Worried about your energy bill? Here’s what you can do about it.
With the aftermath of ‘Awful April’ in full swing, a recent announcement that energy bills will increase for nearly half a million Britons might be the tip of the iceberg for many of us. If you’re struggling financially, worried about affording essentials, or just feel like you need a bit of extra guidance, it doesn't need to be all doom and gloom – we've broken down exactly what you can do.
if you’re eligible, apply for caba's energy grants
If you’re worried about covering your energy bill in May, caba can quickly lift the pressure with its energy grants. Available to anyone on a low income with capital of less than £16,000, the means-tested payment entitles you to up to £500 to foot the bill – and you don’t have to pay it back. caba is a charity that supports past and present ICAEW members and their families – find out if you’re eligible for their support here.
There are two options for caba's energy grant - means tested and non-means tested.
For means-tested, if you recieve one or more of the following benefits, you'll automatically qualify:
· Pension Credit
· Housing Benefit
· Council Tax Support
· Social Fund (Sure Start Maternity Grant, Funeral Payment, Cold Weather Payment)
· Universal Credit.
Not in receipt of means-tested benefits? If you do not receive any of the above, you'll be invited to make a full application for support. This is the form used for all of of caba's grants and donations.
The application form takes income, expenditure, assets and debts into account. If you are on a low income and have capital of less than £16,000, you will be eligible for the energy costs payment.
The energy grant closes at the end of April, so act quickly to ensure you don’t miss out. Find out more about caba’s energy grant and apply.
compare energy deals – and switch
Many of us are reluctant to switch providers purely out of convenience, but making the change can save you money in the long run. To see if you might be able to find a cheaper provider, use energy comparison tools like U-Switch's energy comparison tool. All you need to do is input your postcode and energy usage, and you’ll be able to compare energy costs and explore potentially better deals.
Switching providers can be quick and easy, and even small savings can add up over time. Plus, many providers offer incentives for new customers, so it’s worth checking out if you could get a better deal.
be mindful of your energy consumption
Being more mindful of your energy usage is an easy and effective way to cut costs. There are simple changes you can make in your day-to-day life that will help lower your energy bills, and you’ll likely not even notice the difference.
Many of us leave devices such as game consoles, internet modems, and desktop computers in standby overnight and while we’re away. While this might not seem like much, turning them off when not in use can help lower your energy consumption and ultimately, your bills.
Additionally, try making little changes – like keeping your lights off when not in use, and only boiling the amount of water you need in the kettle. These small changes can have a big impact on reducing your monthly energy costs.
educate yourself on your situation – and what you can do about it
No matter how confident you feel about your finances, there’s room to refine your approach, get better prepared for the future, or kick habits that are costing you. From learning how to future proof your money for future cost of living crises, to building a better relationship with money, there are an abundance of courses available to help you be more mindful with your money. Explore caba’s full range of free online courses and webinars to take action on your own terms.
manage your debt effectively
If you’re already struggling with debt, the added pressure of increasing energy bills is the last thing you need. But there is support available - caba can help make managing debt easier with professional, confidential debt advice.
caba offers a dedicated debt advice service that can help you manage your debts, negotiate with creditors, and find a solution that works for your situation. If you need help navigating your debt, take advantage of the resources available to you. Find out more about caba’s debt service.
check if you’re eligible for any benefits
In addition to the support available through caba, there are various benefits available – and you may not even know you’re eligible for them. caba’s benefits calculator helps you easily identify benefits you may be unaware of and entitled to, giving you a bit of extra cash in your pocket for essentials.
Overwhelmed, anxious or confused by the benefits process? Caba also offers confidential benefits advice with trained professionals to help you navigate through the system and find what’s available to you.
create a budget and track your spending
Finally, creating a budget that includes your energy bills is one of the best ways to manage your finances and avoid financial stress. Keep track of your income and outgoings and see where you might be able to reduce unnecessary spending. There are many free online resources available to help you create and stick to a budget.
You can use online tools like MoneyHelper to help you manage your finances or access a budget planner to track your spending. Having a clear overview of your finances can make it easier to manage your energy bills and other expenses. By proactively managing your budget, you can better prepare for months when your bills might be higher, such as during the winter.
caba is a charity supporting ICAEW accountants facing difficulty. If you are worried about your finances get in touch to find out how our support team can help.