Setting up your finances, accounts, and bill payments
Paying your bills on time is an essential skill to learn. If you do not, you could fall behind with payments and that can leave you in debt, affect your credit rating and even risk you losing your home.
If you are struggling to pay your bills, do not ignore the problem, because it will only get worse. Talk to the people you owe money to as soon as you can. They may let you make smaller repayments until your financial situation improves.
It can be difficult to manage bills, especially if they are starting to pile up. That is why we have pulled together a few tips below to help you stay on top of your finances.
- It is very important for you and a good idea for you to work out a budget plan for all your household bills (rent, Council Tax, electricity, water,)
- This should coincide with your income whether this be weekly, fortnightly, or monthly. This will help you best manage your finances, and help you reduce the risks of you falling into irrecoverable debt.
- Decide how you want to pay your bills, for example pay as you go (payment/key card), Standing Order/SO, Direct Debit, or Bank Transfer etc.
- Ensure that you contact the relevant company to set up any accounts. Please remember to give your new address, Tenancy Start Date and date money is to be debited from your account).
- You should check you are not being billed for debt(s) owed by previous tenant. By doing the above you will minimise this happening.
Rent
From the beginning of acquiring your property you should prioritise this, as there may be a waiting list for installations.
Important information and guidance on managing your rent:
- Speak to your worker if you must pay rent in advance and you do not have money for this.
- Work out your out your monthly rent: please remember that some months have five weeks
- Always pay your rent, so that you are not evicted.
- Council Tax: speak to your worker about paying your Council Tax (including any Care Leavers Council Tax Exemption you may be entitled to)
Gas & Electricity
- Find out and note who the current gas supplier is, you can obtain this from the housing officer
- You can also Google ‘Look After My Bills’ to find the cheapest supplier and decide if you want to change your electricity or gas
Note: When setting up your account, ask for SMART Meters to be installed if they aren’t already.
Other Useful Numbers
- Meter Number Helpline: 0870 608 1524
- Gas Emergency: (if you smell gas): 0800 111 999
- Thames Water: 0845 920 0888
Water Meter Reading
You may on some occasions be expected to have a water meter installed.
When setting up your account, complete online application (either for Water Sure Plus or Water Help) – you might qualify for a discount. Please speak to your social worker or worker about this if you are unsure.