With prices soaring, it's hard to know where to start. Grazia's Life Skills money columnist LWhateley has a six-step plan to sort you out
Life is getting seriously expensive. Inflation is the highest it has been for 30 years, and no one is immune to the effects of rising costs of energy, petrol, food, as well as tax. National insurance goes up by 1.25 percentage points from April 6.
That means writing down everything you’ve got coming in, totals and interest rates on any savings, pensions and debts, and ordering what you’re spending on by priority. First, bills that if you can’t pay them have dire consequences. That means rent or mortgage and council tax. Then other essentials: energy, food, broadband, phone, childcare. Finally, spending that is easier to cut back. Purge all the direct debits and subscriptions you don’t need or forgot about.2.
For every £8 you pay into an online childcare account, you receive a top up of £2 from the government, worth up to £2,000 a year for each child under 12, or £4,000 until they are 16 if your child is disabled. This is true if you're self-employed, too.
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