Brits have been hit hard by soaring energy, fuel and food costs over the last few months. In January, it was reported that the proportion of British households struggling to pay their energy bills would triple by April, according to the Resolution Foundation.
Energy regulator ofgem confirmed in February that from 1st April, the average household bills will increase by 54 per cent to £1,971.
Parents have been looking for ways to save money and thankfully the money saving expert himself has released tips for those struggling with childcare costs.
MoneySavingExpert.com has released a guide about the different schemes available for parents.
You can claim tax credits until 31st August after your child turns 16. However payments can continue for children under 20 in approved education, training or registered with a careers service.
There are two benefits to help with childcare costs and it's important to note that you can only claim one.
Those who are already claiming the ‘childcare element’ of working tax credit can continue to claim but if you are filing a new claim, you’ll need to apply through universal credit.
One benefit is working tax credit, you can get up to 70 per cent of childcare costs paid directly your bank.
The maximum weekly payout for one child is £122.50 or £210 for two or more but how much you get also depends on your income.
To find out if you're eligible, visit the government's website on working tax credit here.
Alternately, you could apply for universal credit if you are on a low income. You can get up to 85 per cent of childcare costs, to a maximum of £646.35 a month for one child and a maximum of £1,108 monthly for two or more children.
Applications can be filed on the government website. Evidence of your childcare costs will need to be provided. This should include a letter from your registered childcare provider, a bank statement to confirm you’ve paid your provider or a receipt.
You can read the full guide here.