You don’t want to expose them to too much, but at the same time if you simply can’t afford things, you have to explain that to them. “I felt awful about it, but I don’t think you should hide everything from your children. “I couldn’t afford to buy my son a proper birthday present this year,” she said.
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Lou works full time as a complex needs carer and has moved into a small flat, but finds keeping up with the rent every month a struggle. They began to struggle financially after she separated from her partner a couple of years ago. Shelter cites the example of Lou, who wished to remain anonymous, and her two children. Losing a job and relationship breakdown are among the chief reasons for households falling into serious debt. Many savings accounts pay virtually zero interest after the Bank of England cut the base rate to 0.25% last week. Martin Lewis of says in his book The Money Diet: “In truth we should all have three to six months’ income saved away, so that we’re ready for any emergency”.īut he acknowledges that this is easier said than done. “I know what it is like to dread going to the mailbox, because there will always be new bills to pay, but seldom a check with which to pay them,” he wrote. Writing in the Atlantic about the “secret shame” of middle-class Americans, the author Neal Gabler said he shared their difficulties, juggling creditors to make it through the week. Most turn to credit cards when financial disaster looms.Īccording to the US Federal Reserve board, 47% of Americans would have trouble finding $400 for an emergency expense. The phenomenon of the working poor, those earning a regular salary, but living from one paycheque to the next with no savings to speak of, is a widespread feature in English-speaking western economies such as the UK, Canada, the US and Australia.Īn annual survey by US website Bankrate found that 63% of Americans have no emergency savings for necessities such as a $1,000 (£770) emergency room visit or a $500 car repair. The charity is calling for an improved welfare safety net to prevent families where someone loses a job from “hurtling towards homelessness”. “Any one of us could hit a bump along life’s road, and at Shelter, we speak to parents every day who, after losing their job or seeing their hours cut, are terrified of losing the roof over their children’s heads too.” OneStop Money Support service can offer you a benefits assessment check to see if you are entitled to any further support around benefits or help you to make a budget which is the first step toward taking control of your finances and getting your situation back on track.The findings mirror government figures, which show that there are 16.5 million working age adults in the UK with no savings.Ĭampbell Robb, the chief executive of Shelter, said: “These figures are a stark reminder that sky-high housing costs are leaving millions of working families stretched to breaking point and barely scraping by from one paycheque to the next. Need a helping hand to manage and improve your financial health?
Household Support Fund and Community Hub - on the WSCC website.Contact WSCC to check if you may be eligible for support from the fund: West Sussex County Council (WSCC) give small grants to help vulnerable households meet essential costs, including paying energy bills. Worthing Town Hall Citizens Advice website.Shoreham Centre Citizens Advice website.Or you make an appointment to see an advisor: Get help with bills - on the Citizens Advice website.
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If your mental health is being affected by money, or you are struggling with money because of mental illness, you can get information and advice:Ĭitizens Advice offer advice on how to get help with bills: Cut through the complexity, it will explain what you need to do and how you can do it. To make your money and pension choices clearer. Our benefits calculator includes a budget planner Money Helper If you've lost your job or have experienced a loss of income, for example, due to ill-health or because of changes to your benefits, you may be worried about money.Ī good place to start to get guidance on your particular situation is creating your own budget, it will help you figure out your long-term goals and work towards them:
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