Why do social housing tenants struggle with finances?
From debt to slashed benefits, social housing tenants can struggle with their finances. Here are five financial issues these individuals must face:
Managing money.
Social housing tenants can become overwhelmed with managing their monthly expenses. These tenants typically do not have a steady income, so they are forced to juggle bills and expenses more so than others. Be sure to check through monthly expenses and make sure you’re not overpaying for utilities or other bills. Contact the companies and see if there is a way to reduce monthly rates.
Moving.
Moving into a new property or an entirely new area can be stressful and intimidating for social housing tenants. Many of these people do not have disposable income, so they are oftentimes left without furniture or other luxuries when they move into a new home. They often resort to using weekly payment stores to rent furniture which ends up putting them in more of a financial hole.
Eating healthy.
These social housing tenants typically do not have an abundance of knowledge around what foods to eat to stay healthy. They rely on unhealthy takeout food that ends up costing more than buying groceries would have. Spending, let’s say $6 on each meal adds up over time, and adds more debt to their life.
Slashed benefits.
Many tenants reach out for help to resolve an issue with their benefits, whether that means their benefits were cut, or they’re receiving the wrong ones. Tenants face huge challenges when a loss of benefits or reduction of hours at work leads to an even greater financial burden.
