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MONEY WORRY

Household finances to take £1,000 hit – help you can get including council tax, energy and water bills

HOUSEHOLD finances are set to take a £1,000 hit because of rising costs of food, bills and fuel.

Brits are set to be worse off as rising inflation means "real incomes"; will fall by around 2%.

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Cash is available for struggling Brits

When prices rise it mean that more of your money goes on bills and essentials and so the money you earn is worth less than it was.

The calculations by the Resolution Foundation show that the average household will be £1,000 worse off by the end of next year.

A report by the think tank said: "Together with a £13billion raid on household incomes from increases in National Insurance Contributions, and sharp cuts to Universal Credit, there will be major headwinds to families’ spending power in the coming months."

Prices are rising due to supply chain issues globally and an increase to wholesale energy costs has sent household energy bills soaring.

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National Insurance will increase from April next year, adding up to over £800 extra in tax for the highest earners.

Meanwhile those on the lowest incomes claiming Universal Credit are over £1,000 a year worse off after the loss of the £20-a-week benefit uplift.

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An interest rate rise, which could be on the horizon before Christmas, could also lead to higher borrowing costs for millions of Brits.

The cost of living crunch leaves many Brits looking to tighten their belt.

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But there's support you can get if you're struggling - here we round up what help you could get and how to apply.

Energy bills - hundreds of pounds

Energy bills are soaring and could be even higher next year, leaving many worried about paying the extra.

There are several schemes available, either through your energy supplier or via government schemes.

There's £140 available to reduce your bill through the warm home discount scheme for anyone on a low income.

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It's on a first come, first served basis, so you need to apply quickly or miss out.

You can find out how to apply and who's eligible in our guide and even if your supplier has gone bust there's still time to get an application in to your new one.

Low income households can get £25 a week to help with energy bills during the winter thanks to the cold weather payment scheme too.

You’ll get a payment if the average temperature in your area is zero degrees celsius or below over the space of a week.

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You can check out how to get it here.

Eligible pensioners receive an annual one-off winter fuel payments from the government of between £100 and £300.

You could also get help directly from your supplier as many offer grants to struggling customers.

, for example, runs a scheme where anyone can apply for a grant, and you don’t even have to be a customer.

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