Millennial Money UK's top cost of living tips

If you are finding yourself in a difficult financial situation at the moment, you’re not alone. To help you navigate the uncertainty we’re all experiencing at the moment, giffgaff has asked us, Niaz Azad and Shaq Magee, the founders of Millennial Money UK, to share some practical advice on managing money.

Millennial Money UK was born from a number of conversations that we had over the years about money and our unique experiences of being a millennial. We wanted to create a platform that encourages and educates everyone to feel comfortable talking about money; no matter what their circumstances are. You can join our growing Instagram community here.

Here’s some top tips to help navigate managing your money:

1. Build (and stick to) a budget

Everyone has different experiences and relationships with money, so you need to tailor your budget to suit your income, spending habits and personality. It will fundamentally give you a clear view of how much money you have coming in, and the outgoings you need to account for.

Start by calculating your total income for the month, then split your money between the necessities and “optional” spends. If your income allows, any leftover money can go towards paying off debts, savings, or investing. A spreadsheet can be a great way to do this, or even the notes app on your phone if you’re on the go.

We suggest checking in with your budget every month to see how you’re getting on.

2. Check your eligibility for financial support

Lots of people don’t realise that they’re eligible for financial support from the Government or their local council.

The charity Turn2us has a free-to-use benefits calculator that will show you what benefits you’re entitled to. If you’d like more information about the benefits and entitlements available, you can find out more information here.

It’s also worth talking to your utility providers to see if there’s anything they can do to help you. For example, some energy providers have schemes to help those struggling to pay their bills.

3. Check how much energy you’re using

Your energy bill could be higher or lower depending on your usage, so it’s important to be mindful of the energy you’re using to keep costs down. Things like turning lights off when you’re not in the room and waiting for a full load before doing the washing are small but easy ways to cut down on your energy usage. Another idea is getting an electric blanket as a cheaper alternative to having the heating on overnight throughout winter.

4. If you can afford to, build out your emergency fund of cash savings

An emergency fund is a pot of savings that acts as your safety net against unexpected outgoings or a loss of earnings. You can check out our comprehensive guide on how to build your emergency fund here.

You can also look at opportunities to boost your income and build out your fund. There’s loads of referral programmes to earn a little extra cash, including giffgaff’s super recruiters programme, where you can earn up to £22 for every person you recruit to join the network! Learn more about the programme in giffgaff’s recent blog.

5. Speak up if you feel stressed

There is a strong link between money and mental health, with financial stress being one of the most common causes of poor mental health.

Don’t suffer in silence. Get in contact with a charity like Step Change, which has a team of debt experts who can provide free advice tailored to your personal circumstances, while also providing practical help and support for as long as you need it. giffgaff also provides access to a selection of debt advice services which enables members to get the help they may need from charities and debt-advice experts without worrying about it eating into their data allowance.

6. Be beware of financial scams

With the cost of living on the rise, so are the number of fraudsters and scammers looking to take advantage of people’s circumstances.

Scams can take many forms - from calls to Whatsapp messages and Instagram DMs. Even if you receive a message that looks like it’s from someone you know, always give them a quick call to double-check.

You should also be cautious of someone getting in touch claiming to be from your bank, mobile provider or delivery service - as well as texts or emails asking you to click on a link. Again, call your provider - quickly checking a message is better than becoming a victim of a scam.

We like to say, as a general rule, if something seems too good to be true, it probably is!

For those who are feeling the strain, it’s important to remember that there is always support available. To help its members, giffgaff is freezing its UK prices until the end of 2023 for all new and existing customers, providing certainty of cost when it comes to your mobile phone bill for another year.

For more handy cost of living tips, check out the rest of giffgaff’s blog today.