How to spend first part of £900 cost of living payment to avoid being left ‘cash strapped’ | Personal Finance | Finance
Britons are soon to receive the first instalment of the £900 cost of living payment, which is going out in three instalments over the coming financial year. The first payment of £301 is due to arrive in people’s bank accounts between April 25 and May 17.
To receive the £301 payment, a person must have been eligible to receive a benefit payment between January 26, 2023 and February 25, 2023.
Many household bills are increasing this month, including energy bills, water bills and council tax, piling pressure on Britons’ budgets.
John Stirzaker, from NetVoucherCodes.co.uk, told Express.co.uk people should be careful about how they use the money.
He said: “With council tax, energy rates, and food costs going up this month, the first instalment of the cost of living payment will help many families across the country struggling with the soaring prices.
He shared some simple tips people can try to reduce their household costs. Mr Stirzaker said: “The key areas to focus on to reduce costs are energy usage in the home and the weekly food shop.
“Even simple changes such as moving furniture away from radiators and making the most of the Easter sunshine to dry clothes quicker can help to save more money.
“Take a look at what appliances are used most in the house, if someone in the house takes a couple of showers each day then it may be worth switching to colder water, this can lower your gas or electric bill as no energy is being used to heat the water up.”
He said people can reduce their food costs by going to the supermarket with a list, to avoid buying unnecessary items.
He added: “While the £900 payment will help a great deal, people need to remember that the payment doesn’t all come at once.
“We advise everyone to use our tips to keep reducing their costs every month so people aren’t left strapped for cash before the next instalment.”
The second instalment for £300 is to arrive in autumn 2023 while the final instalment of £299 will be sent out in spring 2024.
Many benefit payments are increasing 10.1 percent next week, including Universal Credit and Pension Credit.
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