Supporting our customers dealing with difficult times

Help with money worries 

If you’re feeling stressed about money, we're here to help, no matter your situation. Our easy-to-follow guides can show you how to take control of your finances and make positive changes. Start exploring the topics below to begin your journey. 

Living with less income 

Managing budgets when things are a bit tighter can be difficult, especially when life sometimes catches us off guard and your income suddenly decreases. Whether you’ve lost your job, had a pay cut, or had to reduce your work hours, it’s natural to feel concerned. 

Here are some suggestions that might help you get back on your feet. 

Government support 

Understand if you are eligible for government support and look to apply for help as soon as possible. Here are some ways you can seek assistance if your income has dropped. 

Universal Credit: https://www.gov.uk/universal-credit/what-youll-get

• If you’ve lost your job or are on a low income, you might be eligible for Universal Credit. However, if you’re already receiving benefits applying for Universal Credit could impact your future claims. It’s a good idea to seek independent advice before making starting a claim. 
  

New Style Job Seeker’s Allowance: https://www.gov.uk/jobseekers-allowance

• If you’ve become unemployed, you might be able to claim New Style Job Seeker’s Allowance.  

Statutory Sick Pay (SSP): https://www.gov.uk/statutory-sick-pay

• If you’re not well-enough to work, you could be entitled to SSP from your employer. 

Banking support 

• Your bank will usually offer options to help when you’re facing financial difficulties. For example, they might work with you to set up a repayment plan that allows you to manage your daily expenses while still making some payments or make it easier to access money from certain savings accounts if you need it. 

• If you require help accessing your Notice Account or Fixed Term Deposit Account with us, please reach out to us through our Live Chat or email us at clienthelp@ifastgb.com. 

Household bills support 

• If you’re struggling with your household bills, reach out to your providers to see if they can offer any temporary support. It’s also worth checking if you can get a better deal. Use a comparison website to explore other service providers and their options. 

Other suggestions 

Review spending: If you’ve already got a budget, now could be a timely moment to review it. Having a clear view of where all your money goes lets you truly understand the state of your personal finances.  

If you’ve never drawn up a budget, here are a few steps to get you started: 

Step 1: List out your monthly income – e.g. monthly take-home income, including salary, benefits, tax credits, pensions, savings, and dividends. 

Step 2: Write down your monthly expenses – e.g. review last 2/3 months bank statements to track your outgoings. 

Step 3: Identify what you can cut back on – i.e. separate essential spending (e.g. mortgage, rent, insurance, groceries, utilities) from non-essential spending (e.g. treats, eating out, entertainment). 

Step 4: Use savings to pay off debts – although it can be a tough choice, using savings to pay off debt can be more beneficial, as debt interest is usually higher than savings interest. 

Step 5: Set spending goals with budget rules – e.g. the ‘50/30/20’ rule: 50% of income for essentials, 30% for leisure, and 20% for savings, adjust the percentages to fit your needs. The goal is to find a budget that works for you that you can stick to. 

Turn hobbies into income: Turn hobbies or skills, like painting or music, into potential sources of income. 

Explore new career opportunities: Think about starting your own business, consider freelancing, consulting based on your skills and expertise. 

Invest in yourself: Use periods of unemployment or downtime to learn a new skill or re-train in a different profession. Updating your skills keeps you active, engaged, and future-focused, making you more appealing to potential employers.  

Help with major life events