central heating thermostat.
Adjusting your timer to switch off at night and during the day if the house is empty will also minimise fuel consumption.
Turning off your appliances and lights when you're not using them can reduce your energy bills.
Some energy providers offer a discount to people who live on their own. Ask your provider if they can offer this.
Wash clothes at the right settings
You’d be surprised how washing clothes at a lower temperature saves. Washing at 20C instead of 40C could save you 62pc on running costs.
Check labels carefully to find out if you could turn down the dial and save money without any effort at all.
Finally, get help if you are struggling
If you cannot afford to keep up repayments on a mortgage or loan, speak to your lender as soon as possible. They may be able to offer alternatives and the earlier you try to sort the problem out the wider the choice of options there could be.
Breathing space schemes are available for people in problem debt and it is also worth checking all the benefits and rebates on bills that you may be entitled to.
If you are sinking into problem debt, or worried about doing so, consider getting help from charities and support organisations.
Where to get help
Norfolk Citizens Advice
Offers free, confidential and impartial advice on debt, benefits and money issues.
0800 1448 848
ncab.org.uk
Money Support Service
Norfolk County Council service for those needing help with budgeting.
01603 223392 (option 4)
norfolk.gov.uk
Community Action Norfolk
Charity offering help including warm homes and collective oil buying scheme.
01362 698216
communityactionnorfolk.org.uk
Norfolk Community Foundation
Charity that runs schemes including nourishing Norfolk and community shops.
01603 623958
norfolkfoundation.com
Norfolk Assistance Scheme (NAS)
Helps people who are in financial hardship and cannot pay their living costs.
0344 8008020
norfolk.gov.uk
Turn2Us
A national charity providing practical help to people who are struggling financially.
turn2us.org.uk
The Trussell Trust
Free 'Help through Hardship' helpline and food bank search tool.
0808 208 2138
trusselltrust.org/get-help/find-a-foodbank/
Money Saving Expert
Martin Lewis needs no introduction but the website offers specialised advice for people on low incomes.
moneysavingexpert.com/family/grants-low-income/
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