With rising energy bills, many of us will be concerned about the impact on our finances. This week, our Director, Alfred Oyekoya shared his thoughts on the different tips and tools available to help in this piece, particularly for individuals who have no recourse to Public Funds.
Trying to cope with financial worries can lead to feeling low or anxious which is a normal response when you've lost your job, been made redundant, or you're struggling with debt.
You may also be feeling, behaving, or thinking in ways that are unfamiliar. But that does not necessarily mean you're suffering from depression or an anxiety disorder.
When you have money problems, it can affect your mental health. Don’t worry, we’re here to help you regain some control. We know that debt can cause a lot of stress and impact on your mental health, but there are always options for dealing with it.
If you have a question regarding coping with financial worries, please email help@bamementalhealth.org
Some random tips though!
If you are living in a house that is expensive, don’t wait for contract end to find a cheaper option and engage your landlord asap when you find. Try to also sign minimum length of contract where possible if rent is expensive.
Lidl and Aldi, also Home Bargains are one of the cheapest groceries stores available.
Having a Costco Online Account can help you buy basic items in bulk at wholesale prices
Late night groceries shopping also have more discounts available.
Charity Shops/ Facebook marketplace and gum tree have items to purchase at good prices and sometimes new too.
If any group (minimum 3) working in same job location and you need help with transport, we can also assist to save transport cost. Taxi sharing with your colleague is also a good option.
Switching off sockets if not used can also save energy bills and its good for the environment.
Request a Smart Meter from your Energy Supplier. Its free, Smart meters are self-reading gas and electricity meters that show how much energy you're using in pounds and pence – so it's easy to keep an eye on your usage.
We can assist if you have been treated unjustly or receive a bogus bill by post or email.
Try to own a High Street Bank account e g Lloyd’s, Halifax etc when possible and not just stay with online account forever eg Monzo. Try to engage your High Street Bank on minimum credit card even if its £100. This information will become more relevant later on how to build your credit score to thrive financially in a presentation we plan to share later.
When buying electrical equipment, always check the Energy Efficiency Rating. A Freezer can cost £50 on face book/ gum tree etc and will cost you average £5 per month, while an A+ brand new that cost £200 will cost less than £1 monthly running cost.
Using your washing machine and tumble dryer during off peak hours e.g., midnight also save cost.
When buying train tickets, my personal preference is to buy open return because cost difference isn’t always much and can be gifted to someone that can’t afford.
If you have both priority and non-priority debts, it is vital that you deal with the priority debts first. A priority debt is a debt that means you would lose something if you did not pay it. Because you might lose something, they are more important than other debts
We can all add to the list in the comment section based on tips and practices that helped you save 💰
More help for money problems
Citizens Advice
Citizens Advice is a good place to get information about benefits, how to deal with debt, what you're entitled to if you're made redundant and who to speak to if you're at risk of losing your home.
GOV.UK
GOV.UK has information about:
Helping you understand, manage & improve your mental health and money issues
Alfred Oyekoya Director BMHS
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