It never seems to be too far away from people's minds, the cost of living continues to bite people across the North East. Worries intensified recently when the Bank of England warned that the economy was at risk of, once again, falling into recession.
As a result, people across the North East are constantly looking for ways to save money. Not for the first time Money Saving Expert Martin Lewis might have come to some people's rescue with an idea that could land you with a £1,000 windfall from the Government.
Money saving expert founder Martin Lewis told ITV's This Morning that seven million people aren't getting the benefits they are entitled to. One person, Alex, used Martin Lewis' advice to use a 10-minute benefit calculator and was stunned to learn just how much more state support he was eligible for reports My London. Click here to see some official benefits calculators.
Read More: UK ticket holder scoops £184 million EuroMillions jackpot
He said: "I work full-time, but having two young children means my wife only works part-time. I was very surprised you could earn £40,000 per year as a couple and still qualify for something. I've filled it all in and we do qualify for around £80 a month, so just under £1,000 a year."
Mr Lewis said: "What I would look at is that I would be going onto a benefit calculator both now and when you are going back to work. It takes about ten minutes. The calculator will look at your situation. It gives you an idea over whether you are getting the help and the money you are entitled to. There are seven million people in this country who are NOT getting the help and the money you are entitled to."
He explained his rough rule of thumb is that if you have kids and you have family income under £30,000, it is "absolutely" worth spending ten minutes on a benefit calculator. Mr Lewis said: "I am not saying you will get something. I am not saying you'll be entitled. But that is when it is worth it. In fact, some families with household family income of up to £50,000 may be entitled to something. Now let's move on..."
His success story comes as Mr Lewis, famous for finding countless ways for people to save money, warned that there are around seven million people missing out on some form of state support. That includes an extra 600,000 since December on Universal Credit due to increased eligibility.
The expert added: "In some very rare circumstances, even those with a family income of £50,000 may be eligible, though £30,000 or less is more realistic for most."
On Monday, May 9, the Government resumed moving people from 'legacy benefits' onto Universal Credit. The Department for Work and Pensions expects everyone to be moved across by 2024, but according to Martin Lewis, people can choose to move sooner, especially if they think they would be better off.
He said that those who work and pay rent, especially if they live in a city would be better off switching. Those who are less likely to be better off, that includes the unemployed, self-employed people earning under £1,200/month and those with savings of £16,000.
Read More:
Newcastle has been named as one of the safest places to own a dog
