Our Money Matters team share their bills and budgeting tips

Checking your bank balance after Christmas can often be stressful, leading to money worries that may impact your wellbeing. 

Did you know that 48% of people in the UK who suffered financial stress last January revealed budgeting would have helped them avoid overspending? 

Our Money Matters team have put together some tips and advice to help you budget better for a financially healthier 2025.   

Regularly review your household expenses 

Regularly check your standard household expenses – can you save money by finding a cheaper deal elsewhere? Consider changing service providers for your phone, internet, energy, and insurance – sites such as Money Saving Expert can help. 

Budgeting  

Budget accordingly to your personal finances, making a realistic assessment of where you are, how much you owe, and when it needs to be paid back. 

We recommend tracking your income and expenses regularly and reviewing them at least once a year to find potential savings and understand your current financial situation. This can also help people to name spending patterns, set financial goals and monitor progress.  

• Money Helper - Budgeting  – a free budget planning tool  

• Money Helper - Living on a squeezed income  – how to make your income stretch further.  

• Benefit calculator - use our free and confidential benefit calculator to check you are claiming everything you are entitled to or how your current benefits may be affected if you have a change of circumstances.  

Dealing with post-Christmas credit card bills   

Along with the stress of worrying, paying off credit cards after Christmas can also be challenging.  

Below are further tips from the Money Matters team to help you with managing your credit cards.  

Sum it up 

• Make lists and calculate how much you owe to each credit card – understanding the full picture will help you manage your finances more effectively and take control of your debt. 

• Try and make a balance transfer – by using one card to pay off other credit or store cards at a lower interest rate, often 0%, you can pay off your debt more quickly. Money Saving Expert shares various credit card providers offering 0%, including options for poor credit scores 

How to set up your paybacks  

• Set up a direct debit to clear the full balance of your credit card every month. This way, this will help you avoid having to deal with increasing interest rates on top of what you have already borrowed. 

• If you can’t afford to clear your balance – pay off as much as you can without affecting the rest of your finances. Remember to prioritise essential bills such as rent, energy, water, TV licence and council tax to keep everything balanced and stress-free.  

• If you're currently making the minimum repayment each month, consider exploring options to pay off your balance faster and save on interest. There are many helpful resources and alternative debt solutions available to support you in achieving your financial goals.  

Here to help – if you can’t pay, don’t delay! 

• Take control: if you’re finding it difficult to make repayments then it’s important to seek professional debt advice.  

• Organisations such as Stepchange and National Debtline can assist you with various options for managing debt, including affordable repayment plans and finding out whether you are able to write off certain debts. 

Look after yourself 

Taking care of yourself and your mental health is a top priority. If you're worried about your finances, our Money Matters team are here to help get you back on track with support across a range of financial issues and potential claims for benefits.  

You can email the team at moneymatters@lfha.co.uk or call on 0113 386 1000.