How tight is your budget after paying for the basics?

Do you feel that your money disappears as soon as you’ve covered vital costs like rent, mortgage payments, energy and food?

As prices go up, essential expenses can easily swallow up a huge chunk of your monthly income.

So it’s no surprise that so many households are struggling.

New research by the Cost of Living Action (COLA) group, carried out with The Independent, found that:

• 40% of people have £100 or less left each month after paying for essentials like rent, food and energy.
• 13% say they have nothing left at all - or are forced into debt just to cover the basics.
• by the end of the week, almost half of people have less than £25 spare

Given the scale of the problem, it’s easy to see why the cost-of-living is the biggest public concern right now.

Figures show that nearly two-thirds (63 per cent) of people cite the cost of living as one of their main worries, ahead of:

• health - 38%
• immigration and asylum - 37%
• the economy - 33%

“Millions of people are struggling with sky-high costs and left in debt or with next to nothing left after paying bills each month,” said Conor O’Shea, campaign coordinator at COLA.

“It’s no wonder people are feeling so worried.”

People are cutting back on essentials

Almost inevitably, this situation is forcing many people to make tough choices.

For example, nearly two-thirds (63%) are cutting back on essentials like food and heating just to stay afloat.

And compared to five years ago, 51% say energy bills are harder to afford, and 50% say basics like food, water and clothing cost more than they can comfortably manage.

So if you’re struggling, it’s really important to remember that you’re not alone and that help is available.

What can I do if I'm struggling with rising costs?

If you're finding it hard to keep up with everyday expenses, we can help you:

Get on top of your budget

Work out exactly how much money you’ve got coming in and where it’s going.

You can then prioritise your spending and work out where savings could be made.

Check out our guide to how to create a budget to get started.

And give our budget planner a try - it’s free and easy to use.

Find out what benefits you can claim 

Make sure you know what financial support you can get, as you might be entitled to help without realising it.

Use our benefits calculator to see what help you could be eligible for.

Get help with your debts

If you’re struggling with debt, get in touch for confidential, practical and impartial debt advice.