Millions of British households could be missing out on vital financial support worth up to £6,500 during the ongoing cost of living crisis, according to new guidance from Birmingham Live.
The Seven Essential Money Checks Every Household Should Make
With energy bills remaining stubbornly high and inflation continuing to squeeze family budgets, experts are urging families to take just a few minutes to complete these seven crucial financial checks that could make a significant difference to their bank balances.
1. Council Tax Band Review
Many households are paying more council tax than they should be. Research indicates that approximately 400,000 properties in England and Scotland might be in the wrong council tax band. A simple check could see your band reduced, potentially saving you hundreds of pounds annually.
2. Benefits Calculator Assessment
An astonishing £19 billion in means-tested benefits and tax credits goes unclaimed each year. Using the government's free online benefits calculator takes just ten minutes and could reveal you're eligible for support you're not currently receiving.
3. Energy Bill Support Schemes
Several energy support schemes remain available, including the Warm Home Discount, Winter Fuel Payment, and Cold Weather Payments. Many eligible households aren't claiming what they're entitled to.
4. Water Bill Assistance Programs
Water companies offer various social tariff schemes that can significantly reduce bills for struggling households. Some providers even have schemes that cap bills based on household income.
5. Broadband and Phone Social Tariffs
Many major providers now offer cheaper broadband and phone packages for those receiving certain benefits. These social tariffs can save households around £200 per year compared to standard packages.
6. TV Licence Concessions
Many people overlook that they might be eligible for a discounted TV licence. Those aged over 75 and receiving Pension Credit can get their licence completely free, while visually impaired people qualify for a 50% reduction.
7. Grant and Charity Support
Various charities and organisations offer grants to help with essential costs, from energy debts to household appliances. Turn2us and other grant search tools can help identify what you might be eligible for.
Why These Checks Matter Now More Than Ever
With the cost of living crisis showing no signs of completely abating, every pound counts for families across the UK. What makes these checks particularly valuable is that many require minimal time and effort but could yield substantial financial returns.
The key message from financial experts is clear: don't assume you're not eligible for support. Many households are surprised to discover they qualify for assistance they never knew existed. Taking just 30 minutes to complete these seven checks could potentially unlock thousands of pounds in support that you're legally entitled to claim.
