Last Updated on Nov 4, 2021 by James W

Life can get hard if you’re running out of money but luckily there are some ways to help you manage your living finances. It’s a good idea to work out how much money you have per month and see where you need help, for example, this could be with transport, food, or general expenses like rent. Here are some types of finance to help with living. 

Don’t waste money on public transport 

It can actually work out cheaper to take out a car loan in the UK if you know you can pay it back, rather than using public transport every day. Of course, this completely depends on how far you’re travelling, the connections from your area and how often you need to travel. Some companies provide car loans for those with bad credit, helping those who have struggled to get finance elsewhere find a vehicle and a loan that’s affordable for them. 

Overdrafts and credit cards

Overdrafts can be a handy option if you often go over your bank balance, some banks offer these free of charge so it’s best to root out the options that don’t charge you. Overdrafts can be paid off gradually or act as a backup just in case you overspend. Many banks charge you if you go over your balance but if you have an overdraft, there is often no or less charge. 

Budgeting loans

Depending on what you earn, if you need a money booster there are interest-free loans available from certain companies. If you have a particularly low income and you can’t afford living costs, then you should be eligible for a budgeting loan. These loans can be taken out if you need some extra funds for things like furniture, clothing, travel expenses, home maintenance or removal expenses. ??

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Universal credit 

Many individuals have lost jobs due to Covid-19 and pandemic related problems, if you’re based in the UK there is an option to claim universal credit if you’re struggling to find work. This governmental benefit doesn’t need to be paid back immediately but you will need to prove you’re applying for jobs and looking for work while claiming the credit. If you’re self-employed there may also be options for you to claim this credit. This could be a short-term financing option for those who simply cannot find work despite trying hard. 

Jobseeker’s allowance 

Jobseeker’s allowance is slightly different to universal credit, you will get instalments weekly, whereas with universal credit you will be paid on a monthly basis. If you need to claim jobseekers allowance you will need to show up weekly to prove the jobs you have been applying for and discuss opportunities. Jobseeker’s allowance is more of a short-term option, compared to universal credit that can be offered for a longer period of time. 

There are a few ideas and options to help with finances and living costs if you are in need, so we hope this will help you find some living stability. 


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