The end-of-year money checklist for people in the West Midlands

For this month’s MoneyHelper column, Dawn Cummins, Regional Manager for the West-Midlands at the Money and Pensions Service (MaPS), offers five tips to make your money go further in the last three months of the year. 

1. Claim what you’re entitled to 

Many households across the West-Midlands experience pressures due to the cost of living, but support is available. 

You may be entitled to benefits. Four main entitlements typically go unclaimed: Universal Credit, Pension Credit, Carers Allowance, and Child Benefit. 

Claiming Pension Credit can allow you to receive Winter Fuel Payments and claiming Universal Credit allows you to open a Help to Save account which boosts your savings by up to 50% and pays you up to £1,200 over four years if you pay in the maximum of £50 per month. 

Check if you’re eligible with MoneyHelper’s free Benefits Calculator. 

You’ll be asked six quick questions, no paperwork is necessary and checking your eligibility won’t impact you financially and won’t influence your credit score. 

2. Consider your energy bills 

Now the heating is back on, consider how you can reduce your energy bills. 

Review your current bill to see if you’re overpaying for gas and electricity. You can then compare costs with other suppliers to find a better deal but do check for any exit fees first. 

If you live with other people, have a conversation with them about the energy-saving hacks you can make around the house to reduce your bill together. 

Visit MoneyHelper for more guidance on how to reduce your energy bills. 

3. Start planning for Christmas 

There’s no harm in picking up Christmas gifts now to spread the cost over the next three months. 

If you can, put small amounts of money aside to start saving for the big day itself. A small amount each week adds up and can save you relying on credit. 

Talk to your friends and family early about holiday spending, including spending limits on gifts, agreeing a secret Santa, or who will bring what for the meal. 

It may seem early, but having these conversations now will save you money in the long run. 

See MoneyHelper’s blog on talking about money at Christmas for more tips. 

4. Don’t forget half term, Diwali, Halloween and Bonfire Night 

Alongside Christmas, don’t forget other events that can catch you out. 

Things like half term, Halloween and Bonfire Night can all mean extra costs – whether that’s costumes, hot chocolate at the fireworks, or days out - it can all add up. 

And for many families celebrating Diwali, this means you’ll be spending more on Indian sweets, elaborate meals, clothes, and gifts.  

 You can budget for these events using MoneyHelper’s Budget Planner or set a spending limit, so you don’t burn your budget on bonfire night. 

5. Know where you can get free support 

This can be an expensive time of year, but what I want everyone in the West-Midlands to know is that free support exists. 

MoneyHelper has free tools and resources, including our Savings Calculator to help you save, guides on how to talk about money, and our Debt Advice Locator tool can help you find free local debt advice if you’re starting to miss essential payments. 

Visit moneyhelper.org.uk for more.