If you serve in the Army, Royal Navy, Royal Marines, Royal Air Force, or work for the Ministry of Defence, a range of financial help is available to support you and your family. As we navigate the current financial climate, it is more important than ever to explore the benefits and concessions on hand to assist you and your circumstances. Having said that, it is difficult to know where to start, and which mod benefits specifically apply to you.
Wondering how to manage your money during this difficult time? The cost of living crisis is a challenging time for everyone, as it is causing a great deal of uncertainty and financial instability. It is during such times that managing your money becomes more critical than ever. Here are some essential tips for how to manage your money in the cost of living crisis:
COST OF LIVING PAYMENTS: WHO QUALIFIES, WHEN IS IT PAID, WHAT DO YOU GET, AND WHAT ADDITIONAL SUPPORT IS AVAILABLE?
The first tranche of £326, which is going into bank accounts now, is aimed at those on a range of benefits and tax credits.
Households entitled to the government’s cost of living payments, announced by the chancellor in May to help with the rising cost of energy and food, should start to receive some of the money on 14 July.
You’ll have to pay National Insurance contributions if you’re over 16 years of age and earn or have self-employed profits over a certain amount. This helps build your entitlement to certain benefits, such as the State Pension and Maternity Allowance.
Managing your money can feel like a constant battle.
Between living life to the full, paying off debts and buying a home, saving for your future can seem out of reach. If finances isn’t an open conversation in the family home, it may feel harder to ask the tough questions and get the answers you need to properly manage your cash.
If you are a serving member of the Armed Forces or a veteran, there may be benefits, grants or other financial support available to you and your family.Â
For full details of grants and funding that might be available to you – check out the Turn2Us website click here
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