It is no secret that inflation rates in the UK are soaring along with the steep rise in the cost of living. Amid these rising insurance costs and council tax is bound to increase in 2022.
Rising inflation and unemployment are the worst ever combinations. Individuals suffering from rising prices can feel the equation. Managing finances in unemployment is tasking. Although one can seek same day loans for the unemployed in avoidable circumstances. But the story doesn’t end there.
You cannot take loans every time, and this is why government provide unemployment benefits to individuals struggling to make a living.
Benefits For Unemployment
Unemployment benefits or Jobseekers Allowance is a facility provided by the Government of the UK to jobless or unemployed individuals seeking work. It is a part of social security benefits and covers living expenses until the person is out of work. In this, the government provide help like – child maintenance, health, and electricity credit.
If an individual is above 25 years of age and unemployed, he receives up to £77 per week to sustain himself. To claim these benefits, the person should have worked for good years and should leave a job with no fault of his own. If a business shuts down abruptly or a person loses a job, These benefits are not sufficient to meet every need, and this is the reason individuals seek alternatives to boost savings. If you are searching for the same, then you have landed right.
How To Multiply Savings While Utilizing Benefits?
If you are a regular recipient of universal credit or Jobseeker allowance, there are ample opportunities available for you to double up your savings. You can seek the help of direct lenders in the UK for unavoidable and urgent expenses. To make a comfortable living, here is what you can do:
1) Eligible for Council tax discounts
Local authorities collect this tax. Some individuals are exempted from paying the tax. Individuals on benefits can utilize several discounts on council tax. Here are different types of discounts available for people:
- Discounts for people living along (25%)
- Discounts for people in live-in (50%)
- Discounts for people receiving pension credit (100%)
- Discounts for people with low income (100%)
Check out the eligibility by contacting your local council.
Council tax is also implemented on properties. If you reside in a property with a Council A to D band, you may get £150 back. You may exercise a rebate on disability and having a property in Band E. However, you may not receive the rebate, and it will contact you to arrange the payment.
2) Train and Bus fare discounts
If you are unemployed and on Jobseekers allowance or benefits, you may be eligible for train and bus discount cards. You may require Jobcentre plus travel discount card to qualify. On qualifying, you can exercise a straight 50% discount on travel, train and bus expenses. Check out the eligibility and explore such opportunities to cut on travel expenses and add them to your savings.
3) Look for sales in the shopping.
There are several ways you can save on shopping. Check out flyers and discount coupons on the items you were planning to buy. Do not buy something you don’t share the need for in 2-3 months. If you are looking for new clothes buying for your next interview, check out thrift stores or visit new clothing retailers during sales times.
New retailers often set up sales on items to attract customers. You can leverage the opportunity and buy cost-efficient apparel. Stack deals if possible. Try to sign up for a reward program and coupon scratch win to gain things for free. You can use same day loans for the unemployed for time-critical buys, but for shopping, this may work.
4) Lower your car expenses
Owning a car is quite expensive. If you have been thinking all this while buying a car, you would like to drop the idea. Instead, you can seek to pay off debts. High-interest debts might ruin your credit profile for a long time. Borrowing with a dent in your credit profile is not ideal. Consider paying off certain loans to optimise your credit profile and qualify for loans.
5) Engage in DIY repair and creation
Do you share a flair for creating creative spaces in rooms? Or
Do you share expertise in repairing small things like – fixing a pipe or an LED?
If yes, you do not need a vendor to support you, and you can save the cost and fix it yourself. There are multiple things like car washing that one can do easily but prefer spending a sum. Check out work like these, and consider doing it yourself, if you can.
You will not believe it, but you can save over £1000 doing so! If you get stuck, watch YouTube videos or Google it out! These are some major ways that can help you multiply your savings in times like unemployment. This blog will help even if you lack universal credit or job allowance. Which of these practices do you follow? Comment.
